Wondering cost of living in New York? New York is one of the most attractive cities in the world, and the cost of living in NYC for a single person is $1678 without rent. NYC is well-known for its vibrant city life, rich cultural resources, and many job opportunities. These advantages are accompanied by a high cost of living, which can put financial pressure on people who first come to New York. From the house rent to transportation, food, and entertainment, you need a better budget plan for living in New York.
What is the Cost of Living in New York?
The cost of living in New York for a single person is $1678.8 without a house rent, and for a family with four members is about $6217.8 without rent. The cost of living in New York City NY is 41% higher than the state average and 77% higher than the national average. When you consider your living expenses in this big city, the housing cost is the largest of your total expenses. Adding the house rent to the cost of living in NYC will cost $4150 for a single person. The average salary in New York is $6500 per month, and you can have a comfortable life with rational budget planning.
Housing Costs in New York
Average Rent in New York
The average rent in New York is $3873, the most significant part of your cost of living in New York City NY. Manhattan areas have the highest house rent in the city, especially in some popular places like apartments for rent in Financial District NYC, Upper East Side, and Upper West Side. The studio apartments in these areas will cost $3300-$4500 per month, and the monthly rent of a 1-bedroom apartment in the areas ranges from $3500-$6000. You will have a lower house rent if you share apartments with roommates.
| Room Types | Monthly Rent($) |
|---|---|
| Studio | $3,706 |
| 1-bedroom apartment | $4,900 |
| 2-bedroom apartment | $3,138 |
| Single room | $2,165 |
| Shared room | $2,076 |
Are you looking for apartments for rent in NYC? uhomes.com can help you find affordable apartments in New York with a cost-effective price with modern furniture, and plenty of shared communities, including a fitness center, game room, laundry in the building, and more. You can explore the apartments in the five boroughs of New York and find the one that fits your preferences. The table shows below tell you the average monthly rent in each borough.
| Boroughs | Monthly Rent($) |
|---|---|
| Manhattan | $4,950 |
| Brooklyn | $3,700 |
| Queens | $3,050 |
| The Bronx | $1,900 |
| Staten Island | $1,625 |
Average Utility Bills in NYC
When planning the cost of living in New York NY, set aside a budget of $150-$300 for your monthly bills. The utility bills will become much higher for larger apartments and detached houses, especially in the winter, when there will be increased natural gas and electricity consumption. Typically, the apartments for rent in New York will cover water and heating. The electricity bill is also high in NYC, especially in the summertime with the air conditioning, which costs about $0.22 per kilowatt-hour. For a studio apartment, the electricity bill may be between $50 and $100. Natural gas costs typically range from $40 to $80, depending on winter heating needs.
Cost of Food and Groceries in NYC
For NYC cost of living, the food and grocery costs are relatively high, with a range from $350-$500 monthly. The prices of daily vegetables and fruits are much higher than in other cities. The market brands and location also affect the prices of goods. The prices in Whole Foods and Trader Joe’s are usually high. While some local markets and discount supermarkets are cheaper.
| Items | Costs($) |
|---|---|
| Milk (1 gallon) | $5.21 |
| Eggs (12) | $5.20 |
| Loaf of Fresh White Bread (1 lb) | $4.50 |
| Chicken Fillets (1 lb) | $7.00 |
| Tomato (1 kg) | $5.49 |
| Potato (1 kg) | $2.11 |
| Onion (1 lb) | $2.99 |
| Lettuce (1 head) | $3.23 |
| Apples (1 lb) | $2.89 |
| Oranges (1 lb) | $3.35 |
| Banana (1 lb) | $1.10 |
| Water (1.5L) | $2.53 |
| Bottle of Wine (Mid-Range) | $20 |
| Beer(0.5 liter bottle) | $2.82 |
Cost of Dining Out in New York
| Dining Options | Costs($) |
|---|---|
| Meal, Inexpensive Restaurant | $35 |
| Meal for 2 People, Mid-range Restaurant | $150 |
| McMeal at McDonald’s | $12 |
| Domestic Beer (1 pint draught) | $8 |
| Cappuccino (regular) | $6 |
Cost of Living in NYC: Transportation Costs
As one part of the cost of living in New York City, transportation costs cannot be ignored in various ways. There are different transportation systems in NYC, including buses, the metro, the Roosevelt Island tram, taxis, cars, and bikes. The standard transportation tool is the subway and bus, run by MTA. The single-way subway, bus, and Staten Island Railway tickets are $2.90. The unlimited 7-day MetroCard costs $34 for a person, and you can also buy the unlimited 30-day MetroCard for $132.
Besides public transportation, you can also find many taxis and ride-sharing services like Uber and Lyft. The starting fare for a taxi is $2.50, and it costs about $2.50 per mile, plus travel time fees and rush-hour surcharges.
Biking and walking are also standard modes of the trip. New York provides Citi Bike for you to rent, offering flexible rental options starting at about $3.50 per rental.
Another way is to own a car in this big city, and it will increase your cost of living in New York by about $200-$400, according to personal driving habits and frequency. The average gasoline cost of 1 gallon is $3.2, and parking fees will cost $600 monthly for all zones.
Cost of Health Insurance in New York
In New York City, health insurance costs vary by different factors. The personal cost of living in New York for health insurance will cost $200-$600 monthly, and the family health insurance costs $500-$1500. The exact health insurance fee depends on your chosen plan, including HMO, PPO, and EPO for different covered areas.
For some low-income people, New York provides Medicaid to the residents who can meet the requirements. People with high salaries can choose different plans ranging from $300 to $600. While some high-deductible plans (HDHPS) may offer lower monthly premiums, the out-of-pocket amount will be higher when medical expenses are incurred.
Cost of Living in NYC-Entertainment
After considering the main expenses, you also need to leave $150-$300 in your cost of living in New York City NY for entertainment costs. As a bustling metropolitan area, New York provides abundant entertainment options, but these events are costly. Firstly, you cannot miss out on the Broadway and theater shows. Also, some iconic museums, such as the Metropolitan Museum of Art, the Museum of Modern Art (MoMA), and the Solomon R. Guggenheim Museum, are valuable for you to look at. Thirdly, enjoy the nightlife in New York, from the lively bars to the high-end restaurants, the entertainment costs are not cheap. If you want to enjoy more options, you may spend more on the cost of living in NYC. The table below shows the breakdown of entertainment costs:
| Entertainment Type | Costs($) |
|---|---|
| 1 Month Gym Membership | $58 |
| Movie Ticket | $20 |
| 1 Hour Tennis Court Rent | $20 |
| Museum Ticket | $25 |
| Theatre Tickets (Broadway) | $50-$200 |
Conclusion
New York, one of the most attractive cities in the world, has a high cost of living. From the house rent to the daily expenses, the cost of living in NYC is higher than in other cities in the United States. Especially in Manhattan and Brooklyn, house rent is one of the most significant expenses, with apartment rents and shared rooms showing a clear upward trend. In addition, food, transportation, entertainment, and healthcare also have more costs. To better plan your New York cost of living, you can enjoy a comfortable life in New York City.
FAQ
To live better in New York, a single person typically earns $70,000-$100,000 annually. The costs include house rent, transportation, health insurance, and daily expenses. If you share the apartment with friends, the costs will be less, and the people earning $50,000 are enough for the standard of living. In New York City, earning a lot can increase the quality of life. The salary required to live in New York City varies depending on one’s lifestyle and spending habits.
The monthly cost of living in NYC depends on personal habitat, and usually, it costs $3,500-$5,500 for a single person. Renting a 1-bedroom apartment costs $2,500-$4,000, but it will be higher in Manhattan and Brooklyn. Besides the house rent, you must also consider the utility bills, internet fees, and health insurance. These utilities cost $150-$400 per month. The monthly transportation cost is $132. If you plan to go out by taxi or ride-sharing, the cost of living in New York will become high. The food and groceries cost $300-$600 each month.
New York City can be an expensive city for a student. Except for the high tuition fees, the housing costs are also high. A one-bedroom apartment in NYC usually costs for $2500-$3500. The daily expenses include transportation, food, and other entertainment costs ranging from $1000-$2000. Plus, with health insurance and other miscellaneous fees, the total cost of living will become high. You need to plan to reach the standard of living in New York.
The cost of living is high in New York City and Los Angeles, but New York City is usually more expensive overall. The house rent is particularly high in New York, especially in Manhattan, and apartments are generally more costly. For transportation, New York’s subway system is cheaper, but Los Angeles relies on automobiles, and the cost of gas and parking also drives up the cost of living. Food and daily expenses are slightly cheaper in Los Angeles, but in general, housing, insurance, and daily living costs are higher in New York. As a result, New York City is typically more expensive than Los Angeles in terms of overall cost of living.
As the students live in New York City, you can have affordable living in some ways. Firstly, you can find cheap student apartments in New York with uhomes.com or share an apartment with friends to lower your housing costs. Secondly, you can find part-time jobs to earn money and increase your monthly budget. Moreover, you can use the student discount for metro card to reduce daily expenses.
