F
56%
Overall NAT. AVG.
13%
Goods & Services NAT. AVG.
156%
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 Smithtown New York National
Cost of living156117100
Goods & Services113108100
Groceries105102100
Health care110103100
Housing256145100
Transportation102105100
Utilities131100100

An Overview of Cost of Living in Smithtown, NY

Understanding the cost of living in Smithtown can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Smithtown cost of living index is 156, which is 56% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

If you're in pursuit of an economical living environment, Smithtown 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, Smithtown falls within this bracket.

When it comes to the cost of living in Smithtown, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 156.5% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

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 Smithtown, 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 Smithtown Affordable?

Is Smithtown 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 Smithtown, for instance, where the median home price falls 199.8% higher than the national average, and monthly rent rates are 55.2% higher than usual. Additionally, median income levels contribute to the equation, with Smithtown flaunting a median household income of $137,625, 148.8% higher than the national norm.

What Factors can Influence the Cost of Living in Smithtown?

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 Smithtown, the utilities index registers at 31.4% higher than the national average.

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 Smithtown, the transportation index is 1.8% higher than the national average.

Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Smithtown, the groceries index registers 5.4% higher than the national average.

Where is the Data From?

The cost of living data in Smithtown displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Smithtown is 33% higher than the New York average
  • The cost of living in Smithtown is 56% higher than the national average
  • Smithtown housing is 156% 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 Smithtown

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Compare Smithtown, 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$144,487$12,041$3,371$4,335
          Renters$31,136$2,595$726$934
          The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Smithtown, NY, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Smithtown, homeowners have a median income of $144,487. Using that number, a maximum of $3,371 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $31,136, which means there is a maximum of $726 to be spent on the costs of renting a home or apartment.

          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 Smithtown 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 Smithtown 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 Smithtown 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 Smithtown National avg. Difference
          Home Price $553,800.00$184,700.00199.8%
          Avg. Mortgage Payment $1,857.27$2,346.6920.9%
          Apartment Rent $1,473.00$949.0055.2%

          Transportation

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

          Utilities

          Item Smithtown 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.
          Ocean Beach, NY3111212.4%
          Stony Brook University, NY8,57411212.4%
          Middle Island, NY11,03012424.2%
          Wyandanch, NY11,63212726.6%
          Sound Beach, NY7,08012727.4%
          Smithtown, NY26,19715655.6%

          Cities with similar population

          City Population Cost of Living Index National Avg.
          Troy, OH26,176946.1%
          Clarksburg, MD26,23415352.9%
          Galt, CA26,23513231.9%
          Belmont, MA26,158206105.6%
          University Park, FL26,15011312.6%
          Smithtown, NY26,19715655.6%
          Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.