F
36%
Overall NAT. AVG.
27%
Goods & Services NAT. AVG.
76%
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 Hempstead New York National
Cost of living136117100
Goods & Services127108100
Groceries113102100
Health care121103100
Housing176145100
Transportation115105100
Utilities102100100

An Overview of Cost of Living in Hempstead, NY

The cost of living in Hempstead affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Hempstead is 136, which is 36% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Hempstead is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Hempstead falls into this category, which may not align with your goal of finding a budget-friendly living environment.

Housing costs are a very significant part of the Hempstead 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 75.5% more than the average city. This includes things like home and rent prices, 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 Hempstead, you can expect to pay 26.8% more than average for these items, making it a more expensive place to live.

The substantial and relentless rise in grocery prices definitely warrants some attention. Over the past two years, grocery expenses have escalated by more than 10%. Having said that, the situation in Hempstead is even less favorable, with grocery prices here being 13.4% higher than the national average.

Is Hempstead Affordable?

Wondering if Hempstead is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Hempstead, for example, the median home price is 83.8% higher than what folks pay nationally, and monthly rent is 56.3% higher than the usual rates. Plus, income levels matter too, with Hempstead boasting a median household income of $68,946, which is 24.6% higher than the national average.

What Factors can Influence the Cost of Living in Hempstead?

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Hempstead, the housing index comes in at 75.5% higher than the national average.

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Hempstead, the groceries index is 13.4% higher than the national average.

Where is the Data From?

The Hempstead 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates 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 Hempstead is 16% higher than the New York average
  • The cost of living in Hempstead is 36% higher than the national average
  • Hempstead housing is 76% 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 Hempstead

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Compare Hempstead, 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$111,811$9,318$2,609$3,355
      Renters$40,817$3,401$952$1,225
      A good indicator of the general affordability of housing in Hempstead, NY, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Hempstead, the median monthly income is $111,811 for those who own their own homes. Under the standard rule, that income level would allow for $2,609 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $40,817, per the median income in the area. That would allow for renters to spend up to $952 on monthly rental expenses.

      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 Hempstead National avg. Difference
      Haircut $34.94$24.2644.0%
      Beauty Salon $64.07$45.5640.6%
      Toothpaste $3.96$3.707.0%
      Shampoo $1.69$1.2832.3%
      Movie $13.68$12.1312.8%
      Bowling $29.40$18.0063.3%

      Groceries

      Item Hempstead National avg. Difference
      Ground Beef $5.87$5.840.6%
      Fried Chicken $1.46$1.576.9%
      Milk $4.97$4.676.3%
      Potatoes $5.21$4.935.7%
      Pizza $12.57$12.094.0%
      Beer $11.87$10.4114.0%

      Health Care

      Item Hempstead National avg. Difference
      Optometrist $128.97$125.682.6%
      Doctor $162.24$135.7819.5%
      Dentist $149.64$113.2932.1%
      Ibuprofen $11.15$10.654.6%
      Lipitor $402.75$468.6014.1%

      Housing

      Item Hempstead National avg. Difference
      Home Price $339,500.00$184,700.0083.8%
      Avg. Mortgage Payment $6,916.73$2,346.69194.7%
      Apartment Rent $1,483.00$949.0056.3%

      Transportation

      Item Hempstead National avg. Difference
      Gasoline $3.55$3.462.5%
      Tire Balancing $86.43$59.9244.2%

      Utilities

      Item Hempstead National avg. Difference
      All Electricity $201.27$193.993.8%
      Phone $200.67$192.254.4%
      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.

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      City Population Cost of Living Index National Avg.
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      North Amityville, NY18,89013333.3%
      North Lindenhurst, NY10,86013433.6%
      Hempstead, NY55,15313635.8%

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      Carson City, NV55,24411414.5%
      Hempstead, NY55,15313635.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.