The New Yorkers’ Financial Snapshot brings together recent data from national and State sources to provide an overview of household financial health. This snapshot examines key indicators such as income, assets, debt, and financial stress, offering insight into how New Yorkers have fared in recent years and how they compare to national trends.
New York’s young adults — some members of Generation Z (born 1997-2012) and Millennials (born 1981-1996) — are facing a complex economic landscape, including higher unemployment rates, increasing costs, and larger debt burdens, that threatens their financial well-being. Rising household expenses, particularly for food, housing, and transportation, have outpaced growth in income. These conditions raise concerns about the State’s ability to retain its young workforce, critical for sustaining long-term growth.
New York City Health + Hospitals will see pressure on key sources of revenue as Medicaid and low-income patients that rely on federal support lose health insurance, while reimbursement rates for health care programs are cut by Washington, making it harder for the largest public health system in the country to reach its financial goals.
New York City has cut fuel use and emissions across its municipal vehicle fleet of about 30,100 vehicles, but the average vehicle age is now the highest since 2012, and aging emergency and service vehicles are increasingly sidelined for repairs. In fiscal year 2025, the city spent $415 million on fuel and fleet repair, and over $400 million in capital funding for new vehicle acquisitions.
The Metropolitan Transportation Authority (MTA) pays for its operating budget from a wide variety of sources, but the decline in paid ridership since the pandemic and economic changes have contributed to significant shifts in those streams of income.
The Office of the State Comptroller prepares this report as part of the "Quick Start" process established in the State Finance Law. The report includes revenue and spending projections through SFY 2027-28.
Local government sales tax collections totaled $18.2 billion from January to September 2025, an increase of 4.3% ($747 million) compared to the same period last year. Growth so far this year is higher than the 3.8% average growth rate seen from January to September for the 2010 to 2019 period of recovery and expansion following the Great Recession. | Regional Table [.xlsx]
The frequency of severe weather in the State is growing, taking a toll on New York’s residents, property and economy. While New Yorkers approved the Clean Water, Clean Air and Green Jobs Environmental Bond Act to support resilience investments, the impacts of climate change are a danger to all Americans and require federal action.
