Cost of Living in Locust Valley

Locust Valley, is a hamlet located within the Town of Oyster Bay in Nassau County, known for its affluent population and high cost of living compared to the national average. Housing prices in Locust Valley are significantly higher than many other parts of the country, reflecting the desirability of the area and its proximity to New York City. As of my knowledge cutoff in early 2023, the median home value in Locust Valley is well above the national median, with 3 and 4 bedroom homes often listing for upwards of $1 million, depending on the size, condition, and exact location of the property. It is not uncommon for larger, more luxurious homes or those with prime locations to list for several million dollars.

Apartment rentals in Locust Valley can also be quite expensive, with monthly rents for a 1-bedroom apartment starting at around $2,000 or more. Larger apartments or those with more amenities can command significantly higher rents. For those interested in purchasing an apartment or a condominium, prices can vary widely based on size, location, and amenities, but it would not be unusual to see prices starting at $500,000 and going up from there for a modest-sized unit.

Dining out in Locust Valley can cater to a range of budgets, but many of the restaurants in the area are on the higher end, with dinner for two at a mid-range restaurant often costing around $100 or more, excluding drinks and gratuity. Upscale dining experiences will come with a commensurately higher price tag.

Utilities, including electricity, heating, cooling, water, and garbage, can cost around $250 to $400 per month for a standard-sized home, but this can fluctuate based on usage and the time of year. Internet and cable services can add an additional $100 to $150 per month to the utility bills.

Private school tuition in Locust Valley is another significant expense for families. Preschools can vary widely in cost, but annual tuition can range from $10,000 to $20,000 or more. Elementary, middle, and high schools can be even more costly, with annual tuition fees often exceeding $30,000 and, in some cases, approaching or surpassing $50,000 for the most prestigious institutions. These costs reflect the high quality of education and facilities that these private schools often provide.