Here’s the True Cost of Living in New York


Brooklyn Bridge and Manhattan buildings
iStock.com/Bkamprath

New York City is a magnificent city located on the east coast of the state, offering access to a number of attractive amenities and landmarks. The cost of living in New York can vary widely depending on which neighborhood you choose. If you are considering relocating to this area, understanding the cost of living can help you make a decision and plan your move. Let’s describe your expenses and what it will cost you to live in “The City That Never Sleeps”.

Contents

Cost of Living in New York: Rent Prices

New York is the largest city in New York State and is made up of five boroughs: Manhattan, the Bronx, Staten Island, Brooklyn, and Queens. The average cost of living in Manhattan is typically the highest of the five boroughs, and much of that cost comes from housing. The cost of living in New York is 187% of the national average, with housing accounting for almost 300% of the national average.

Rent is a big factor in the cost of living in New York, New York. The average studio rental price in the city is $ 2,107 per month, which is significantly higher than the national average of $ 821. The average cost of a two-bedroom apartment in New York City is $ 2,800. Some of the cheaper areas include Manhattanville, Washington Heights, and Inwood, which is on the northern end of the borough. Owning a home in New York is expensive, which is why about two-thirds of the city’s population rents.

Living in one of the other boroughs outside of Manhattan can help keep your housing costs in check. The average rent for a one-bedroom apartment in the Bronx is $ 1,750, while a similar apartment costs an average of $ 1,538 per month in Staten Island. Some neighborhoods in Manhattan are more affordable than others. The public transportation system runs through all five boroughs, making it easy to get around if you live outside of Manhattan but need to travel for work.

Cost of living in New York: Food and drink

Grocery costs in New York are above the national average. Consumer prices are about 24% higher in New York than in Chicago, and a gallon of milk in New York costs around $ 4.51, while a dozen eggs costs around $ 3.51.

Eating out is also more expensive in the city, with prices roughly 28% higher than what you would spend to eat out in Chicago or another comparable metropolitan area. You can find affordable and casual dining, but many restaurants charge higher prices to account for the high rents they have to pay to maintain a traditional restaurant. The average cost of a meal for two at a mid-priced restaurant in New York City is $ 80. But trust us, the prices are worth it. Check out our Manhattan food guide to see what we mean.

Cost of living in New York: Utilities

Utilities are also more expensive in New York than in other parts of the country. The average cost of utilities in New York is 150% of the national average. Investopedia estimates that a New York resident will pay an average of $ 128 per month for electricity, water, heat and waste for a 900 square foot apartment. High-speed home Internet access can add an average of $ 60 more to the monthly cost of utilities in New York City.

Cost of living in New York: Transport

When you live in Manhattan or one of the other boroughs, you don’t need a car to get around. The public transport system is one of the largest in the country, providing access to just about anywhere you need to go via the various metro and bus lines. Parts of town are also great for foot traffic, so you might be able to get around on your own two feet for free.

The New York subway system offers a MetroCard, which riders use to pay for each time they take the subway. You can choose from pay-per-view MetroCards and unlimited MetroCards. A one-month unlimited card currently costs $ 127, while a single trip costs $ 2.75. New York residents who fall below a certain income threshold may be eligible for the Fair Fares program for reduced rates.

Owning a car in New York is expensive, mainly due to the high costs associated with insurance and parking. The average monthly cost of parking in New York is $ 430, while the average car insurance premium is $ 1,582 per year. Heavy traffic also makes it difficult to get around town in your own vehicle. Public transportation, taxis, and walking or cycling are the best ways to get around if you live in the city.

Cost of living in New York: Leisure and entertainment

New York is known for its fascinating attractions and rich history, so you can always find something to do. After all, it is the city that never sleeps! But that can translate into higher recreation and entertainment costs, especially if you want to catch a Broadway show or sample some of the best food in town. You can find inexpensive activities and attractions, like public parks and museums, and take advantage of discounted opportunities. For example, the Broadway Show Lottery allows you to get tickets to a randomly selected show at a fraction of the regular price.

Sports fans can also cheer on the various home teams in New York. Professional sports teams include the New York Giants and New York Jets in the NFL, the New York City Football Club in the MLS, the New York Knicks in the NBA, the New York Yankees and New York Mets in the MLB and the New York York. Rangers in the NHL. Entertainment and recreation will count towards your total living expenses in New York City, but you can decide how much budget you want and find activities that are within what you can afford.

Although the price of living in New York is higher than in other areas, many residents agree that access to a rich cultural environment, world-class dining and nightlife, as well as the energy and general ambience of the region make it worth it. You may also be considering moving to New York if you have a job opportunity that you cannot pass up.

If you are planning to relocate to the big city, check out apartments for rent on Zumper to find the perfect spot within your budget.