New York vs Raleigh: cost of living compared
Raleigh is 47% cheaper than New York overall. State income tax tops out around 4.5% in NC vs 6.5% in NY.
Indexes use a US average of 100: below 100 is cheaper than the national average. Housing and transportation are derived from median home prices, rents and commute times; figures come from BLS, Census ACS, Numbeo and the MIT Living Wage Calculator.
The big picture
Moving from New York to Raleigh typically means a substantial reduction in overall living expenses. The cost of living in New York is considerably higher than the national average, while Raleigh aligns closely with it. This significant difference is primarily driven by housing costs, which are dramatically more expensive in New York, but other categories also contribute to the gap.
Housing
Housing presents the most striking cost difference. Both purchasing a home and renting an apartment are noticeably more affordable in Raleigh compared to New York. While New York features a dense urban landscape with many apartments and townhomes, Raleigh offers a mix of suburban and urban housing, often with more single-family homes. Property taxes and insurance costs can also vary significantly between the two regions.
Taxes and everyday costs
Daily expenses for transportation, food, healthcare, and utilities are generally higher in New York than in Raleigh. State income tax rates are also somewhat higher in New York. This means that routine spending on groceries, medical care, and getting around will likely feel more manageable in Raleigh, contributing to a more favorable daily budget.
Lifestyle trade-offs
New York offers a fast-paced, dense urban environment with extensive public transit, while Raleigh provides a more relaxed pace and a greater reliance on personal vehicles. New York experiences distinct four seasons, including cold winters, whereas Raleigh has milder winters and hot, humid summers. Raleigh also offers access to a variety of outdoor activities and a growing cultural scene.
Bottom line
For those considering a move, Raleigh offers a significantly lower cost of living across the board, particularly in housing, compared to New York. A household budget will likely stretch much further in Raleigh, allowing for potential savings or a different quality of life. The decision often balances the financial advantages of Raleigh against the unique urban experience and amenities of New York.
| Measure | New York, NY | Raleigh, NC |
|---|---|---|
| Overall cost of living (US avg = 100) | 187 | 100 |
| Housing index | 200 | 106 |
| Transportation index | 171 | 97 |
| Food index | 118 | 95 |
| Healthcare index | 122 | 95 |
| Utilities index | 115 | 98 |
| Misc index | 125 | 90 |
| Median home price | $685,000 | $388,000 |
| Median 1-bedroom rent | $3,200/mo | $1,500/mo |
| Average commute | 47 min | 27 min |
Compare any two metros with the free cost of living tool, or see the true monthly cost of a specific Raleigh home with the True Cost Calculator.