A year of college in New York costs the equivalent of 71.57% of the state’s median household income, placing it fourth highest among 48 states in a new WalletHub comparison.
The personal-finance company’s release Thursday puts New York’s average annual college education cost at $61,528.99. That total includes in-state undergraduate tuition and fees, books and supplies, on-campus room and board, and other on-campus expenses.
What the college-cost ranking measures
WalletHub compared those annual attendance costs with median household income to assess how expensive college is relative to a state’s income level. Alaska and Wyoming were excluded because of data limitations.
The 71.57% figure is a comparison between an average college cost and median household income. It does not establish that New York households actually spend that share of their earnings on education.
It also is not a tuition quote for a particular campus or the amount every student will pay. The release does not provide a New York breakdown by institution or explain how financial aid affects the reported statewide average.
Rhode Island had the highest cost relative to income, according to the release. WalletHub analyst Chip Lupo put its average annual undergraduate attendance cost at $79,194, compared with median household income of $87,796 — about 90.2%.
The figures and state comparison appear in WalletHub’s States Where College Education Costs the Most & Least report.
Compare the full cost of attending
Experts whose comments accompanied the release urged families to consider expenses beyond tuition when choosing a college.
Marybeth Gasman, a distinguished professor at Rutgers University-New Brunswick, recommended comparing community colleges, public universities and institutions offering substantial financial aid. Scholarships, including smaller awards, can help, she said, along with completing the Free Application for Federal Student Aid, or FAFSA.
Gasman also encouraged students to examine housing, transportation, books and fees when evaluating their options. A higher price does not necessarily mean a school will provide the best education for a particular student, she said.
Andrew Burnstine, an associate professor at Lynn University, recommended considering community colleges or in-state public universities and paying attention to the cost of additional semesters. Finishing on time can help students avoid extending both tuition bills and living expenses, he said.
Plan beyond the tuition bill
Gasman said families should budget for the entire academic year because smaller and unexpected expenses can accumulate quickly. Understanding what a household can afford helps students make decisions and avoid unnecessary debt, she said.
Burnstine recommended monitoring everyday spending and choosing less expensive housing, used or digital textbooks, and home-prepared meals where practical.
WalletHub’s accompanying recommendations also included applying for scholarships and grants, buying used books and considering student employment or part-time work to help cover regular expenses. Those options address different portions of the college bill; the statewide ranking alone cannot determine which school or financial arrangement will be most affordable for an individual family.
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