F
36%
Overall NAT. AVG.
13%
Goods & Services NAT. AVG.
90%
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 Stony Point New York National
Cost of living136117100
Goods & Services113108100
Groceries105102100
Health care110103100
Housing190145100
Transportation102105100
Utilities131100100

An Overview of Cost of Living in Stony Point, NY

The cost of living in Stony Point 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 Stony Point 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 you're in pursuit of an economical living environment, Stony Point 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, Stony Point falls within this bracket.

Housing costs make up a big chunk of the cost of living in Stony Point, 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 90.5% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

The things you purchase regularly, like clothes, haircuts, movie tickets and gym memberships, can make a big dent in your budget and make up 33% of the cost of living index. Unfortunately in Stony Point, these items will cost you 12.9% more than what's considered the norm, making it a more expensive place to call home.

Is Stony Point Affordable?

Is Stony Point 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 Stony Point is 104.6% higher than the national average, while the average monthly rent prices are 57.4% higher than average. The affordability of any location can also be influenced by median income levels. Stony Point has a median household income of $107,630, which is 94.6% higher than the national average.

What Factors can Influence the Cost of Living in Stony Point?

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Stony Point, the utilities index is 31.4% higher than the national average.

Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Stony Point, is 90.5% higher than the national average.

Where is the Data From?

The cost of living in Stony Point, 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 Stony Point is 16% higher than the New York average
  • The cost of living in Stony Point is 36% higher than the national average
  • Stony Point housing is 90% 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 Stony Point

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Compare Stony Point, 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$124,853$10,404$2,913$3,746
      Renters$32,273$2,689$753$968
      A good indicator of the general affordability of housing in Stony Point, 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 Stony Point, the median monthly income is $124,853 for those who own their own homes. Under the standard rule, that income level would allow for $2,913 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $32,273, per the median income in the area. That would allow for renters to spend up to $753 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 Stony Point 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 Stony Point 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 Stony Point 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 Stony Point National avg. Difference
      Home Price $377,900.00$184,700.00104.6%
      Avg. Mortgage Payment $1,857.27$2,346.6920.9%
      Apartment Rent $1,494.00$949.0057.4%

      Transportation

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

      Utilities

      Item Stony Point 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.
      Mountain Lodge Park, NY2,82411212.4%
      Chester, NY4,0571055.0%
      Washingtonville, NY5,75411717.2%
      Greenwood Lake, NY3,0801109.8%
      Highland Falls, NY3,82611918.8%
      Stony Point, NY13,00613635.8%

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      City Population Cost of Living Index National Avg.
      Moody, AL13,004973.2%
      Butler, PA13,0088712.8%
      Dunmore, PA13,008964.5%
      Red Oak, TX13,01011010.2%
      Coolidge, AZ13,016990.6%
      Stony Point, NY13,00613635.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.