It’s impossible to find a place like New York City. The city has many superlatives because of its more than 8.3 million people who share ideas and compete professionally. Many different industries thrive in the city, including finance, the arts, and new technology. The city consists of five boroughs, each representing its county. As the most expensive to the least affordable, these are: Manhattan (on the upper west side of the island), Brooklyn, Queens, Staten Island, and the Bronx. Despite New York City’s broad range of boroughs and neighborhoods, the cost of living can vary widely from borough to borough.
The city is widely regarded as the priciest place to live in the nation. Number’s cost of living index uses New York City’s prices as its benchmark, calculating it as 100 out of 100 and comparing its prices to those of other cities. This makes it easy to estimate how much you will spend if you are moving from another city to New York.
Rental Prices in New York
In New York City, about two-thirds of households rent their homes, and families in all five boroughs spend around 30% of their income on housing. According to Rent Cafe’s January 2020 report, Manhattan rents for apartments average $4,210, considerably more than the National Average of $1,463. Brooklyn had a $2,936 median, and Queens had a $2,412 median. San Diego, Chicago, and Washington D.C. are less expensive than these three boroughs.
With an average rent of $3,436 across all five boroughs, San Francisco is ranked higher than New York in terms of housing costs, at $3,700. However, anyone planning to live in or near Manhattan would find this average misleading. The further you go from Manhattan, the cheaper the houses become. Consequently, you can expect prices in Brooklyn and Queens Neighborhoods near Manhattan, such as DUMBO (Brooklyn) and Long Island City (Queens), to be more expensive than the overall average.
The cost of living in the Big Apple isn’t out of reach even if the numbers sound high. You can spend significantly less on housing if you live with a roommate than if you live alone. Bungalow’s average price for a single private room in a shared home in NYC, for example, is half the price of a average studio apartment in the same neighborhood.
Living in New York cost
All five boroughs had the same median single-family home purchase price in January 2020: $571,000. This means that half of the homes sold for more than that amount and half sold for less. Due to Manhattan’s small proportion of multi-million dollar sales, the median price is higher because the average cost is higher, even though they are irrelevant to the typical buyer.
Unlike Staten Island, where single-family homes are more common, Manhattan is extremely rare for single-family homes. The rest of the city’s housing stock is composed of co-ops and condos, which sell for a median price of $537,000 each. The long-term costs of additional monthly fees must be taken into consideration when purchasing these types of homes. The median home price in Manhattan is $917,000. The city’s mansion tax is one percent higher than the city’s median real estate price. Only San Francisco has a higher median real estate price (and smaller average home sizes, which means they cost more per square foot).
The median home price in Brooklyn has increased the fastest over the last ten years of the five boroughs. By 2020, the median house price will be $730,000. The Bronx ($379,000), Queens ($579,000), and Staten Island ($574,000) follow. The median price for a home outside of Brooklyn and Manhattan is less than the national average of $245,000, meaning buyers can find less expensive homes than in Boston and Los Angeles.
Most old buildings in NYC offer heat, water, and sometimes electricity included in rent, so tenants pay less for utilities. Hot water must be included by law in New York. A typical older building typically has just one heating system and one meter for electricity, which makes it impossible for landlords to charge tenants for individual use.
You will pay a higher electric bill if you do pay for your own electricity, but other utilities are cheaper in Missouri. As a result, those who pay for all their own utilities can expect an annual bill of approximately $136, which is lower than the national average of $160.
New York’s restaurant scene is one of the city’s major social centers. On average, the residents of NYC spend 130% more per year on eating out than those in the rest of the country. Additionally, they eat out more often, and the average full-service restaurant meal in NYC costs $46.14, about $10 more than elsewhere in the country. In Manhattan, you’ll find the priciest restaurants, but you can find thousands of inexpensive options throughout the five boroughs.
In the city, grocery prices vary widely from neighborhood to neighborhood, and are not related to home values or rents. New Yorkers spend more than residents of any other US city on groceries, according to Numbeo’s cost of living calculator.
Besides operating the country’s largest public transportation network, the Metropolitan Transportation Authority (MTA) runs buses, subways, and commuter rail throughout New York City. For a bus or subway ride, regular fares begin at $2.75. Rail fares vary by destination and are more expensive.
An unlimited monthly pass costs $127 and can reduce transportation expenses for commuters. It is a little more expensive than other transit-intensive cities’ monthly Metrocards such as Boston ($90), San Francisco ($98), and Washington, D.C. ($121+). As long as you consider that New York has over 5,000 miles of bus and subway lines, this is a reasonable price.
Those who live near one of the NYC Ferry’s terminals – about half a million New Yorkers, have another option. The Staten Island Ferry, however, is free! Various routes serve all five boroughs for just $2.75 one way! In New York, parking is a huge expense for the minority of residents who have a car. In Manhattan, monthly garage parking costs range from $300 to 900 dollars, and in Brooklyn, $150 to 500 dollars. In the other boroughs, the prices are lower, and there is more street parking.
Average salary of workers
There are many workers making more than the national average salary of $61,568 in Manhattan. The average cost of living in Manhattan is almost $164,000 per year or $3,152 per week. Finance and technology are the highest paying industries in Manhattan. In New York’s other four boroughs, wages are lagging behind the nation, at around $53,000 per year.
The city is still one of the most expensive in the world (although not as pricey as Hong Kong, Tokyo, or Zurich) and the most expensive in the United States. It’s hard to put a price on being in the center of it all, but for those who make it work in New York, you can’t beat that.
- What salary is required to live in New York City?
An individual with a monthly income of $12,489 before taxes would be able to live comfortably in the city. That’s quite a bit. The Bronx is a more affordable borough, but to live there you need to earn three times the $2,312 rent rate before taxes, which would be $6,936.
- How much does New York City rent for a month?
An estimated monthly cost of living in New York, New York, United States for a family of four is 4,959$ without rent. An estimated monthly cost for a single person is 1,351$ without rent.