Living in New York City comes with a steep price tag. Not only do residents have to pay high-income taxes, but they also face some of the least affordable housing prices nationwide. This is particularly true for those who want to live in Manhattan and be close to everything that NYC has to offer. Prospective residents also face unaffordable housing that’s particularly true for those who want to be located near Central Park or any other attractions of New York City.
Living in one of the most expensive cities, New York City residents need to earn a lot before taxes. It costs thousands just for rent alone!
Renting an Apartment
In Manhattan, the average price of a one-bedroom apartment is $3,737. In order to live comfortably in New York City with this rent rate, you would need at least an income of 11 thousand 2 hundred and eleven before taxes each month – which equals about 8 times the amount required for renting alone!
This means that if you wanted to move out into less expensive places like Brooklyn or Queens where apartments cost closer to four grand on average then your monthly salary requirements increase by even more than threefold. That’s pretty steep when living outside of NYC isn’t really cheap either.
New York City residents pay $3,276.48 annually for basic utilities like water, electricity, and gas. That’s just over $250 per month!
The Transportation Bills
New York car owners will spend $606.37 a month on parking, regardless of which borough they live in. Public transportation is also expensive; the monthly transit pass costs $127 per month even for people who can’t afford to park their cars!
In New York City, the average person spends about $471.34 every month on groceries while those who choose to dine out will see their food budget soar!
New Yorkers are known for spending a lot of money dining in restaurants but they also spend more than double that amount when it comes to grocery expenses compared with people living throughout the U.S., according to information gathered by an analyst at ERS Food Surveys Research Group.
Living in New York is an experience like no other, but you need a place that fits your budget and lifestyle. When looking at apartments, make sure that they are within your budget. You don’t want to be spending more than 30% of your income on rent or else living there might not be worth it. Also keep in mind that utilities can add up quickly if you aren’t careful with them!