Long Island, November 19, 2025
A recent study has identified the top seven most expensive places to live in New York State, all located on Long Island. Conducted by GoBankingRates, the analysis reveals that residents in these affluent municipalities spend at least $10,000 monthly on necessities, highlighting the region’s high property values and living costs. The findings emphasize the desirability and exclusivity of Long Island as a prime location for wealthy individuals.
New York’s Most Expensive Places to Live Are on Long Island, Study Finds
New York City, NY – A recent study has identified the top seven most expensive places to live in New York State, all of which are located on Long Island. The analysis, conducted by GoBankingRates, evaluated municipalities with populations over 2,500, focusing on average home values and monthly costs for necessities such as mortgage payments, groceries, utilities, healthcare, and transportation. The findings reveal that residents in these areas spend at least $10,000 monthly on essential expenses.
Top Seven Most Expensive Places on Long Island
- Sands Point, Nassau County: Average home value of approximately $2,986,180; annual cost of necessities around $209,951; monthly mortgage payments about $14,787; monthly cost of necessities approximately $17,496.
- Old Westbury, Nassau County: Average home value of $2,684,811; annual cost of necessities around $189,000; monthly mortgage payments about $13,500; monthly cost of necessities approximately $15,889.
- Muttontown, Nassau County: Average home value of $2,160,010; annual cost of necessities around $160,368; monthly mortgage payments about $12,000; monthly cost of necessities approximately $13,364.
- Lloyd Harbor, Suffolk County: Average home value of $2,203,390; annual cost of necessities around $159,432; monthly mortgage payments about $12,000; monthly cost of necessities approximately $13,286.
- Manhasset, Nassau County: Average home value of $2,084,822; annual cost of necessities around $155,532; monthly mortgage payments about $11,500; monthly cost of necessities approximately $12,961.
- Southampton, Suffolk County: Average home value of $2,150,995; annual cost of necessities around $154,620; monthly mortgage payments about $11,500; monthly cost of necessities approximately $12,885.
- Montauk, Suffolk County: Average home value of $2,024,410; annual cost of necessities around $146,700; monthly mortgage payments about $11,000; monthly cost of necessities approximately $12,225.
Methodology and Findings
The study assessed 13 municipalities with populations exceeding 2,500, where residents spend at least $10,000 monthly on necessities. The evaluation considered 2025 average home values, mortgage payments, and costs for groceries, utilities, healthcare, and transportation. The top seven municipalities identified are all situated on Long Island, underscoring the region’s prominence in the state’s most expensive living areas.
Background Context
Long Island has long been associated with affluence and high property values. The region’s proximity to New York City, combined with its scenic beauty and desirable amenities, contributes to its status as a sought-after location for wealthy individuals. The study’s findings highlight the significant costs associated with living in these exclusive communities, reflecting both the desirability and exclusivity of these areas.
Frequently Asked Questions (FAQ)
What criteria were used to determine the most expensive places to live in New York State?
The study evaluated municipalities with populations over 2,500, focusing on average home values and monthly costs for necessities such as mortgage payments, groceries, utilities, healthcare, and transportation. Residents in these areas spend at least $10,000 monthly on essential expenses.
Which areas on Long Island are considered the most expensive to live in?
The top seven most expensive places to live in New York State, according to the study, are all located on Long Island. These include Sands Point, Old Westbury, Muttontown, Lloyd Harbor, Manhasset, Southampton, and Montauk.
What factors contribute to the high cost of living in these Long Island communities?
Factors contributing to the high cost of living in these communities include elevated property values, substantial mortgage payments, and significant expenses for necessities such as groceries, utilities, healthcare, and transportation. The desirability of these areas, due to their proximity to New York City and attractive amenities, also plays a role in driving up costs.
How does the cost of living in these Long Island areas compare to other parts of New York State?
The cost of living in these Long Island areas is significantly higher than in other parts of New York State. The study’s findings indicate that residents in these communities spend at least $10,000 monthly on necessities, highlighting the exclusivity and expense associated with living on Long Island.
What does this study reveal about the housing market on Long Island?
The study underscores the prominence of Long Island in New York State’s housing market, particularly in terms of high property values and living expenses. The findings reflect the region’s appeal to affluent individuals and the associated costs of residing in these exclusive communities.
Key Features of the Study
| Feature | Details |
|---|---|
| Study Focus | Evaluation of municipalities with populations over 2,500, focusing on average home values and monthly costs for necessities. |
| Top Seven Most Expensive Places | Sands Point, Old Westbury, Muttontown, Lloyd Harbor, Manhasset, Southampton, Montauk. |
| Average Home Values | Ranging from approximately $2 million to nearly $3 million. |
| Monthly Necessities Cost | Residents spend at least $10,000 monthly on essentials. |
| Study Source | Conducted by GoBankingRates. |
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