Great Neck, NY

Very High · 219

New York · Population 11,068 · Updated March 2026

$2,195
Median Rent / Month
$137,095
Median Income
$953,400
Median Home Value
$2,947
Owner Costs / Month

Affordability

How far your income goes in Great Neck

19.2%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in New York

State-level tax rates that affect your costs

10.9%
Income Tax (Top Rate)
4.0%
Sales Tax
1.62%
Property Tax Rate

Estimated Annual Costs

$26,340
Annual Rent
$14,943
State Income Tax
$15,445
Property Tax (est.)

Cost of Living Overview

Great Neck has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 219 (where 100 equals the national median), Great Neck residents can expect to pay median rent of $2,195/month while earning a median household income of $137,095/year.

The median home value in Great Neck, NY is $953,400, with typical monthly owner costs around $2,947 including mortgage, insurance, and taxes. The median rent-to-income ratio of 19.2% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

New York's top income tax rate of 10.9% is among the highest in the nation, adding to the overall cost burden. Combined with a 4.0% sales tax rate and 1.62% effective property tax rate, the overall tax environment is a factor in the total cost of living in Great Neck.

Frequently Asked Questions

Common questions about living costs in Great Neck

What is the cost of living in Great Neck, NY?
The cost of living index in Great Neck, NY is 219 (US average = 100). Median monthly rent is $2,195, median household income is $137,095/year, and the median home value is $953,400.
Is Great Neck, NY affordable?
No, Great Neck is more expensive than the national average with a cost index of 219. The rent-to-income ratio is 19.2%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Great Neck, NY?
The median gross rent in Great Neck, NY is $2,195 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $26,340.
What is the median household income in Great Neck?
The median household income in Great Neck, NY is $137,095 per year. This compares to the national median of approximately $80,000.
What are the taxes like in New York?
New York has a top income tax rate of 10.9%, a sales tax of 4.0%, and an effective property tax rate of 1.62%.