Comprehensive salary data, cost of living, tax rates, and employment information for New York.
Reviewed by Alexander O.M., MBA, BSc Engineering•Updated
New York State's $81,386 median household income hides a steep geographic divide: the downstate region (NYC metro, Long Island, Westchester) and upstate operate as effectively two different economies. A household earning the state median in Albany or Buffalo is comfortable; the same income in Manhattan sits below the threshold at which rent is considered affordable under HUD standards. The state cost-of-living index of 126 reflects New York City's outsized weight in the calculation, while upstate metros like Rochester and Syracuse run at or below the national average. State income tax brackets range from 4% to 10.9%, with an additional surtax on incomes above $5 million. New York City residents pay an additional city income tax of 3.078 to 3.876 percent on top of the state bracket — a detail that catches new arrivals from Jersey City or Long Island off guard. The $16/hour minimum wage (with the downstate region at $16.50) puts New York among the five highest state wage floors in the country. Dominant industries are finance (Wall Street and the buyside firms), healthcare (Mount Sinai, NYU Langone, NYC Health + Hospitals), and a technology sector that has grown steadily since the 2010s. The full income, tax, and employer breakdown follows.
Median Individual
$43,120
per year
Median Household
$81,386
per year
Cost of Living
126
Expensive (US avg = 100)
State Income Tax
4-10.9%
rate
Salary Overview for New York
The median individual income in New York is $43,120 per year, while the mean (average) individual income is $60,850. The median household income is $81,386.
Cost of Living Adjusted Salary
New York's cost of living index is 126 (national average = 100). This means the median salary of $43,120 in New York has the purchasing power of approximately $34,222 at the national average cost of living. The higher cost of living in New York means you need to earn more to maintain the same standard of living.
Minimum Wage in New York
The current minimum wage in New York is $16.00/hour, which equals approximately $33,280 per year for a full-time worker (40 hours/week, 52 weeks). See our complete New York minimum wage guide for tipped wages, scheduled increases, and more.
Top Employers in New York
NYC Health + Hospitals
JPMorgan Chase
Mount Sinai
Major Industries in New York
Finance
Healthcare
Technology
Tax Rates in New York
See the full tax breakdown including income tax, sales tax, property tax, and more on our New York tax rates page.
Calculate Your Take-Home Pay
Use our Salary Calculator to convert between hourly, weekly, monthly, and annual pay, and estimate your take-home pay in New York after federal and state taxes.