Monday, December 6, 2021

What Is The Cost Of Living In New York

What Is The Average Salary In Nyc

The TRUE cost of living in NEW YORK CITY

New Yorkers can expect to earn an average monthly net salary of $5,800 after tax, which is considerably higher than the national average of $3,500. And, the median household income in the city is $66,500 slightly higher than the national figure of $62,000 while the average household income is higher still at $105,100 per year.

Nearly 11% of the workforce is employed in office and administrative support, making it the most common job with a typical annual salary of $41,600. Next, employing 10% of the workforce, management occupations are the second-most common role, with an average annual salary of $146,400. Notably, New York has more people working in arts, design, entertainment, sports and media occupations than most other places in the country. A typical wage for these roles is around $67,300 per year.

How Much Do Utilities Groceries And Transportation Cost New Yorkers

There are some things you cant avoid paying, no matter where you live. Basic utilities such as electricity, gas, internet, and water will be a part of monthly expenses. However, know that the electricity market in NYC is deregulated, meaning that you can choose your energy service company, which opens up a possibility for a better electric plan, and lower fees.

Information from website Numbeo shows that for a 915 sq ft apartment, basic utilities are around $140. Furthermore, if you want to have internet access, you should set aside an additional $65 for 60mbps, cable/ADSL.

With high-speed internet access, you can check out some of the best restaurants in New York, thats why those who like fancy nights out will spend less on groceries and more on dining out.

If you are moving to NYC alone, know that a meal in an inexpensive restaurant for one person is around $22, while a meal in mid-range spot, with three courses, is about $50. Stopping by at the coffee shop for a cup of joe is $5 while relaxing with a cold beer is around $8. If you want to save up, cooking on your own is a way to go, because usually, a person spends about $470 on groceries every month. The essential groceries for making breakfast, such as milk and eggs, are $4.50 and $3.70.

How Much Does Dining Out In Nyc Cost

Eating out in New York City doesnt have to be overly expensive, and there are a wealth of filling, yet affordable, street food options and budget restaurants across the city. On average, a basic lunchtime menu with a drink will cost about $20.

If youre planning to treat yourself and your loved one, a three-course meal for two in a mid-range restaurant will typically average out at around $120. Dinner for two in a more modest neighborhood joint will normally cost around $60.

Expect to pay around $5 for a coffee in a cafe or restaurant, while a 12-ounce bottle of Coke or Pepsi should be around $2. A small bottle of water also runs at about $2.

Read Also: Rolling Loud New York 2021 Dates

Other Costs Of Living In New York State To Consider

As New York state is so diverse when it comes to where youâre located, there are a ton of different costs to factor in. For example, if you live in a city like Buffalo, you will need to own snow shovels, a snow blower, rakes for fall leaves, and other landscaping tools.

Those living in New York City donât need to own these things, because they predominantly live in apartment buildings where snow removal and lawn maintenance is taken care of by the city and property managers.

New York City is significantly more expensive than any other area in the country. Youâre going to end up paying a significant amount of money on public transportation costs, groceries, laundry, and other general living costs. Other areas of the state donât need to worry much about public transportation cost but will need to purchase a car to get around easily.

What Is The Average Cost Of Living In New York City Boroughs

Cost of Living &  Prices in New York State: 115 Cities ...

There are a total of five NYC boroughs you can settle down in. While a professional long-distance moving company is handling your stuff, you should look into housing options Brooklyn, Manhattan, Staten Island, The Bronx, and Queens are offering. Some locations are more affordable than others, while some have more diverse housing options. To help you make an informed decision, lets break down the overall costs of settling down in each of the boroughs and compare them.

Don’t Miss: How I Met My Wife New Yorker

Transportation Costs In Queens New York

The transportation cost of living index for Queens, New York is a high 188.5, meaning it is nearly twice as expensive to move around in Queens than the rest of the United States. The average one-way commute for a Queens resident is 43.6 minutes, which is nearly double the national average of 26.4 minutes.

31.8% of residents drive their own car to work. 6.7% choose to carpool, and over half 51.7% take the public transit system. This is really no surprise, as it is the stereotype of New York City and the surrounding areas that driving is difficult, but public transit is the most common way to get around.

What Is The Average Cost Of Utilities In Nyc

While housing and rent prices might be rather high compared to national averages, utilities are actually a little more affordable. For example, two people living together can expect to pay around $200 per month on basic utilities in a 900-square-foot apartment in NYC. This includes water, heating, cooling, electricity and garbage disposal.

Similarly, one person in a smaller, 480-square-foot apartment should expect to spend around $100 per month on utilities. Meanwhile, an average internet connection will generally cost around $70 per month, while a prepaid, local, mobile tariff will typically cost $0.10 per minute.

Don’t Miss: Rolling Loud Nyc 2021 Tickets Price

Cost Of Living In Nyc: Food

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

Location
United States12.9%

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:

Category
Food expenditure away from home45.6%43.4%

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.

Rental Costs In Queens New York

The Cost of living in White Plains New York
Housing Size
$2124$1791

No one should be surprised to see that rental costs in the Queens metro area are incredibly high! If the New York City area is known for anything, its outlandish housing prices. These are nearly double the national average, and several hundred dollars a month over the states average.

Don’t Miss: How Much Are Tolls From Virginia To New York

Moving To New York City Apartment Hunting Is A Bear

A big con of living in New York City is trying to find an apartment.

The competition is intense and youll need a broker to get an apartment, which greatly increases the overall expense. Most broker fees are equivalent to one months rent or 10-15% of your total annual rent.

Its insane and adds an additional expense to moving to New York City.

Of course, some things have changed due to COVID and broker fees were paused for a while because landlord were having such a hard time finding renters.

But in any case, expect to find yourself refreshing apartment websites hourly and touring a handful of places before moving to NYC.

I wrote about our experience finding an apartment in New York City here. I talk about dead cockroaches, mouse traps and a few lessons we learned the hard way so you dont have to.

What Is The Average Cost Of Childcare In Nyc

The cost of childcare in NYC differs widely by location. But, on average, parents spend around $15,000 to $25,000 per child per year on daycare. In Manhattan, average monthly fees range from $1,300 to $2,500. This is significantly higher than college tuition in New York and also approaches or exceeds the median rent, depending on the area.

However, there is some respite for low-income families, and a number of programs operate to ensure daycare costs are low or even free. The EarlyLearn NYC program is one example. It provides free or low-cost daycare for babies and toddlers, as long as families meet income and other eligibility requirements.

Preschool is free for all four-year-olds in NYC. Some districts are also introducing free preschool for three-year-olds, with a goal to provide city-wide coverage soon. Enrolling your child in a private preschool will typically cost between $1,500 and $3,500 per month. Meanwhile, annual fees for a private primary school in NYC average around $39,200.

Read Also: Airlines That Fly To Myrtle Beach From New York

Clothing Costs In Queens New York

Item of Clothing
1 Pair of Dress Shoes$99

Just like with everything else, youre going to be paying a premium when youre shopping in Queens. There is a wide variety of clothing stores to choose from within a reasonable distance, however, so you dont always have to spend a lot but you can.

Cost Of Transportation In New York

The cost of living breakdown between London and NYC

After housing, the number one expense for most Americans is transportation. For car owners, thats the cost of buying, maintaining, insuring, fueling and storing their vehicle. If you use public transit, youll be on the hook for a transit pass, and possibly parking, if you need to drive to pick up the bus or train.

For car owners in New York, parking will be a significant expense. According to a 2017 study by Parkopedia, New York has the most expensive long-term parking in the world. The report states that in New York City, youll pay $606.37 a month to park. Parking in Washington, D.C. costs less than half that per month. As you get into the further reaches of Queens and Brooklyn, you will likely encounter slightly cheaper prices. Regardless of what borough you live in, though, expect to spend a lot to park your car.

In addition to parking, the price of gas in New York is often higher than the national average. GasBuddy data from May 2019 has a gallon of gas in New York City going for $3.08, which is almost 20 cents higher than the $2.89 U.S. average. Insurance isnt cheap either. According to CarInsurance.com, the average insurance rate for drivers in Manhattan tops $4,400 per year.

Don’t Miss: Where Is The Wax Museum In New York

What Salary Do You Need To Live In Nyc

It depends on your lifestyle and the sacrifices youre willing to make! OK with roommates? NYC just became a lot more affordable! Value your independence? A 1 bedroom unit wont come cheap.

Theoretically you can live in NYC with a salary of 40k a year. Youll have roommates and wont be eating out at sit-down restaurants too often. Whats more, Broadway shows and rooftop bars will be reserved for special occasions.

A salary of 70k a year in New York City will afford you a more comfortable social life in the city that never sleeps. You may still have a roommate and eat out 2-3 times a week or you might find an apartment without a roommate bagels all the way!

If youre making a salary of 120k+ a year in NYC you will be able to enjoy the best of what the city has to offer. Getting drinks with friends after work, celebrating special occasions with a fancy dinner, attending the latest shows, and strolling down SOHO more than once a week

Healthcare Costs In New York

Between insurance, pre-existing conditions and changing prescription prices, it’s hard to navigate the healthcare system no matter what state you’re in. Here are a few general guidelines on New York healthcare.

In Manhattan, you have access to more than a handful of hospitals depending on where you’re located on the island. You have access to quality healthcare at Mount Sinai, New York-Presbyterian and Lenox Hill, among others.

The cost of living in New York for healthcare costs is about 9.8 percent above the national average. A doctor’s visit will set you back $106.72 on average, while a prescription drug, without insurance, costs upwards of $442.91 on average.

Don’t Miss: Tolls From Washington Dc To New York City

Cost Of Living In Nyc: Utilities

Renters often forget to factor the cost of utilities into their renting budget. As of 2019, the average cost of a basic utilities package in a 915-square-foot apartment in New York was $145.55 per month. That includes:

  • Heating
  • Water
  • Garbage

New Yorkers are getting a pretty good deal. The average cost for basic utilities across the U.S. is slightly more at $152.02 per month. The average monthly cost of internet is also similar to the national average, at around $62/mo.

If youre renting an unfurnished apartment, you will likely need to set up these utilities yourself. When you rent a fully furnished apartment, however, the utilities are often already set up prior to your move-in.

What Is The Cost Of Clothes In Nyc

Cost of Living in New York City: How Much I Spend Per DAY!

Updating your wardrobe isnt overly expensive in NYC when compared to other cities. Here, you can usually find a decent new pair of jeans for around $60, while a summer dress should cost about $40. A pair of brand-name sneakers will generally run around $90, while a pair of leather business shoes average out to around $130.

Also Check: Newyorklottery Net

How Much Is The Sales Tax In Nyc

New York state has a base sales tax of 4% among the lowest in the country. However, each county is able to levy additional sales taxes. As a result, all five of the counties that make up New York City add an additional 4.875% sales tax, bringing the total sales tax up to 8.875% well above most of the country. Part of that rate includes a charge for the Metropolitan Commuter Transportation District. Finally, while most goods are subject to sales tax, there are some exceptions. For example, food and ingredients bought at grocery stores are generally exempt, and clothes and footwear up to $110 are also tax-free.

What Is The Cost Of Living In New York City

To live in New York City is to fulfill a dream for so many people. Skyscrapers tower over the packed pavement full of young artists, entrepreneurs, and hustlers. At night, the skyline dazzles like a million jewels, and during the day, sunny Central Park stretches through the city, offering an alluring urban oasis.

The only oft-bemoaned subject for this city? The high cost of living in New York City.

That said, if you can make it here, you can make it anywhere. Check out our guide below, which covers the average costs in different neighborhoods, including:

  • Rent
  • Entertainment

Recommended Reading: Madame Tussauds New York Parking

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.

How Much Are New York State Property Taxes

What Is the True Cost of Living in New York City?

From sea to shining sea, youâre going to run into taxes. They are an unavoidable fact of life. However, if you move to the right place you could save big on property taxes. The statewide average of property taxes in New York state sits at around 1.65% of your homeâs value.

For example, if your home is valued at the New York median of around $300,000, you should expect to pay around $5,000 in property tax on a yearly basis. Oddly enough, New York City has the lowest property tax rates in the state at 0.85%. Erie County property taxes are significantly higher at 2.7%

New York offers different exemptions and discounts on property taxes based on different things like veterans status, age, and income. Homeowners who qualify under these laws can even receive a property tax credit. An experienced real estate agent can help you to figure out what to expect when it comes to New York state and property taxes.

Don’t Miss: Where Is The Wax Museum In New York

How Expensive Is It To Live In New York

When you move to New York, be prepared for some big expenses. Even if you arent dining out regularly, and choose to live in a cheaper apartment, the cost of transport and utilities will add up each month. With a regular social life, you can expect to spend around 1,000 USD per month before rent.

These costs make New York the 6th most expensive place in the world to live, behind other large international cities like Hong Kong, Tokyo, and Singapore. In this article, we will explore why New York is so expensive. We look at the cost of healthcare and education, as well as rent and public transportation. Preparing a realistic budget for your first month in the city is important, as it will help you settle inand even help you negotiate your relocation package. Need more information? Check out our Living in New York guide, or schedule a 30-minute relocation consulting call with one of our experts.

Latest news
Related news