Cost of Living in Hyde Park, NY

With a cost of living index of 94, Hyde Park, NY is slightly more affordable than average. Living here is 6% cheaper than the national average and 18% below the New York state average of 111. Hyde Park is a small community of 2,100 residents.

Housing costs are the biggest factor in Hyde Park's cost of living. The median monthly rent is $1,040 (21% below the US median of $1,319), and the median home value sits at $287,400 (6% below the national median of $304,900). At current prices, the median home costs roughly 3.3x the median household income — a moderately affordable ratio by today's standards.

The median household income in Hyde Park is $86,346, which is 15% higher than the national median of $75,149. Residents spend roughly 14% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Hyde Park. The area sees an average annual temperature of 48.6°F, with summers averaging 68°F and winters around 28°F. Annual rainfall totals 45.8 inches spread over roughly 142 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Kiryas Joel-Poughkeepsie-Newburgh, NY (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 6 are priced higher than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.