Cost of Living in Waterford, New York
Waterford is a village in Saratoga County, New York, with a population of 2,091. The total cost of housing, food, child care, transportation, health care, taxes, and other necessities for a single adult in Waterford is $41,427 a year — less than the annual cost of living for New York of $46,110 and greater than the national figure of $38,433.
Using cost of living data from the nonprofift think tank Economic Policy Institute, 24/7 Wall St. estimated the cost of living in Waterford and over 29,000 other cities and towns in the US.
Housing Costs in Waterford, New York
Housing is one of the largest components of cost of living. In Waterford, the median home value is $151,900, less than the national median home value of $204,900.
Renting is a sometimes lower cost alternative to homeownership. In Waterford, some 55.40% of occupied homes are rented, greater than the 36.2% national renter rate. The typical renter in Waterford spends $814 a month on housing, greater than the $1,023 national median monthly rent.
In addition to home value, one of the largest determinants of housing affordability is area income. While nationwide the price of a typical U.S. home is 3.4 times the $60,293 U.S. median household income, housing affordability ratios range from approximately 1.0 in the least expensive cities to more than 10.0 in the country's most expensive markets. In Waterford, the median household income is $50,511, 3.0 times the median home value.
Transportation Costs in Waterford, New York
Transportation can also be a significant component of cost of living. In Waterford, 81.80% of commuters drive to work, compared to 85.5% of commuters nationwide. An estimated 88.90% of workers commute to jobs outside of Waterford, a larger share than the 43.7% share of commuters nationwide who live and work in different cities. The average commute in Waterford is 25.4 minutes long, compared to the 26.6-minute average commute nationwide. Taking into account the cost of gas, as well as public transit and car maintenance, the EPI estimates that a single person in Waterford spends $10,889 a year on transportation, more than the national average of $9,760.
Health Care Costs in Waterford, New York
Out-of-pocket health care costs and insurance premiums — assuming at least a basic level of health insurance coverage — are far higher than they are on average nationwide in Waterford but in line with what they are across New York as a whole.
For a single adult living in the area, average health care costs come out to $4,880 per year, compared to an average of $5,018 across New York and $4,266 nationwide.
Child care Costs in Waterford, New York
For families with children, child care adds thousands of dollars to overall annual spending. In Waterford, the average annual cost of child care for two children — one 4 year old and one 8 year old — is $26,519, about $3,400 less than the comparable average of $29,889 across all of New York. Meanwhile, across the U.S. as a whole, childcare expenses for two children averages $15,853 per year.
Food Costs in Waterford, New York
Food is another every day expense that has a significant impact on overall cost of living. Data from the U.S. Department of Agriculture shows that the cost of food varies from city to city and town to town.
In Waterford, a single adult spends an average of $3,700 on food annually, and a family of four spends $10,686 on average. For context, average annual food expenditure across New York and the U.S., respectively, are $3,539 and $3,240 for a single adult, and $10,220 and $9,354 for a family of four. These estimates are calculated for a nutritionally adequate diet of food purchased at a grocery store for at-home preparation.
Taxes in Waterford, New York
Few expenses vary as much from city to city and town to town as taxes. Accounting for state and federal income taxes, as well as Social Security contributions and Medicare payroll taxes, the average adult working in Waterford, New York pays $7,575 annually — relatively little compared to the statewide average of $8,876.
It is important to note that these calculations do not include other common taxes such as property, sales, and excise taxes. Accounting for these taxes, while excluding taxes levied at the federal level, Waterford residents live in a state with a high average tax burden. Per capita state tax collections in New York total $4,531 per year, compared to the $3,151 average across all states.
To estimate the cost of housing, food, transportation, health care, child care, taxes, and other necessities, 24/7 Wall St. assigned county-level Economic Policy Institute data to cities, towns, villages and Census-designated places based on boundary definitions from the U.S. Census Bureau. For places that span multiple counties, data was aggregated based on the percentage of boundary overlap.
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