When comparing New Rochelle's cost of living with other cities, you will notice that the median rents are $2.090 and $3.272. This is slightly lower than the national average of $100. It's still a significant difference. In comparison with the national average, rents in New Rochelle are 10% cheaper than those in nearby cities.
Rents range from $2,090 to $3,272
Rent in New Rochelle is generally affordable. The average monthly rent in New Rochelle is $2,499 but prices vary depending on where you live, how big your apartment is, and what quality it is. The average apartment size is 843 square feet, and the price range varies widely based on the type of unit. The smallest and most affordable units are studio apartments. Studio apartments are the smallest and most affordable units. Two-bedroom apartments offer more square footage.
The Craft Building is a senior housing complex in downtown New Rochelle. The residents can walk to the vibrant shopping and entertainment areas. Nearby parks include Hudson Island Park, Glen Island Park, and other areas. It is conveniently located on a major bus route making it easy for commuters to get to work or play. It is also a short drive to New York City, NY.
Median household income is $81,311
The median household income in New Rochelle is $81,000, which is above the national average of $73,567. The private sector employs 65.3% of New Rochelle residents, with the majority being White, although there are also Hispanic and Latino residents. Of the people ages 25-34, 22.6% are under 25 and only 4% have a master's degree or higher.
The median household income in New Rochelle, NY is $81,311 – more than double the national average. New Rochelle, NY residents pay an average of $3k+ in property taxes. 51.1% of those who own a home own their home, a decrease from 51.7% in 2018. And while New Rochelle is an expensive city, you can still afford to live in New Rochelle and be comfortable with your finances.
According to the 2010 U.S. Census Bureau, the median household income in New Rochelle, NY is $81,311. New Rochelle, NY has a per capita income of $38,766. This is lower than the per capita income in the neighboring towns of 10538 ($45,216) and 10708 ($80,311). And the percent of high-income households is lower than the national average in the city.
When deciding on where to live, consider the quality of the neighborhood. Although most New Rochelle households are occupied by renters, this number can be misleading. A good neighborhood should not be identical. There should be ample open space for people to walk around so they don't have to worry too much about parking or getting lost. You will be able identify the most desirable neighbors if you are part of the community.
Housing affordability is determined based on the area income
In Westchester County, the median income is $120,000, but in New Rochelle, the cost of housing can run up to more than three times that amount. That means that for a family of four, housing costs can be very difficult to come by. To combat this problem, the city has introduced several new policies. Among these are a form-based code, which established density without mandating use, and a fast-tracked approval process that aims to get shovels-in-the-ground within 90 days. Fair share mitigation is another measure that encourages developers to provide affordable housing as well as open space for their developments.
New Rochelle, New York has one of the highest median home values in the metro area. Although New Rochelle is smaller in size than Larchmont and Mount Vernon, it is still more expensive than the others. Figure 7 illustrates how area income affects housing costs. In comparison to the other cities in the region, New Rochelle has the second highest median cost of housing for those with average incomes.
Renters in New Rochelle can find affordable housing by looking at the median area income of the city. New Rochelle renters earn an average of $80,000 and a median income at $44,650. New Rochelle residents can still find affordable apartments at 14 LeCount Place. The lottery for these units is now open. Individuals must earn between 50 percent and 70 percent of the area's median income to be eligible.
The New Rochelle Board of Legislators unanimously approved a plan for 76 affordable rental units to be built in the West End. The acquisition of land at 14 LeCount Place is part of the project for a 379-unit, 27-story development. The affordable units will be priced between $1,000 and $1,540 per month. This land will be used for a mixed-use, affordable housing project.
The City of New Rochelle recently enacted a Downtown Overlay Zone to transform its downtown area into a vibrant, mixed-use neighborhood. The planning process involved extensive community engagement with residents to define community amenities and development incentives. It also created new opportunities for investment. The city is providing a model that other communities with deteriorating downtowns can learn from. It's worth taking the time to understand how the downtown of New Rochelle can change.
New Rochelle is a great place to walk
A recent article in Bisnow describes the importance of creating a walkable urban environment in New Rochelle. The article highlights the neighborhood as a prime example of a town that made smart land use decisions. Walking has actually improved by more that 25% since the 1990s. Residents of this community benefit from a variety of public and private amenities. The city's two public beaches, as well as the extensive parkland, offer many outdoor recreation options.
The city's planning efforts aim to create a walkable downtown. The Downtown Overlay Zone (DOC) was implemented in 2006, and has become a catalyst for revitalization of the downtown area. This process required extensive consultation with residents who helped to define the city's amenities and development incentives. New Rochelle's success can be a model for other communities.
The CREUA's WalkUP report assesses the walkability of communities based on their social equity and economic performance. New Rochelle was ranked 87th in economic performance, falling into the third quarterile. While less equitable cities are less walkable, they can still be attractive for some residents because they often offer lower-wage jobs and lower-priced housing. Those living in a community with high walkability is likely to have fewer problems with crime.
The median household income in New Rochelle is $73,200, about 15 percent lower than the county's average. Nearly a third of downtown residents are not employed or unemployed. One expert, Robert McCormick, testified during an environmental review of the city's action plan in 2015, pointing out that city officials failed to consider the redevelopment of downtown neighborhoods that could cause displacement. Environmental protection and social equity are essential in any equitable development plan.
The downtown is vibrant and diverse. The downtown area has seen major development, but the residential neighborhoods retain the charm of suburban communities. A waterfront area along Long Island Sound provides parks, boating clubs, and other amenities for its residents. New Rochelle is also home to a number of small businesses and several universities. Walking is an important part of New Rochelle's quality of life.