F
27%
Overall NAT. AVG.
8%
Goods & Services NAT. AVG.
66%
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 Ridge New York National
Cost of living127117100
Goods & Services108108100
Groceries99102100
Health care113103100
Housing166145100
Transportation103105100
Utilities133100100

An Overview of Cost of Living in Ridge, NY

The cost of living in Ridge 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 Ridge is 127, which is 27% 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 you value affordability in your search for a new place to live, Ridge 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, Ridge falls into this category, which may not align with your desire for an affordable place to call home.

Housing costs make up a big chunk of the cost of living in Ridge, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 66.4% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Ridge Affordable?

Is Ridge an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Ridge is 65.6% higher than the national average, while the average monthly rent prices are 68.1% higher than average. The affordability of any location can also be influenced by median income levels. Ridge has a median household income of $75,210, which is 35.9% higher than the national average.

What Factors can Influence the Cost of Living in Ridge?

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Ridge, healthcare costs are 13.3% higher than the national average.

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 Ridge, the housing index comes in at 66.4% higher than the national average.

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 Ridge, the utilities index registers at 33.1% higher than the national average.

Where is the Data From?

The Ridge 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.

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Cost Of Living Quick Facts

  • The cost of living in Ridge is 8% higher than the New York average
  • The cost of living in Ridge is 27% higher than the national average
  • Ridge housing is 66% 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 Ridge

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Compare Ridge, NY Cost of Living

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      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$75,963$6,330$1,772$2,279
      Renters$63,370$5,281$1,479$1,901
      A good indicator of the general affordability of housing in Ridge, 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 Ridge, the median monthly income is $75,963 for those who own their own homes. Under the standard rule, that income level would allow for $1,772 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $63,370, per the median income in the area. That would allow for renters to spend up to $1,479 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 Ridge National avg. Difference
      Haircut $39.78$24.2664.0%
      Beauty Salon $69.00$45.5651.4%
      Toothpaste $3.86$3.704.2%
      Shampoo $1.47$1.2814.8%
      Movie $15.07$12.1324.2%
      Bowling $24.00$18.0033.3%

      Groceries

      Item Ridge National avg. Difference
      Ground Beef $6.28$5.847.6%
      Fried Chicken $1.59$1.571.4%
      Milk $4.83$4.673.3%
      Potatoes $5.03$4.932.0%
      Pizza $13.21$12.099.3%
      Beer $10.53$10.411.1%

      Health Care

      Item Ridge National avg. Difference
      Optometrist $134.70$125.687.2%
      Doctor $162.26$135.7819.5%
      Dentist $136.03$113.2920.1%
      Ibuprofen $11.26$10.655.7%
      Lipitor $375.63$468.6019.8%

      Housing

      Item Ridge National avg. Difference
      Home Price $305,900.00$184,700.0065.6%
      Avg. Mortgage Payment $3,730.18$2,346.6959.0%
      Apartment Rent $1,595.00$949.0068.1%

      Transportation

      Item Ridge National avg. Difference
      Gasoline $3.47$3.460.2%
      Tire Balancing $63.33$59.925.7%

      Utilities

      Item Ridge National avg. Difference
      All Electricity $296.64$193.9952.9%
      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%
      Riverside village, NY611946.1%
      Northville village, NY1,0181011.3%
      Calverton, NY5,28011818.2%
      Mastic Beach, NY15,61012120.8%
      Ridge, NY13,53712726.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Federal Heights, CO13,537919.4%
      Bay St. Louis, MS13,539991.1%
      St. James, NY13,53314948.9%
      Sault Ste. Marie, MI13,5268613.7%
      Huntington, VA13,52614241.8%
      Ridge, NY13,53712726.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.