F
54%
Overall NAT. AVG.
13%
Goods & Services NAT. AVG.
151%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Glen Cove New York National
Cost of living154117100
Goods & Services113108100
Groceries105102100
Health care110103100
Housing251145100
Transportation102105100
Utilities131100100

An Overview of Cost of Living in Glen Cove, NY

Are you thinking about relocating, but curious about the potential cost of living in Glen Cove? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Glen Cove stands at 154, making it 54% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

If you're in pursuit of an economical living environment, Glen Cove may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Glen Cove falls within this bracket.

Housing costs significantly influence the Glen Cove cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 150.9%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Recurring essentials like haircuts, toothpaste, and entertainment, from movies to gym sessions, can really add up in your budget and make up 33% of the cost of living index. In Glen Cove, you you will have to spend 12.9% more than average when compared to the typical prices for these items, making it a more expensive place to live.

Is Glen Cove Affordable?

Is Glen Cove affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Glen Cove, for instance, where the median home price falls 175.9% higher than the national average, and monthly rent rates are 92.6% higher than usual. Additionally, median income levels contribute to the equation, with Glen Cove flaunting a median household income of $79,131, 43% higher than the national norm.

What Factors can Influence the Cost of Living in Glen Cove?

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Glen Cove, the utilities index registers 31.4% higher than the national average.

Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.

Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Glen Cove, healthcare costs are 9.9% higher than the national average.

Where is the Data From?

The Glen Cove cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Glen Cove is 32% higher than the New York average
  • The cost of living in Glen Cove is 54% higher than the national average
  • Glen Cove housing is 151% higher than the national average
  • New York general sales tax is 22% lower than the national average
  • New York state income tax is 54% higher than the national average

Most Affordable Places to Live in and Around Glen Cove

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Compare Glen Cove, NY Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$112,390$9,366$2,622$3,372
      Renters$49,167$4,097$1,147$1,475
      A good way to judge both the affordability of the housing and the cost of living in Glen Cove is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Glen Cove has a median income of about $112,390 for people who own homes. Based on that number, a maximum of $2,622 should be spent on expenses related to housing. Renters have a slightly different median income, which is $49,167. Based on this average, renters should spend no more than $1,147 on all rental costs if they want to maintain a non-impoverished standard of living.

      New York Sales Tax

      State General Sales Tax With Max Surtax
      New York 4% 8.875%

      New York Income Tax

      State Income Tax (Low) Income Tax (High)
      New York 4% 10.9%

      Goods & Services

      Item Glen Cove National avg. Difference
      Haircut $32.33$24.2633.3%
      Beauty Salon $48.56$45.566.6%
      Toothpaste $3.66$3.701.1%
      Shampoo $1.50$1.2817.4%
      Movie $13.76$12.1313.4%
      Bowling $19.63$18.009.0%

      Groceries

      Item Glen Cove National avg. Difference
      Ground Beef $6.34$5.848.6%
      Fried Chicken $1.61$1.572.4%
      Milk $4.73$4.671.2%
      Potatoes $5.03$4.931.9%
      Pizza $10.07$12.0916.7%
      Beer $10.62$10.412.0%

      Health Care

      Item Glen Cove National avg. Difference
      Optometrist $140.10$125.6811.5%
      Doctor $143.23$135.785.5%
      Dentist $123.00$113.298.6%
      Ibuprofen $11.00$10.653.3%
      Lipitor $401.34$468.6014.4%

      Housing

      Item Glen Cove National avg. Difference
      Home Price $509,500.00$184,700.00175.9%
      Avg. Mortgage Payment $1,857.27$2,346.6920.9%
      Apartment Rent $1,828.00$949.0092.6%

      Transportation

      Item Glen Cove National avg. Difference
      Gasoline $3.33$3.463.7%
      Tire Balancing $57.68$59.923.7%

      Utilities

      Item Glen Cove National avg. Difference
      All Electricity $281.67$193.9945.2%
      Phone $185.16$192.253.7%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Greenville CDP (Greene County), NY6041066.1%
      Wyandanch, NY11,63212726.6%
      Hempstead, NY55,15313635.8%
      Hartsdale, NY3,20513332.7%
      Copiague, NY23,20013332.8%
      Glen Cove, NY27,17215453.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Dodge City, KS27,1868713.0%
      Erie, CO27,15714948.5%
      Shaker Heights, OH27,1481044.4%
      Ramsey, MN27,20111211.8%
      Plum, PA27,137982.3%
      Glen Cove, NY27,17215453.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.