How Much Does Rent Cost In New York

Notable Average Rent In Nyc Statistics

Common questions related to NYC rent include: how much is an apartment in New York City? How much does an apartment cost in NYC? The average rent price in NYC for a market-rate walk-up apartment is well below the overall city average, which effectively paints a different picture of NYC rent affordability. However, the supply of walk-up apartments is very low relative to luxury apartments. There is roughly a 7:1 listings ratio of Elevator Doorman apartments to Walk Up apartments at any given time. Days on market for walk-up apartments move quicker which shows how high in demand they are and how quickly apartments move at lower price points even in times of Covid. Looking for one of these hidden gems? Here is an active list of Walk-Up Apartments for rent.

The vast majority of apartment availabilities in NYC are in Luxury Elevator Doorman buildings which is why overall average rent prices in NYC are skewed much higher. Do you have the budget and want to live in one of these luxury apartment buildings? Here is an active list of Luxury Doorman Elevator buildings for rent. There are plenty of options to choose from.

How Much Do I Need To Make To Live In New York City

Are you sitting down? Good. Before we get to the magic number, let’s talk about budgeting. Experts agree that you shouldn’t spend more than 30 percent of your pre-tax income on rent.

If we take that rule and apply it to living in New York City, you need to earn at least $158,200. It sounds like a lot, but if we take the city’s average rent of $3,955 and multiply it by 12 months in a year, we get $47,460 a year you’ll spend on rent. And since rent should only be 30 percent of your pre-tax income, that puts your minimum pre-tax annual income around $158,200.

This number changes all the time, so check out ApartmentGuide.com’s free rent calculator to figure out your monthly budget.

Housing Costs In New York

Between brokers fees, rent-controlled apartments and often unregulated landlords, finding somewhere to live in New York can sometimes feel like a full-time job.

One-bedroom rents in New York have decreased 15.2 percent year-over-year. In contrast, two-bedrooms are seeing a steep increase of 15.3 percent since Spring 2020, most likely due to the pandemic. The average rent for a one-bedroom in is $3,684 per month.

East Village, downtown Manhattan and Lincoln Square top the most expensive neighborhood in New York, with average rents of $5,600, $5,565 and $4,453 per month, respectively.

When looking for New York neighborhoods with lower rents, try downtown Brooklyn , East Bronx and Rockaway for closer to the average rent in the city.

If you’re looking to buy, you’ll see that sales prices have gone up 5 percent since last year, and most homes spend 98 days on the market, on average. The average sales price sits at $755,000, according to Redfin.

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Are Lease Break Fees Legal In New York City

Yes. There are no laws that ban landlords from charging a lease break fee. Landlords are also allowed to include something called a lease break provision in the written lease, which is just a fancy term for laying out the price and process for early termination in the actual lease. But they dont have to mention the fee in the lease. Unlike a lot of other common rental payments , landlords can still charge a lease break fee if its not written down in your lease.

Pro Tips For Reducing Storage Costs

Store only the things you are going to use at some point. Paying high storage fees for keeping unnecessary items makes no sense. So, be ruthless when decluttering to keep more money in your pocket.

• Apply space-saving packing supplies as well as an enviable technique.
• A long-term rental could be a more cost-effective solution than renting a storage unit for a couple of weeks or months.
• By paying upfront, you may be able to obtain a discount from your cross country movers NYC.
• Unless you have temperature-sensitive and valuable items, do not choose facilities with unique features as you will be obliged to pay more for the space you didnt need.

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Cost Of Housing In New York City

The median purchase price for a home in Manhattan is $917,000, but there really arent many hardly any single-family homes there. Instead, they are more commonly found in less densely populated areas of the city such as Staten Island. In addition, the median single-family home purchase price in NYC is $571,000. Co-ops and condominiums with a median sale price of $537,000 make up the rest of NYCs housing market.

Cost Of Utilities In New York

Whether you rent or buy, youll have to cover the cost of utilities. According to Numbeo.com data from May 2019, the average basic utilities package for a 915 square-foot place in New York costs $145.55. That includes heating, electricity, water and garbage, and is about $7 less than the U.S. average for a month of basic utilities .

The monthly cost of internet in New York is about the same as the rest of the country. In New York, youll pay $62.77, compared to a U.S. average of $62.50.

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Other Expenses To Consider In New York City

The budget for your move to New York City should be airtight, meaning you’ll have to account for the expenses that typically get forgotten on most budgets.

We’ve got you covered with an in-depth look at the hidden costs of living in New York City.

• Sales Tax: The combined city and state sales tax rate in New York City is 8.5%, but can vary depending on what you purchase and its cost.
• Income Tax: New York State levies an income tax rate on a sliding scale. Depending on your income, you can expect to pay anywhere from 4% to 10.90% in income tax. Additionally, you’ll have to pay the city’s imposed income tax which ranges from 3.078% to 3.876%, depending on your income.
• Parking Costs: The average cost of monthly parking in New York is $570 per month or $6,840 annually. You’ll have to consider this cost on top of the 10.375% tax and an additional 8% surtax on parking, garaging, or storing cars in Manhattan.

New York City Utilities

The average utility costs in New York City amount to $273.04 monthly or $3,276.48 for the year. This rate accounts for basic utilities, including water, electricity, and gas.

That said, your utility rates may differ based on your personal preferences, your apartment, and your lease agreement.

That said, it’s important to include cell phones and internet service when estimating your utilities.

The average US resident pays $94 monthly for their cell phone service and around $45 for internet service, meaning you’ll need to account for an additional $139 in your budget.

As a new resident, you may qualify for new customer discounts and incentives, so be sure to do your research to find the best deal.

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New York State Rent Increases & Fees

• Rent Control / Increase Limitations. New York state landlords can raise rent only after the lease has ended.
• Notice Required to Raise Rent. For month-to-month tenancies, New York landlords must provide 30 days notice from next rent due date.
• Bounced Check Fees. New York state landlords may charge up to $20 for bounced checks.

Cost Of Entertainment In New York

If you have any money left after paying for housing, transportation and food, then you may want to try and enjoy yourself. Well, its going to cost you. For movie buffs, the average price of admission to a movie in Midtown is $15.25, according to ValuePenguin.

New York is famous for its sports teams, too. If you want to catch a Brooklyn Nets or New York Knicks game, youll be paying an average of $87 and $190, respectively. Baseball fans can check out both Yankees and Mets games. For the 2018 season, a Statista report has the average Mets ticket at $27.60 and the average Yankees ticket at $47.62.

New Yorkers do have at least one option for cheap entertainment. On a typical weekend night, subway platforms across the city become stages for all kinds of musical performances. Whether you like classical, jazz, hip hop or the blues, theres bound to be something you enjoy.

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Which Professions Can You Find In Nyc

New York City is a magnet for high-wage earners, business owners and start-ups. The most common occupation in New York City is Management, Business and Financial Operations. The second largest group is Sales & Related Occupations. Another popular profession for NYC residents is Business Operations Specialists.

Cost Of Living In Nyc: Food

When it comes to living expenses, New Yorkers average spending on food was similar to the national average:

Although New York is known for its extraordinary restaurants, residents spend a similar percentage on food inside the home versus outside the home as the average U.S. household:

In New York, this works out to $5,352 on food at home each year and $4,491 on food away from home each year, or $9,843 total. As for groceries, in 2019, New Yorkers paid an average of $471.34 each month per person. This is more expensive than the U.S. average, which is $324.40.

The inflated grocery costs can be attributed to the overall cost of living and the difficulty of making deliveries on such a busy and crowded island.

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Utilities Cell Phone And Internet

For considering the cost of utilities in NYC, you can consider the fact that a 915 sq. ft. apartment will cost around $165 in utility costs monthly, and this includes basic utilities that include water, electricity, and gas. That figure may be a little conservative, though, and many put this estimate at a little over $270 monthly.

Factors that may also influence your utility bill include your personal preferences, apartment size, and your rental agreement where landlords bundle some or all of the utility costs in them at times.

Of course, its also important to include cell phones and internet service when you estimate utility costs. The average US resident pays $94 monthly for their cell phone service and around $45-$50 for internet service, meaning youll need to account for an additional $139 in your budget.

If you want Cable TV with two premium channels to add entertainment to the utility category, you can expect to add around $60.00 per month to $139, meaning youll need to budget around $200 to account for that part.

Calculating Your Average Monthly Expenses

What follows is a ballpark calculation for average monthly expenses.

Utilities $270, Transportation $130, Groceries $300, Healthcare premium $660, Fitness $80, Sports event $30, Internet/cell phone/ cable TV/ 2 premium channels $200, Netflix $14, Dinner once a week $100 and a movie at a theatre twice a month $30.

To get a baseline of the monthly cost to rent a one-bedroom apartment in Brooklyn and pay average monthly expenses, take $2,866 rent costs and add it to the monthly expenses from the above paragraph: $2866 + $1,814 = $4,779/month or $57,348 annually. Its also good to add in a factor of 4-5% in case you went too conservatively and to account for unanticipated expenses.

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What Is The Average Apartment Size In Manhattan

The average size for a Manhattan, NY apartment is 702 square feet, but this number varies greatly depending on unit type, with cheap and luxury alternatives for houses and apartments alike. Studio apartments are the smallest and most affordable, 1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer a more generous square footage.

Recommended Salary For Living In Nyc

Google the recommended salary in NYC, and youll find many real estate experts recommending that a single person make at least $80,000 a year to live there.

However, that figure is based on the assumption that someone is staying in a Manhattan studio apartment that costs $2,000/month. That figure is also based on the low range cost for that type of apartment in that part of the city, and some estimates put the price of the average rent for a studio apartment in Manhattan at a more expensive $2400 per month.

More importantly, $80,000 will not work out too well for any scenario that is more than the cost of the Queens 1-BR apartment in the table.

So why doesnt it work out? Remember where the budget for Brooklyn living came in at $57,348? In other words, figure up the $80,000 minus the NY income tax rate of 32%, which turns out to be $25,600. So $80,000 minus $25,600 = $54,400.

In a nutshell, doing the math shows that youd be able to afford rent and expenses and your budget will go further if you live in a 1-BR apartment in Staten Island, The Bronx or Queens.

Unfortunately, you wont be able to squeak by in Brooklyn since the cost to live there is $57,348 vs. only netting around $54,400 or a little more or less, depending on how your withholdings are structured.

Youd need to make a lot more than $80K to live in Manhattan toosomewhere in the range of around $90K-$100K to live comfortably and put some money away for emergencies, savings or retirement every month.

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Discover Your Next Home Wherever You Are

The average cost of living in New York might be higher than the national average, but theres a reason that people of all ages and backgrounds flock here. Its the city that never sleeps. The Big Apple. The Empire City. Its whatever you want it to be, and it can be yours with Landing.

Moving to the capital of the world has never been easier. Access one of our already furnished apartments in NYC on a flexible lease and create your new home today.

About the author

Bri Hand

Bri Hand is Landing’s Content Marketing Manager. She currently lives in Salem, Massachusetts, with her partner and dog, Arlo, but relishes any opportunity she can to travel so she can try new foods, see gorgeous sights, and daydream about living somewhere new after visiting there for less than 24 hours.

Cost Of Buying A House In New York

The classic dilemma of buy vs. rent always comes up regardless of where youre living. In the case of New York City, a single-family home in the New York metro area has a median sales price of $403,900, based on 2018 data from the National Association of Realtors. While this might sound favorable, remember that the metro area consists of not only New York City proper, but also the nearby areas that surround it. Buying in the city itself can be much pricier, especially if you want to live near the city center its not unheard of to spend more than $1 million for a one-bedroom apartment in Manhattan.

One major advantage of the New York City housing market is its strong appreciation rates. According to NeighborhoodScout data from 2000 to 2018, homes in New York have raised in value by an average of 4.52% annually.

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Valentines Day Love Nest Rentals Are A Short Drive Away

New York City rents have overtaken San Francisco as the most expensive in the US, a sign the Big Apple is outpacing the West Coast tech hubs financial recovery.

The median one-bedroom rental in the boroughs is now $2,810, compared to a midway price point of $2,800 in the Golden City, according to a new study by online rental platform Zumper.

Its the first time New York has outpriced San Francisco since Zumper started tracking data in 2014, as many New Yorkers that fled the city amid COVID-19 concerns have returned, according to the study.

People returned to New York as indoor dining and other urban amenities that make the city popular became available again. Rent began to rise as a result That hasnt happened in San Francisco, according to the study.

Rent remains down by 20 percent in the Bay Area city compared to March 2020, whereas rent in the five boroughs is currently only off by about 1 percent from before the pandemic. In 2019, it cost $800 more to rent in San Fran than the Big Apple, Zumper said.

A middle of the road one-bedroom apartment in Manhattan at the beginning of the pandemic cost about $3,417, according to StreetEasy. That figure plummeted to $2,700 as many left the city, creating the lowest rents there in more than a decade.

Renters in Brooklyn and Queens also saw rents slide by about 10 percent last year, according to the website, which does not keep track of prices in The Bronx and on Staten Island.

New York City Fitness Costs

Fitness is an important aspect of healthy living. Luckily, there are tons of ways to stay fit that you can choose based on your budget.

You might be someone who works best with a tribe of like-minded lifters. If so, expect to spend around $111.47 monthly for a gym membership.

If you’re keen on fitness and cost-efficiency, you might enjoy home gym sessions that allow you to work up a sweat in your living room. A fitness app like Peloton might be your best bet. At $12.99 a month, it’s a steal.

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