August 21, 2025

Rising Cost of Living Remains Top Concern for New Yorkers

News Summary

A recent Cornell University survey reveals that nearly 80% of New Yorkers regard the escalating cost of living as their primary financial concern. The findings highlight the significant financial strain residents face due to surging housing costs and essential living expenses. As many report worsening financial situations, discussions on community initiatives, including school supply giveaways, have emerged as essential responses to these challenges. With continuing unpredictability in the housing market and increasing utility costs, economic stability remains a pressing issue for many in New York.

New York City – A recent survey conducted by Cornell University’s Industrial and Labor Relations (ILR) school has revealed that nearly 80% of New Yorkers consider the cost of living to be their primary financial concern. This statistic underscores the financial challenges faced by residents in the state, particularly regarding housing and essential living costs.

According to the annual Empire State Poll, around 79.6% of respondents feel that the high cost of living severely impacts their quality of life, a sentiment echoed across various demographics in the state. The survey highlights that skyrocketing rents and increasing housing costs are at the forefront of financial struggles for many New Yorkers. Essential expenses such as heating and food further exacerbate the situation.

The heavy burden of living expenses has led to a pessimistic outlook for the housing market among residents. Almost half of those surveyed reported that their financial situation has worsened compared to the previous year, with only 11% feeling better off financially. Additionally, 45% of respondents indicated they are in a worse financial position than they were a year ago, showcasing the growing concern regarding economic stability in the state.

In Broome County, local housing is perceived to be more affordable than the national average; however, recent trends show significant price increases. Since 2021, home sales in the region have decreased sharply, from approximately 2,600-2,700 sales to about 1,400-1,600 this year. Meanwhile, the average home price in Broome County has surged from around $170,000 in 2021 to $220,000 in 2024.

Experts have expressed uncertainty regarding whether federal government efforts to lower interest rates will result in decreased housing prices, leaving many residents in a difficult position. The financial strain caused by rising utility costs has further complicated the situation. NYSEG has announced a 10.3% increase in electricity rates, with additional hikes anticipated in 2025, placing further financial pressure on households.

The median rent in Binghamton, a city within Broome County, has exceeded $2,800, which is approximately 24% higher than the national median. Rising maintenance costs since the COVID-19 pandemic have worsened financial burdens for both renters and homeowners in the area. In response to the struggles faced by the community, the City Council has enacted legislation aimed at protecting unhoused individuals, recognizing them as a vulnerable group within the ongoing housing crisis.

Amid these challenges, initiatives have been proposed to support families impacted by the rising cost of living. For the upcoming academic year 2025-26, Binghamton will distribute over 1,360 free bookbags and school supplies to students, the largest giveaway since the program’s inception in 2017. The City allocated $20,000 from a Community Development Block Grant to fund this initiative in collaboration with CARES Advocates For Families Inc., emphasizing the need for community support.

The backpack distribution will operate on a first-come, first-served basis across five locations over three days, with children required to be present to receive supplies. Over the past nine years, the effort has successfully provided more than 6,850 bookbags to students in the community, illustrating ongoing support for those affected by the high cost of living.

As New Yorkers continue to navigate through a challenging economic landscape, the concerning statistics from the Empire State Poll shed light on the pressing financial worries facing many residents. With rising costs in housing, utilities, and essential living expenses, concerns about financial stability are likely to persist in the near future, demanding attention from both local and state authorities.

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Author: STAFF HERE NEW YORK WRITER

NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.

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