Cost of Living in Lake Success, NY

With a cost of living index of 264, Lake Success, NY is one of the most expensive cities in the United States. Living here is 164% more expensive than the national average and 152% above the New York state average of 111. Lake Success is a small community of 2,817 residents.

Housing costs are the biggest factor in Lake Success's cost of living. The median monthly rent is $3,380 (156% above the US median of $1,319), and the median home value sits at $1,484,000 (387% above the national median of $304,900). At current prices, the median home costs roughly 6x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Lake Success is $248,750, which is 231% higher than the national median of $75,149. Residents spend roughly 16% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. While incomes are above average, they more than offset the higher cost of living.

Climate is another factor for anyone considering a move to Lake Success. The area sees an average annual temperature of 56.7°F, with summers averaging 77°F and winters around 37°F. Annual rainfall totals 45.3 inches spread over roughly 122 days.

Everyday prices in the New York-Newark-Jersey City, NY-NJ (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.