Cost of Living in Great Neck
Summary: If you are thinking about moving to Great Neck, here is an overview of the cost of living there.
Great Neck, is a suburban village located on the North Shore of Long Island, known for its affluent community and high cost of living compared to the national average. Housing prices in Great Neck vary significantly based on the exact location, size, and condition of the property. As of my knowledge cutoff in early 2023, the median home value in Great Neck for a 3-bedroom home can range from approximately $700,000 to over $1 million, while 4-bedroom homes can range from around $900,000 to well over $2 million, with luxury properties and those in prime locations fetching even higher prices.
Apartment rentals in Great Neck also reflect the high cost of living. A 1-bedroom apartment can cost anywhere from $2,000 to $3,000 per month, while larger 2-bedroom apartments can range from $2,500 to $4,000 or more per month. Apartment purchases vary widely, with smaller units starting at around $200,000 and going up to $1 million or more for luxury condos with multiple bedrooms and amenities.
When it comes to dining out, Great Neck offers a variety of restaurants ranging from casual eateries to upscale dining experiences. A meal at an inexpensive restaurant might cost around $15 to $25 per person, while a three-course meal at a mid-range restaurant can set you back $50 to $100 per person, excluding drinks and gratuity. Fine dining establishments can be significantly more expensive.
Utilities, including electricity, heating, cooling, water, and garbage, for a standard 85m² apartment in Great Neck, can cost around $150 to $300 per month, depending on usage and the time of year. Internet services typically add another $60 to $100 per month.
Private school tuition in Great Neck is another considerable expense for families. Preschool (or kindergarten) can range from $10,000 to $25,000 per year. Elementary schools can cost between $20,000 and $35,000 per year, while middle and high schools can range from $25,000 to over $40,000 annually. These costs can be even higher for prestigious institutions or those offering specialized programs.
| Item | Cost |
|---|---|
| 3-bedroom Home Purchase | $700,000 - $1,000,000+ |
| 4-bedroom Home Purchase | $900,000 - $2,000,000+ |
| 1-bedroom Apartment Rental | $2,000 - $3,000/month |
| 2-bedroom Apartment Rental | $2,500 - $4,000/month |
| Apartment Purchase | $200,000 - $1,000,000+ |
| Inexpensive Restaurant Meal | $15 - $25/person |
| Mid-range Restaurant 3-course Meal | $50 - $100/person |
| Utilities (Monthly for 85m² Apartment) | $150 - $300 |
| Internet (Monthly) | $60 - $100 |
| Private Preschool Tuition (Annual) | $10,000 - $25,000 |
| Private Elementary School Tuition (Annual) | $20,000 - $35,000 |
| Private Middle School Tuition (Annual) | $25,000 - $40,000+ |
| Private High School Tuition (Annual) | $25,000 - $40,000+ |
About the Author
Betsy Burlingame is one of the founders of BlueBurbia and the Founder and President of Expat Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange and BlueBurbia, Betsy worked at AT&T in International
and Mass Market Marketing. She graduated from Ohio Wesleyan University
with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.
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