Sands Point Tops the List as the Most Expensive Place to Live in New York
If you thought Westchester County was the most expensive place to live in New York state, think again. A new study reveals that Long Island, not Westchester, holds the top spot for high living costs in the Empire State. Sands Point, a small, exclusive waterfront village, has officially been named the most expensive town in New York.
How the Study Was Conducted
The study by GOBankingRates analyzed the monthly cost of essentials such as mortgage payments, groceries, utilities, healthcare, and transportation. The company compiled data from reliable sources, including the US Census American Community Survey, the Bureau of Labor Statistics, and the 2023 Consumer Expenditure Survey to determine the costliest places to live.
The High Costs of Living in Sands Point
In Sands Point, the cost of necessities each month averages a staggering $17,400. A significant portion of this is dedicated to the average mortgage payment, which totals $14,787 per month. The average home price in Sands Point is equally eye-popping, with properties valued at approximately $2.98 million.
Other Expensive Long Island Locations
Sands Point isn’t the only pricey spot on Long Island. The neighboring village of Old Westbury ranks as the second most expensive place to live in New York, with average monthly expenditures totaling $15,889. Meanwhile, Muttontown, another affluent Long Island community, comes in third.
Westchester’s Priciest Suburb
While Long Island dominates the list, Westchester County is still home to some of the most expensive places to live in New York. The priciest Westchester suburb is Larchmont, which ranks eighth overall, just behind Southampton and Montauk. The monthly cost of essentials in Larchmont exceeds $9,000, putting it among the top 10 most expensive towns.
Bronxville, Armonk, Chappaqua, and Pelham are also on the top 20 list. These affluent Westchester towns each have monthly living expenses surpassing $9,000.
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Cost of Living in New York: A Statewide Look
The study highlights the increasing cost of living across the Empire State, particularly in affluent suburbs like Sands Point, Old Westbury, and the other Long Island and Westchester communities on the list. With high property prices and the cost of necessities consistently climbing, these areas are increasingly out of reach for many potential homeowners.
As the data shows, Long Island and Westchester are home to some of the wealthiest areas in New York, making them the go-to places for those who can afford them. However, these rising costs underscore the challenge many New Yorkers face in finding affordable housing and meeting daily expenses.
