The average salary in New York has been a hot topic of interest recently, especially for people considering living and working in NYC. As one of the bustling cities in the world, New York not only has a thriving economy and a diverse job market but also attracts many talent and entrepreneurs from around the world. The average salary in NYC partly reflects the dynamism of the industry and the cost of living. Whether you are a new graduate or a veteran, knowing about the salary differences in various jobs and fields can help you have better career planning.
What is the Average Salary in NYC?
The average salary in New York is among the highest in the United States. According to the latest statistics, the average salary in NYC is about $80,000-$90,000 yearly, and it varies for different fields, jobs, and experiences. It is 18% higher than the national average salary, and the average salary in America is $60,000 annually. High-salary jobs like finance, technology, and law in New York increase the average wage. Calculating the NYC average salary after deducting federal, state, and local taxes will be $65,000-$70,000 annually. And to calculate the average monthly salary after taxes, it will be $5400-$5800.
It is worth noting that the cost of living in New York is much higher than the average national cost. The housing, transportation, and daily expenses make it difficult to meet savings needs even on a higher income. However, more people are still coming to New York due to the rich employment opportunities and diverse economic environment.
Average Salary in New York by Category
Average Salary in New York by 5 Boroughs
There are five boroughs in New York, including Manhattan, Brooklyn, Queens, The Bronx, and Staten Island. As the center of economics and finance, Manhattan has the highest NYC average salary, with $100,000-$120,000 per year, mainly in finance, technology, and law. Brooklyn is dominated many innovation industries and startups, the average salary in NYC in this area is about $60,000-$80,000 annually. In Queens, driven by the aviation and logistics industries, the average salary is $50,000-$70,000 annually. The average New York salary in The Bronx is relatively low, about $40,000-$60,000 per year, and the industry is mainly in service and public relations. The people who live in the Staten Island earn an average salary between $50,000 to $70,000, and the cost of living in this area is also low.
Average Salary in NYC by Fields
The job type is one of the factors that determines the average salary in NYC, and there is a main difference between various works. For the finance area, including investment banks, hedge funds, and private equity, the average salary in NYC ranges from $100,000-$300,000 annually. Some senior positions may earn more than $500,000 per year. The technology industry is one of the highest-wage fields in New York. The average salary in NYC for a software engineer and data scientist is about $120,000 and $200,000, especially for well-known technology companies, including Google, Amazon, and Meta. For the workers in the Law area, the entry-level lawyers at top law firms start at around $200,000 a year. The medical industry also offers high salaries, with doctors and surgeons typically earning between $150,000 and $400,000 annually. In contrast, nurses and other medical workers earn less but still more than the national average.
Average New York Salary by Age
In New York, the average income by age differs for different age groups. The average salary in NYC for young people aged 20-24 ranges from $40,000 to $50,000. This income level is at the start, and mainly for entry-level jobs and internships. The annual average salary for workers aged 25-34 is $70,000-$90,000. This age always requires abundant work experience and acts as a management position. Thus, there is an obviously increasing salary. For people aged 45-54, especially those in executive or expert positions, the median salary in NYC for this position will reach above $120,000.
Average Salary in New York City by Gender
The average salary in New York City is different by gender due to a gender pay gap. A woman’s average salary in NYC is only 90% of what men do. This means the man can earn $100 for a single job while the woman earns $90 for the same job. More specifically, a man’s average hourly earning is $28.85, but a woman’s is $26 per hour. According to data from the Bureau of Labor Statistics, in 2023, the average salary in New York was $60,000 annually, while the average salary for women was $53,000 annually. This data further highlights the gender pay gap.
Average Salary in New York by Education Level
Your education level is related to the average salary in NYC. Firstly, people with high school diplomas typically have a low average income in New York. The average income is $30,000-$40,000 per year. The reason is that a high school diploma limits employment opportunities, and many people can only work low-skill jobs or entry-level work. People with bachelor’s degrees have a higher average salary, and the median income is between $50,000 to $70,000. Moreover, the people who have a master’s degree or much better, the average salary is relatively high. Master’s degree holders earn an average of $80,000 to $120,000 a year, while those with doctorates earn more, averaging $150,000 or more.
What is the Median Salary in NYC?
The median salary in NYC is $ 65,673 annually and $5472 monthly. This wage level mainly reflects the earnings of full-time employees, including workers from all industries and different educational backgrounds. The high-wage sectors in New York include finance, technology, and healthcare. The median salary in these fields is always higher than the city average. For example, the median annual wage of software engineering and data analysts is between $90,000 and $120,000. By contrast, the employees in the retail and service industries earn less and can expect to earn around $30,000 to $40,000 a year.
Average Household Income in NYC
The average household income in NYC is $76,607 annually and is much higher than the national average household income. It is an indicator of the economic level of the city. The average household income in Manhattan is higher than in other boroughs due to its business center status and high-income population. While boroughs like Brooklyn, Queen, and The Bronx, the median family income in New York City is less than $50,000 per year. The cost of living in New York is high, especially for the apartments for rent in NYC. The average rent for a studio apartment is more than $3300 per month. If you find it challenging to find affordable apartments to rent in New York, please find uhomes.com to seek help. Our professional consultant can help you find housing that saves you money.
What is a Good Salary in NYC?
To define a good salary in NYC depends on personal preferences, lifestyles, and family scale. Usually, a good salary is earning $5,000 per month and $80,000 annually. New York City has higher tax rates, including federal, state, and city taxes. If your annual salary in NYC is $100,000, you can earn $70,000-$75,000 after the tax deduction. Calculate the monthly salary as $5,800-$6,250 to satisfy your needs.
Conclusion
In a nutshell, the average salary in New York is above the national average wage. At the same time, the high cost of living in this city and the competitive environment affect the real purchasing power of income. The salary has distinct differences depending on the industry and job. People can find jobs in technology and finance areas to have higher earnings. New York is one of the financial hubs and provides many job opportunities for people to explore, and you can learn more and improve yourself to increase your average salary in NYC.
FAQ
Living in New York City on a $70,000 salary is possible but requires budgeting. Rent will likely be your most significant expense, with affordable housing typically found in Queens or Brooklyn, where a one-bedroom can cost $2,000-$3,000 per month. After taxes, your actual salary is approximately $4,500-$5,000 monthly. It would also help if you planned for essentials like utilities, groceries, transportation, and some discretionary spending. To maximize affordability, consider sharing an apartment or using public transit.
A $75,000 salary in New York City is decent but may require careful budgeting. It can cover rent, food, and transportation expenses, especially in more affordable boroughs like Queens, Brooklyn, or the Bronx. However, you may feel tight in Manhattan with a $75,000 salary and higher rents. With this salary, you could afford a shared apartment. However, discretionary spending, savings, and luxury items must be limited. It also may provide little room for emergencies or travel. While it’s livable for a single person, families or individuals with significant debt may find it challenging.
The average salary for a 25-year-old in New York City can vary widely depending on the industry and level of experience. However, based on current data, the median salary in NYC is around $83,950 annually.
An upper-class salary typically starts around $200,000 annually in New York City. This threshold accounts for the high cost of living, including housing, healthcare, and transportation. However, the definition of the upper class can vary depending on factors like household size and location. For a single individual in Manhattan, a salary of $200,000 to $300,000 might be considered upper class, while for families, $300,000 or more is often required to maintain a comfortable lifestyle.
