Cost of Living in New York, NY [2024]
New York City is a cultural hub, financial center, and media hotbed with something for just about anyone. If you're thinking about moving there, congratulations! You'll be joining millions of people all around the world who have bettered their lives in this incredible city.
Of course, new residents of the Big Apple must contend with a sky-high cost of living. It's difficult to live comfortably in a city that requires you to spend most of your paycheck on rent. However, you might be surprised what you can afford if you know the right places to look, or if you make certain concessions. It is possible to successfully make the move to New York, provided you take care to plan your budget thoroughly.
This guide will help any new prospective NYC resident build their budget to live comfortably in the Big City. Here's everything you need to know about the cost of living in New York City.
Cost of Living in New York City
What Is the Cost of Living in New York City?
The average cost of living in New York City is a whopping 54% higher than the national average. According to our data, the average New Yorker spends $8,953 per month.
That being said, much of this high cost of living is due to rent and housing. As we discuss more below, some costs recorded in our database (such as transportation and groceries) are actually lower than the average U.S. city.
How Much Is Rent in New York City?
As of May 2024, the overall median rent in New York City was $2,302, after rising 1.4% last month. Rent prices are now up 2.2% year-over-year. That makes New York the tenth most expensive large city in the country for renters.
How Much Is a One-Bedroom Apartment in New York City?
For a one-bedroom apartment, expect to pay around $2,197 a month in New York City. For comparison, the median rent across the nation as a whole is $1,381 for a one-bedroom.
How Much Is a Two-Bedroom Apartment in New York City?
Two-bedroom apartments in New York City have an overall median rent of $2,317 as of May 2024. For context, the median rent across the nation as a whole is $1,381 for a two-bedroom.
How Much Is Housing in New York City?
According to the latest census data, the median home value in NYC is a sky-high $732,100, with median owner costs including mortgage at $3,148 per month. Notably, median rent in the city is only $2,302, meaning that renting is probably a better deal for most residents than buying a house.
How Much Is Transportation in New York City?
According to our database, transportation is one area where you might save in New York City. The cost of transportation in New York is actually 13.42% lower than the average U.S. city, largely due to the outstanding public transit service. The vast majority of New York residents commute to work via public transportation, biking, or walking. A 30-day unlimited MetroCard pass costs a low $127, which translates to $1,524 annually for unlimited access to the subway and local buses.
The average single NYC resident spends $7,921 on transportation costs annually, while a family of four with two children spends $13,287.
Parking in New York City
According to SpotHero 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.
How Much Are Groceries in New York City?
Surprisingly, another place you might save in NYC is on groceries. Compared to the average city in our database, New Yorkers spend 11.74% less on groceries. Here's a breakdown of grocery prices in the average U.S. city compared to Manhattan:
| Food Item | Average Price | New York Price |
|---|---|---|
| Steak | $14.21 | $13.86 |
| Ground Beef | $5.91 | $5.83 |
| Sausage | $5.40 | $4.93 |
| Frying Chicken | $1.54 | $1.57 |
| Chunk Light Tuna | $1.59 | $1.23 |
| Whole Milk | $4.78 | $4.68 |
| Eggs | $4.24 | $4.12 |
| Margarine | $1.86 | $1.66 |
| Parmesan Cheese | $5.40 | $4.50 |
| Potatoes | $5.21 | $4.95 |
A three-course meal for two at a mid-range restaurant will cost you $97.50, including gratuity.
However, the omnipresent food carts and stalls that adorn New York's streets will likely be more common food stops for you. The famed $5 hotdog, soda, and chips combo might not be the healthiest meal out there, but it's delicious, convenient, and cheap.
If you want to keep costs down and enjoy your time in the kitchen, the bare minimum you can expect to pay is $4,875 annually or $406.25 monthly for groceries. If you're feeding a family of four, you can expect to pay $14,329 annually or $1194.08 monthly.
How Much Is Healthcare in New York City?
Healthcare costs are lower in NYC than the average city in our database. NYC residents pay 17.08% less for healthcare than in other cities. According to MIT, the average resident pays $3,902 annually toward medical costs each year, while a family of four pays $10,314.
The lower cost of healthcare may be due in part to the fact that New York City has several city-operated health clinics dedicated to delivering free or low-cost healthcare. Additionally, you can find information about health insurance enrollment and options on the city's Health Department webpage.
However, if you need to purchase your own private insurance, head over to Healthcare.gov to find affordable coverage that meets your needs.
How Much Are Utilities in New York City?
The average utility costs in New York City amount to $287.20 monthly, which is slightly higher than the U.S. average of $253.14. This rate accounts for basic utilities, including water, electricity, and gas.
| Location | Mean Electricity ($) | Mean Gas ($) | Mean Water ($) | Mean Fuel ($) | Total Utilities ($) |
|---|---|---|---|---|---|
| U.S. | $150.93 | $51.12 | $45.52 | $5.57 | $253.14 |
| New York | $142.96 | $79.32 | $31.15 | $17.16 | $270.59 |
| New York, NY | $150.09 | $83.26 | $39.55 | $14.31 | $287.20 |
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.
New York City Fitness and Entertainment
The average single New York City resident spends $1,702 on fitness and entertainment costs annually. A family of four spends $3,879.
So, where do these funds go? We've got a breakdown of some of the most popular fitness and entertainment options that the city has to offer and how much they'll cost you. Let's dive in.
New York City Fitness Costs
You might be someone who works best with a tribe of like-minded lifters. If so, expect to spend around $108.23 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.
Find a New Favorite Park
Although Central Park gets all the hype, New York plays host to over 1,700 parks. These parks are free, fun, and offer fitness opportunities for the whole family.
Catch a Game in the City
Regardless of the team, you're rooting for, you'll need to consider the cost of attending a game in your budget. Here's a breakdown of the average ticket costs for some of New York's sports teams.
- New York Knicks: $394
- Brooklyn Nets: $150
- New York Mets: $61
- New York Yankees: $54
- New York Giants: $115
- New York Jets: $94
Head to a Museum
Whether you're a culture buff, an art lover, or simply looking for an inexpensive way to kill a few hours over the weekend, New York City's museums will deliver.
The city is home to a collection of museums, famous throughout the world. If you move to the city, they'll be right in your backyard.
New York Taxes
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.
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.
What Salary Do I Need to Live in New York City?
When budgeting to live comfortably in a new city, it’s important to utilize the standard rule of three. This rule simply states that to live comfortably and afford rent, one should earn at least three times the monthly rent before taxes.
For example, the average cost of a one-bedroom apartment in NY is $2,106. To live comfortably, a resident would need to earn at least $80,480 a year.
That's pretty steep.
That said, it’s important to note that some New York City property management companies require prospective renters to earn at least 40 times the monthly rent. Be sure to check tenant salary requirements before submitting a rental application.
You may be able to circumvent that requirement by renting as a subletter.
Final Thoughts
Moving to New York City is challenging; there's no way around it. However, if you budget correctly and catch a great deal on your dream apartment, you'll be living in the Big Apple in no time.
Ready to start your New York City apartment hunt? Take our quiz!
FAQs: What to Know About the Cost of Living in New York
How expensive is an apartment in New York?
New York rents are notoriously expensive, but it also depends on which borough you live in. The average rent for a one-bedroom apartment in New York is $2,106. A two-bedroom apartment costs $2,224 in New York.
What is the cheapest rent in New York?
New York rents are notoriously expensive, but it also depends on which borough you live in. Overall, the cheapest rent in New York is $2,106 for a one-bedroom apartment.
How expensive is it to live in New York?
The rent averages $2,106 per month for a one-bedroom apartment in New York. It costs $4,244 on transportation costs annually for one person. Food in New York costs $3,891 annually or $324.25 monthly for groceries. If you want to eat out in New York, you'll spend at least $97.50 at a mid-range restaurant for two for a three-course meal, including gratuity.
How far is New York from Boston?
It's almost 216 miles between New York City and Boston. Depending on the traffic, it takes about four hours to drive from New York City to Boston.
How far is Connecticut from New York?
New York is 100.3 miles from Connecticut. It takes almost 2 hours and 30 minutes in moderate traffic to get from New York to Connecticut. You can take i-684 and I-84 E from New York to Connecticut. Train service is also available.
How far is New Jersey from New York?
It is 71.1 miles from New York to New Jersey. It will take almost two hours to drive between New York and New Jersey using I-95 S. Some public transportation options are available by train and bus.
How far is Chicago from New York?
New York is 790.1 miles from Chicago. It takes about thirteen hours to drive from New York to Chicago via I-80 W. Amtrak, and flight service is also available between New York and Chicago.
What is the population of New York City?
According to the US Census Bureau, the population of New York City was 8,467,513 in 2021. The entire population of the state of New York is 19,835,913.
Is San Francisco cheaper than New York?
San Francisco is currently more expensive than New York City. Our Rent Report shows that a one-bedroom apartment in San Francisco costs $2,365. For comparison, a one-bedroom apartment in New York City costs $2,106. San Francisco rents rose 1.1% in the last year. In New York City, rents rose 12.1% during the same time period.
Is Boston cheaper than New York?
Boston is currently cheaper than New York City. A one-bedroom apartment in Boston costs $2,078, and a one-bedroom apartment in New York City costs $2,106. Our Rent Report shows that Boston rents have increased 6.6% compared to this time last year. The rents in New York City climbed 12.1% over the same period.
Is Chicago cheaper than New York?
Yes, Chicago is cheaper than New York City. According to our Rent Report, Chicago rents have increased by 5.7% year-over-year. Rents in New York City climbed 12.1% over the same period. You'll also find a one-bedroom apartment in Chicago costs $1,432, and a one-bedroom apartment in New York City costs $2,106.
What is a good salary in New York?
The Census Bureau reports that the median salary in New York City is $67,046. If you want to spend the recommended 30% of your income on rent, you will need to earn $80,480 to live in a one-bedroom apartment in New York. Living in one of the outer boroughs or moving in with a roommate could help lower living expenses.
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