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New York: minimum wage, income tax and cost of living

New York in numbers: the minimum wage, state income tax, sales tax and median rent, from official sources, and what they mean for a budget.

Updated: October 11, 2026

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 YorkSource
Minimum wage$17.00 / 16.00 an hourUS Department of Labor, State Minimum Wage Laws (updated July 1, 2026)
State income tax3.9 % to 10.9 %Tax Foundation, State Individual Income Tax Rates and Brackets, 2026
State sales tax4 %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.

Work out your take-home pay

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