What it costs to live and work in New York: the minimum wage, state income tax, sales tax and median rent, from official sources, and what they mean for your monthly budget.
| New York | Source | |
|---|---|---|
| Minimum wage | $17.00 / 16.00 an hour | US Department of Labor, State Minimum Wage Laws (updated July 1, 2026) |
| State income tax | 3.9 % to 10.9 % | Tax Foundation, State Individual Income Tax Rates and Brackets, 2026 |
| State sales tax | 4 % | Tax Foundation, State and Local Sales Tax Rates, Midyear 2026 (as of July 1, 2026) |
| Median gross rent | $1,634 a month (2024) | US Census Bureau, ACS 2024 1-year estimates, table B25064 Median Gross Rent |
New York's minimum wage is $17.00 an hour in New York City, Nassau, Suffolk and Westchester, and $16.00 in the rest of the state.
New York has graduated rates from 3.9 % to 10.9 %; the top rate applies to single filers above $25,000,000.
The state sales tax is 4 %; counties and cities add an average of 4.54 %, for a combined 8.54 %.
What income does rent in New York take?
A common rule of thumb is to keep rent at or below 30 % of gross income. At the median rent of $1,634 a month, that means a household income of about $65,400 a year before tax.
Sources
- US Department of Labor, State Minimum Wage Laws (updated July 1, 2026) (2026-07-01)
- Tax Foundation, State Individual Income Tax Rates and Brackets, 2026 (2026-02-19)
- Tax Foundation, State and Local Sales Tax Rates, Midyear 2026 (as of July 1, 2026) (2026-07-06)
- US Census Bureau, ACS 2024 1-year estimates, table B25064 Median Gross Rent (2025-09)
- NYS Workers' Compensation Board, Paid Family Leave 2026 (2025)