F
41%
Overall NAT. AVG.
13%
Goods & Services NAT. AVG.
107%
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 Terryville New York National
Cost of living141117100
Goods & Services113108100
Groceries105102100
Health care110103100
Housing207145100
Transportation102105100
Utilities131100100

An Overview of Cost of Living in Terryville, NY

Getting a feel for the cost of living in Terryville is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Terryville is 141, which is 41% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

If you value affordability in your search for a new place to live, Terryville may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Terryville falls into this category, which may not align with your desire for an affordable place to call home.

Housing costs are a very significant part of the Terryville cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 106.9% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Recurring goods and services expenses like haircuts, toothpaste, gym memberships and movie nights are a big part of your spending and make up 33% of the cost of living index. In Terryville, these items will cost you 12.9% more than what most folks pay, making it a bit more expensive to live here.

Is Terryville Affordable?

Is Terryville 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 Terryville, the median home price is 101.6% higher than the national average and monthly rent prices are 119.4% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Terryville boasting a median household income of $114,528, 107% higher than the national average.

What Factors can Influence the Cost of Living in Terryville?

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Terryville starts at 4% and the income tax rates start at 4%.

Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Terryville, the utilities index registers at 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.

Where is the Data From?

The Terryville 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 Terryville is 20% higher than the New York average
  • The cost of living in Terryville is 41% higher than the national average
  • Terryville housing is 107% 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 Terryville

See all the best places to live around Terryville

Compare Terryville, 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$132,561$11,047$3,093$3,977
      Renters$42,135$3,511$983$1,264
      The affordability of the housing market in Terryville, NY as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Terryville homeowners, the median income is $132,561. This indicates that a monthly maximum of $3,093 should be spent by homeowners on all housing related costs. Renters have a median income of $42,135. This indicates that renters would have a maximum of $983 for their rent related monthly costs.

      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 Terryville 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 Terryville 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 Terryville 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 Terryville National avg. Difference
      Home Price $372,300.00$184,700.00101.6%
      Avg. Mortgage Payment $1,857.27$2,346.6920.9%
      Apartment Rent $2,082.00$949.00119.4%

      Transportation

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

      Utilities

      Item Terryville 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.
      Stony Brook University, NY8,57411212.4%
      Calverton, NY5,28011818.2%
      Mastic Beach, NY15,61012120.8%
      Middle Island, NY11,03012424.2%
      Mastic, NY15,06812525.2%
      Terryville, NY11,43714140.8%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Ravenna, OH11,4368613.9%
      Emmaus, PA11,4381065.9%
      Upper Montclair, NJ11,43918080.5%
      Gardnerville Ranchos, NV11,43212120.6%
      Manvel, TX11,4321088.4%
      Terryville, NY11,43714140.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.