Creating an Economic Affordability Metric for the 21st Century

For decades, traditional economic measures have failed to capture what it takes to get ahead in New York City. 

New Yorkers made their voice heard in the 2022 election, with 81 percent of voters supporting a ballot measure mandating the creation of the city’s first-ever “true cost of living” metric. And CSS responded. 

As co-chairs of the National True Cost of Living Coalition, we partnered with the Federation of Protestant Welfare Agencies (FPWA) and the Urban Institute to create the True Cost of Economic Security (TCES) measure. The goal was to create a metric that considers both the costs families must meet to fully participate in today’s society and economy, and all the resources they have available to meet those costs.

The federal poverty level focuses on bare subsistence, and GDP focuses on economic output without factoring in how that wealth gets distributed. TCES focuses on true economic security, taking a more comprehensive view that includes paying for adequate food, clothing, housing, health care, child care, transportation, education, paying down debt, and saving for the future. 

Leaders and policymakers are taking notice. 

In April 2026, Mayor Mamdani’s office adopted this measure and unveiled the city’s first True Cost of Living (TCOL) report. NYC's TCOL reflects the reality of today's economic conditions and provides a more accurate benchmark for affordability in our city.

What did the first report reveal? Sixty-two percent of New York City households can’t afford the true cost of living in NYC. 

That means there’s a lot of work to do. But now that there’s a more honest way to measure the problems facing New Yorkers, policymakers can better develop solutions to increase economic security. 

We will continue to use the True Cost of Living measure as well as the CSS Annual Survey of Housing and Economic Security to hear directly from New Yorkers about their struggles to afford basic needs and identify solutions that will help them achieve lasting financial stability.