Hempstead, NY

Very High · 131

New York · Population 58,569 · Updated March 2026

$1,649
Median Rent / Month
$82,454
Median Income
$442,100
Median Home Value
$1,997
Owner Costs / Month

Affordability

How far your income goes in Hempstead

24.0%
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

$19,788
Annual Rent
$8,987
State Income Tax
$7,162
Property Tax (est.)

Cost of Living Overview

Hempstead has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 131 (where 100 equals the national median), Hempstead residents can expect to pay median rent of $1,649/month while earning a median household income of $82,454/year.

The median home value in Hempstead, NY is $442,100, with typical monthly owner costs around $1,997 including mortgage, insurance, and taxes. The median rent-to-income ratio of 24.0% 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 Hempstead.

Frequently Asked Questions

Common questions about living costs in Hempstead

What is the cost of living in Hempstead, NY?
The cost of living index in Hempstead, NY is 131 (US average = 100). Median monthly rent is $1,649, median household income is $82,454/year, and the median home value is $442,100.
Is Hempstead, NY affordable?
No, Hempstead is more expensive than the national average with a cost index of 131. The rent-to-income ratio is 24.0%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Hempstead, NY?
The median gross rent in Hempstead, NY is $1,649 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $19,788.
What is the median household income in Hempstead?
The median household income in Hempstead, NY is $82,454 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%.