Cost of Living in Mount Kisco, NY

An Overview of Cost of Living in Mount Kisco, NY

Are you thinking about relocating, but curious about the potential cost of living in Mount Kisco? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Mount Kisco stands at 141, making it 41% 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.

The cost of living in Mount Kisco is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Mount Kisco falls into this category, which may not be suitable for those seeking an economically favorable living environment.

Housing costs are a major factor in the Mount Kisco cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 106.7% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

Goods and services make up 33% of the total cost of living index score and are a large part of your everyday expenses. These items could include things like haircuts, salons, toothpaste, shampoo, clothes, movies, bowling, gym memberships or yoga. In Mount Kisco, you can expect to pay 12.9% more than average for these items, making it a more expensive place to live.

Is Mount Kisco Affordable?

Is Mount Kisco affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Mount Kisco, the median home price is 123% higher than the national average and monthly rent prices are 68.7% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Mount Kisco boasting a median household income of $85,412, 54.4% higher than the national average.

What Factors can Influence the Cost of Living in Mount Kisco?

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Mount Kisco, the transportation index is 1.8% higher than the national average.

Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Mount Kisco comes in at 31.4% higher than the national average.

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Mount Kisco, the general sales tax rate starts at 4%, and income tax rates begin at 4%.

Where is the Data From?

The Mount Kisco cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.