A+
18%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
50%
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 Niagara Falls New York National
Cost of living82117100
Goods & Services94108100
Groceries97102100
Health care101103100
Housing50145100
Transportation95105100
Utilities94100100

An Overview of Cost of Living in Niagara Falls, NY

Knowing the cost of living in Niagara Falls allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Niagara Falls stands at 82, marking it 18% lower than the national average.

Housing costs often consume a significant share of your take-home income, often surpassing 30%. Fortunately, Niagara Falls distinguishes itself by reporting housing expenses that are 49.7% below the national average. This indicates that both owning a home and renting in this area are notably more budget-friendly compared to the rest of the nation. With such favorable housing affordability, residents of Niagara Falls can allocate more of their income to housing, enhancing their financial flexibility.

Is Niagara Falls Affordable?

Is Niagara Falls 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 Niagara Falls, the median home price is 57.5% lower than the national average and monthly rent prices are 31.6% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Niagara Falls boasting a median household income of $41,137, 25.6% lower than the national average.

What Factors can Influence the Cost of Living in Niagara Falls?

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

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.

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Niagara Falls, the transportation index stands at 5.4% lower than the national average.

Where is the Data From?

The cost of living in Niagara Falls, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Niagara Falls is 30% lower than the New York average
  • The cost of living in Niagara Falls is 18% lower than the national average
  • Niagara Falls housing is 50% lower 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 Niagara Falls

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Compare Niagara Falls, 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$57,041$4,753$1,331$1,711
      Renters$22,039$1,837$514$661
      To approximate the cost of living and the housing affordability in Niagara Falls, NY, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Niagara Falls have a median income of $57,041. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,331 per month to avoid calamity and poverty. The renters in the city have an income of about $22,039, which would make their monthly maximum allowable rental costs $514.

      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 Niagara Falls National avg. Difference
      Haircut $21.65$24.2610.8%
      Beauty Salon $53.07$45.5616.5%
      Toothpaste $3.61$3.702.5%
      Shampoo $1.30$1.281.8%
      Movie $12.76$12.135.2%
      Bowling $14.60$18.0018.9%

      Groceries

      Item Niagara Falls National avg. Difference
      Ground Beef $6.16$5.845.5%
      Fried Chicken $1.39$1.5711.4%
      Milk $4.67$4.670.0%
      Potatoes $5.26$4.936.5%
      Pizza $10.99$12.099.1%
      Beer $10.47$10.410.6%

      Health Care

      Item Niagara Falls National avg. Difference
      Optometrist $75.93$125.6839.6%
      Doctor $103.92$135.7823.5%
      Dentist $149.67$113.2932.1%
      Ibuprofen $10.42$10.652.2%
      Lipitor $464.18$468.600.9%

      Housing

      Item Niagara Falls National avg. Difference
      Home Price $78,500.00$184,700.0057.5%
      Avg. Mortgage Payment $2,421.64$2,346.693.2%
      Apartment Rent $649.00$949.0031.6%

      Transportation

      Item Niagara Falls National avg. Difference
      Gasoline $3.46$3.460.1%
      Tire Balancing $48.79$59.9218.6%

      Utilities

      Item Niagara Falls National avg. Difference
      All Electricity $173.44$193.9910.6%
      Phone $195.54$192.251.7%
      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.
      Sloan, NY3,5478316.8%
      Tonawanda city, NY14,9918416.5%
      Buffalo, NY255,8058614.5%
      Tonawanda, NY14,7908713.4%
      Cheektowaga, NY73,4578811.9%
      Niagara Falls, NY47,9788218.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Jeffersonville, IN47,932945.6%
      Monroe, LA47,9068614.2%
      Minot, ND47,8341021.6%
      Dublin, OH47,82412424.0%
      Wauwatosa, WI48,1431109.9%
      Niagara Falls, NY47,9788218.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.