How Much Does It Cost To Live in New York City?

Posted by Casandra Properties on Wednesday, November 25th, 2020 at 8:26am.

New York City is one of the most expensive places to live in America and even the world. 

2020's average rent in Manhattan sits around $4208 a month. But do you really need a 3 figure salary to afford life in NYC?

Not to worry. With proper budgeting, you can make your New York City dream come true. From rent to transportation, read on for a break down what it costs to live in New York City below. 

How Much Does It Cost To Live In NYC

Housing

The biggest piece of your budgeting pie will be your rent or mortgage. Over 2/3rds of New Yorkers rent since this is cheaper than buying.

The closer you are to the city center, the higher the housing cost. Look to Queens or the Bronx for lower price tags closer to $1500 on average. Or, live with roommates to cut your rent to under $1000. 

Determined to buy? Homes sell for around $500,000 not including outstanding fees like those from the Homeowner's Association. Learn more about HOA fees by checking out this article

Utilities

Did you know New York state requires that rent include hot water? Oftentimes, heat and electric come with rent as well. 

Your utilities spending depends on weather extremes, how much you use the internet, and what your place already includes. On average, monthly utilities run close to $150. Include internet on top of that and you're looking at closer to $200 each month.

Transportation

Lucky for NYC residents, the city has some of the best public transportation in the nation. 

Buy an unlimited metrocard pass and pay a monthly fee of $127. Some ferries, like that to Staten Island are even free to ride. 

On the downside, owning a car in the city is very expensive. Expect to pay $300-900 a month on parking alone. Gas and car insurance are also higher than the national average. 

Food

Food costs really depend on your diet and lifestyle. But, groceries in New York City cost close to the average. 

With so many options like ordering groceries online, you're not limited to NYC prices. You can keep monthly grocery costs between $300-$500 for one person.

Of course, with so many world famous dining options, you'll want to take advantage. 

Medical/Emergencies

The cost of health insurance doesn't change much from state to state, but you should factor it into your budget. 

The average doctor's visit in NYC costs close to $200 without insurance. New Yorkers tend to spend more on healthcare than the national average, so you'll want to budget for emergency situations. 

Discretionary 

After you pay for the necessities, you still want some left over to enjoy living in the Big Apple, right?

Make sure you calculate how much you want to spend on things like clothes, outings, and shows. NYC is one of the best cities for food, musicals, and more. Don't miss out and save a few hundred dollars for adventures.

The True Cost to Live in New York City 

Have you decided the allure of living in the City that Never Sleeps is worth the expense?

All said and done, you only need around $45000 a year to live in New York City. If you're frugal and organized, anyone can enjoy life in NYC. 

Enjoy this guide? Check out the rest of our blog for more tips like these!

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