Archive: Business & Technology

The Tompkins County cost of living composite index for the 2011 was 102.8% compared to a national average of 100%. To compare our region with nearby cities, Albany-Schenectady-Troy came in at 111.3%, Rochester at 98.6%; Manhattan is at 218.8%. The component that is pushing our index up is utilities which account for 11% of the total.

The Tompkins County Chamber of Commerce participates in data collection for the CZER ACCRA Cost of Living Index (COLI). This survey provides a useful and reasonably accurate measure to compare cost of living differences among urban areas, covering more than 300 cities. Items on which the Index are based are carefully chosen to reflect the different categories of consumer expenditures. The ACCRA Cost of Living Index is the most reliable source of city-to-city comparisons of key consumer costs available anywhere. ACCRA COLI data is recognized by the U.S. Census Bureau, U.S. Bureau of Labor Statistics, and the President's Council of Economic Advisors.

The Cost of Living Index is always available on the Chamber's Web site. This is a great tool to share with friends, family or co-workers looking to relocate to the area, or if you are considering leaving Ithaca. Simply input your current location and salary and select a different city. ACCRA COLI will create a balance sheet to compare what your current salary would equal in a different city and provide a comparison chart for the cost of food, medical, automotive and many other necessity items.

The information provided does not include the cost of taxes since methods and amounts of property and sales tax collection differ so widely among municipalities across the country.

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