While inflation has impacted the entire country, we’re going to examine New York inflation and how it compares to Chicago and other cities. Whether you live in the big apple or are contemplating your next move, it’s important to learn how inflation may impact your daily living.

New York Inflation

Reports indicate that the soaring prices for rent, meals and everything else in NYC are pushing younger workers to seek more affordable cities. MoveBuddha, a site where people can calculate their moving costs, confirmed that there’s a mass exodus happening in the Empire State. According to the U.S. Census Bureau population estimates, New York lost more residents than any other state between April 1, 2020 and July 1, 2021

Even without the burden of the current inflation, New York has always been known as one of the country’s most expensive city. Inflation has only made people’s budgets even tighter. As of 2022, New York is the second priciest place to call home.

Earlier this year, the U.S Bureau of Labor Statistics released new data indicating consumer prices grew 6.1 percent in the New York City Metropolitan.

When comparing inflation by cities, it looks like New York’s increase beats Chicago’s. New York is ranked 16th on the list, while the Windy City is 20th. Cities like Phoenix, Miami, Tampa, and Atlanta take the lead with the highest inflation increase  in the nation.

If you are considering New York, note that the cots of living here is 55% higher than the national average. Housing is 148% higher than the national average. It’s also 85 percent more expensive than in the Windy City.

While living costs like groceries and utilities are steeper in the big apple, the biggest difference is housing. Chicago and New York mortgage rates are comparable, but the price tag for other homeowners is by far higher in the Big Apple. The average sales price of a New York home is $745,000, while tentative Chicago residents can expect to pay around $315,000.

Fees such as property taxes and homeowner association will also cost more for homes in the New York area compared to those in the Chicagoland area.

Your money will certainly stretch further in Chicago compared to NYC, but you can also get a similar urban living experience. 

Chicago provides amazing neighborhoods, dining, and attractions. Lake Michigan is also a huge pull if you don’t want to forfeit the water. Looking to avoid New York inflation and relocate to the Windy City? Let the Luxury Living team help you find a home and location that suits your lifestyle.

To learn more about the effects of inflation in other cities across the U.S., click the button below.