New York City's True Cost of Living

In November 2022, 81 percent of New York City voters approved a Charter amendment making the City the first major municipality in the nation to require a comprehensive measure of economic security. The True Cost of Living fulfills that mandate. 

Developed by the Mayor's Office of Equity and Racial Justice in partnership with the Urban Institute, the True Cost of Living measures what it actually costs to live with stability and dignity in New York City — not just what it takes to survive. It accounts for housing, food, health care, child care, transportation, technology, savings, and taxes, and weighs them against the full range of resources families have, including earnings, public benefits, and tax credits.

The findings of the measure illustrate who can meet the Cost of Living in New York City, how far folks are from meeting the cost of living, and the different family types and their particular cost profiles to afford New York City. The True Cost of Living Measure centers racial equity because economic insecurity in New York City is not an individual problem — it is a structural one, rooted in the same patterns of disinvestment and exclusion that the City's equity agenda is designed to confront. By making these disparities visible and measurable, the True Cost of Living gives policymakers, advocates, and communities the evidence they need to target resources where they matter most and track whether those investments are closing the gap.

Read the full report (PDF)