STUDY: It Costs over $40k a Year to Own an Average Home in NY

If you live in New York and are living paycheck to paycheck - your home may be to blame.

The cost of living in the Empire State continues to grow, but salaries are struggling to catch up, which is draining residents' savings.

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A new study from home warranty experts from Cinch Home Services conducted a national survey to see which states are the biggest drain on homeowners. The study relied on data on average property taxes, mortgage payments, and maintenance fees for a median-priced home.

Hawaii was named the worst state for homeowners. Residents of the tropical state earn roughly $86,000 on average - but the cost of owning an average home costs about $65,000 annually. The number includes maintenance fees, mortgage, and property tax. That means residents are shelling out over 75 percent on their hard-earned income on their house alone.

California came in second, with residents coughing up about 71.8% of their annual salary on their house. Rounding out the top 3 was Massachusetts, with residents paying roughly 51.9% of their salary to own a home.

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New York bowed in the top 10, in 10th place. The study found maintenance fees in the Empire State average around $2,458 a year and property taxes cost about $6,180. Meanwhile, annual mortgage payments run about $31,656 a year - meaning New Yorkers pay about $40,294 a year to own a home in the state.

Here's who made the top 10:

Hawaii
California
Massachusetts
Washington
New Jersey
Colorado
New Hampshire
Oregon
Utah
New York

Conversely, the best state for home ownership was West Virginia, where residents get to keep 76.6% of their annual salary after taking care of home-related expenses.

Photo Credit: Jeff J. Mitchell, Getty Images

This study pulled data from Go Banking Rates, World Population Review, Salary After Tax, Rocket Mortgage, Forbes, Angi, and Bankrate.

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Top 10 Cheapest Places to Live in New York State

New York is one of the most expensive states to call home, but there are some areas that are gentle on the wallet. According to HomeSnacks, they deduced the top 10 most affordable cities and towns in the Empire State.

They looked into data from the U.S. Census, median home and rent prices, as well as median income of a particular area's residents. Affordability was also determined based on availability and access to services and conveniences.

Below are the top 10 places that let residents keep more cash in their wallets.

Gallery Credit: Megan

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Another year means another round of residents either moving to or leaving the state. While New York is seeing quite a few people flee the state, the majority of them appear to be leaving New York City.

A report from the New York State Comptroller Thomas DiNapoli found NYC's population shrank by 5 percent since 2021.

The report also found that some of those city-dwellers relocated to towns just outside the Big Apple, which seems to be backed up by the latest Census data. In fact, 9 of the 10 cities with the fastest growing populations are within driving distance to NYC.

Gallery Credit: Megan