Hudson Valley is Spending Less on The Holidays Than Ever Before

As we gear up for another holiday season, New Yorkers and Americans in general are not willing to shovel out the same amount of cash that they have in previous years.

Americans Expected to Spend Less on the Holidays Than Previous Years

Most Americans who are living paycheck to paycheck say they expect to spend about the same amount or less this holiday season as they did last year. That's according to a new Forbes Advisor survey that says close to half say they'll spend about the same, and nearly one in five said they plan to tighten their belts. Another 30-percent of those whose paycheck just covers their living expenses with little left over say they'll spend more.

According to RichStatesPoorStates, New York has the worst economic outlook in the USA, coming in at 50th. One of the main drivers of that outlook is New York's high tax rates on incomes, corporations, inheritance, and property.

Read More: New York State's Minimum Wage to Increase on January 1st, 2024

When it comes to the cost of living in New York State, a family of four's estimated monthly costs without rent comes to $5,859.30, while a single person's monthly costs before rent come to $1,589.30. The cost of living in New York is 30% higher than the national average. Housing is 78% higher than the national average, while utilities are 4% higher. When it comes to basic necessities such as food and clothing, groceries are around 12% higher than in the rest of the country, while clothing costs 12% higher. Healthcare services such as doctor check-ups and dentistry cost 6% higher in New York compared to the national average.