Long Island Dominates New York’s Most Expensive Suburbs
Contrary to popular belief, Westchester County isn’t home to New York state’s most expensive suburbs. A comprehensive new study by GOBankingRates has revealed that Long Island communities overwhelmingly dominate the list of New York’s costliest places to live, with 15 of the top 20 most expensive suburbs located on the island. This eye-opening research analyzed the monthly expenses for essential living costs across numerous New York communities, painting a clear picture of where residents face the heaviest financial burdens for basic necessities.
The study’s methodology was thorough and multifaceted, examining five key components that comprise essential living expenses: mortgage payments, groceries, utilities, healthcare, and transportation costs. To ensure accuracy, GOBankingRates gathered data from authoritative sources including the US Census American Community Survey, the Bureau of Labor Statistics, and the 2023 Consumer Expenditure Survey. This comprehensive approach provides a reliable snapshot of the true cost of living in these communities beyond just housing prices, though mortgage payments emerged as the dominant factor in the rankings. The results showcase dramatic differences between these exclusive enclaves and more affordable regions of the state.
At the top of the list sits Sands Point, an exclusive waterfront village on Long Island’s North Shore, where residents face truly staggering monthly expenses. The average Sands Point household spends approximately $17,400 monthly on essential living costs alone, with mortgage payments accounting for an extraordinary $14,787 of that total. This astronomical housing cost reflects the village’s status as an ultra-luxury community, where the average property commands a breathtaking $2.98 million. Such figures place Sands Point in a rarefied category even among New York’s generally expensive real estate markets, highlighting the extreme wealth concentration in this small, exclusive enclave that has long attracted affluent residents seeking waterfront luxury and privacy.
Following closely behind Sands Point, Old Westbury ranks as New York’s second most expensive suburb with monthly essential expenses totaling $15,889. Muttontown, another exclusive Long Island community with just 3,500 residents, secured the third position in this costly hierarchy. The pattern continues with other Long Island communities including Southampton and Montauk also appearing high on the list, confirming the island’s status as New York’s premier region for luxury living and correspondingly high costs. These communities share common characteristics beyond their geographic location – they offer a combination of seclusion, prestige, natural beauty, and proximity to New York City that continues to attract wealthy residents despite the extraordinary cost of living.
Westchester County, though often perceived as New York’s costliest suburban area, placed only five communities on the top 20 list. Larchmont emerged as Westchester’s most expensive town, ranking eighth overall on the statewide list. Its waterfront location and charming village atmosphere have long made it a desirable suburb for wealthy commuters. Other Westchester communities appearing in the top 20 include Bronxville, Armonk, Chappaqua, and Pelham – all affluent towns with strong reputations for excellent schools, beautiful homes, and convenient access to Manhattan. While these communities certainly represent premium living environments with costs to match, the study demonstrates they actually offer relatively better value than their Long Island counterparts at the very top of the list.
The financial reality in all twenty communities on this list is sobering – residents typically spend over $9,000 monthly just covering basic necessities. This extraordinary cost structure creates communities that remain accessible only to the most affluent households, contributing to the region’s well-documented economic segregation. While these exclusive enclaves offer undeniable advantages in terms of school quality, safety, and amenities, the GOBankingRates study provides valuable context for potential homebuyers considering these areas and highlights the dramatic cost disparities that exist even within New York’s generally expensive housing market. As housing affordability concerns grow nationwide, this research underscores the extreme end of the spectrum in one of America’s most expensive regions.
