Cost of Living in New York City
- Last updated on: July 7, 2022
How much does it cost to live in New York City?
The average cost of living in New York City is $7,772 per month.
New York City is known for its cultural hub, financial center, and legendary skyline. The city draws thousands of new residents every year. But for every new resident, it is no secret that New York is expensive.
It is not easy to live a luxurious life in New York City, and New York has the highest housing rent in the entire United States. According to the New York Times, the median rent for an apartment in the city center is $5000 per month. However, it is to successfully live in New York City if you budget it thoroughly. In this article, we will help you with everything you need to know about the cost of living in New York City.
(*SmartAsset & New York Times)
Cost of living in New York City
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Housing costs in New York City
New York has a crazy housing market. New York City is made up of five boroughs, and each of them has its own county. If we list from most expensive to most affordable, they are:
- Manhattan
- Brooklyn
- Queens
- Staten Island
- Bronx
Since the city is large and diverse, the housing cost can vary dramatically from borough to borough and even among neighbors.
Below is the list of the housing costs rent in New York City:
BOROUGH | STUDIO | 1 BEDROOM | 2 BEDROOM | 3 BEDROOM | 4 BEDROOM |
Manhattan | $3,266 | $4,007 | $4898 | $5450 | $7,028 |
Brooklyn | $2,771 | $2,818.12 | $3,057 | $3,240 | $5,500 |
Queens | $2,262 | $2,399 | $2,745 | $2961 | $3,850 |
Staten Island | $1,850 | $1,512 | $2,144 | $2,675 | $3,053 |
Bronx | $1,687 | $1,825 | $2,366 | $2,681 | $3,200 |
What is the average rent cost for a 1-bedroom apartment in New York City?
The median rent for a 1-bedroom apartment in the city center is $3,695 per month.
Below is the list of the housing costs to buy an apartment in New York City:
APARTMENT | PRICE PER SQUARE METER |
Price per square feet to buy apartment in city center | $15,637.56 |
Price per square feet to buy apartment outside of center | $9246.54 |
BOROUGH | MEDIAN COST |
Manhattan | $917,000 |
Brooklyn | $730,000 |
Queen | $579,000 |
Staten Island | $574,000 |
Bronx | $379,000 |
The costs, as mentioned above, are higher than the nationwide median. In New York City, the buyers avoid buying houses priced over one million dollars because the price triggers the city’s one percent additional tax.
(*Numbeo – NYC – Brooklyn, Apartmentlist, Zumper – Manhattan – Queens – The Bronx, Apartments & Bungalow)
What is the average cost of a house in New York City?
The median cost of a house in New York City is $745,000
Utilities cost in New York City: internet, electricity & water
The utility cost in New York City is the same as in the rest of the United States. Whether you own a house or pay the rent, you must cover the utility cost.
The average basic utility package that includes heating, electricity, water, and garbage in New York City is as follows.
UTILITIES | COST PER MONTH |
Basic (electricity, heating, cooling, water, garbage) for 915 sq ft apartment | $138.33 |
Internet (60 MPs or more, unlimited data, cable/ADSL) | $60.00 |
In addition, if you are a new resident, you can avail of the discounts and incentives offered to new residents.
(*Numbeo)
What is the average cost of utilities in New York City?
The average cost of utilities (Internet, electricity & water) in New York City is $200 per month.
Public transportation costs in New York City
Here’s an overview of what transportation costs in New York City.
The public transportation system of New York City is one of the most well-established and comprehensive systems in the world. Public transportation in New York City is available 24/7, and that’s why NYC is also known as “The City That Never Sleeps.” Many NYC residents use public transport or bikers to commute.
Public transportation costs in New York City are as follows:
TRANSPORTATION | COSTS |
Subway ride costs | $2.75 |
Subway ride costs (single ride) | $3.00 |
Express buses cost (per ride) | $6.75 |
Unlimited express bus plus for seven days | $62.00 |
MetroCards cost for seven days | $33.00 |
MetroCards cost for one month | $127.00 |
Taxi start (Normal Tariff) | $5.25 |
Taxi 1 mile (Normal Tariff) | $2.50 |
Gasoline (1 Gallon) | $4.83 |
What is the NYC Metro monthly pass price?
The NYC Metro monthly pass price is $127 in 2022 for unlimited swipes.
Entertaiment Costs in New York City
New York City is not only a financial hub but also famous for its sports, eateries, art, etc. The entertainment costs in New York City are as follows:
ENTERTAINMENT | COSTS |
Meal, inexpensive restaurant | $15 |
Taxi 1-hour waiting (average fare) | $20.95 |
Cinema, international release, 1 Seat | $15 |
(*Numbeo)
What is the average cost of entertainment in New York City?
The average cost of entertainment in New York City is $51 per month.
Grocery costs in New York City
The average grocery cost in New York City is as follows:
GROCERY | COST |
Milk (regular), (1 gallon) | $3.75 |
Loaf of fresh white bread (1 lb) | $2.51 |
Rice (white), (1 lb) | $3.00 |
Local Cheese (1 lb) | $6.17 |
Beef round (1 lb) (or equivalent back leg red meat) | $6.50 |
Apples (1 lb) | $1.81 |
Banana (1 lb) | $0.71 |
Oranges (1 lb) | $1.73 |
Tomato (1 lb) | $2.10 |
Potato (1 lb) | $2.10 |
Onion (1 lb) | $1.80 |
Lettuce (1 head) | $2.66 |
Water (1.5-liter bottle) | $2.53 |
Bottle of wine (mid-range) | $9.00 |
Imported beer (12 oz small bottle) | $3.58 |
However, the food costs may vary depending upon the borough you live in.
(*Numbeo & SmartAsset)
What is the average cost of groceries for 1 person in New York City?
The average cost of groceries per month for one person is $486.71.
Healthcare costs in New York City
Healthcare is an essential expense. We always include healthcare costs in our budget when moving to any place. New York City has many city-operated health clinics, but the healthcare cost in New York City is high compared to the rest of the United States.
The healthcare costs in New York City are as follows:
HEALTHCARE | COST |
Employer-sponsored healthcare for one person | $2,799 |
Employer-sponsored healthcare for a family of four persons | $7,924 |
Non-employer-sponsored healthcare for one person | $514 – $1,093 |
Non-employer-sponsored healthcare couple with at least one child | $1418 – $2,941 |
Fitness club, monthly fee for 1 adult | $103.35 |
(*Numbeo, Apartmentlist & Valuepenguin)
What is the average cost of a gym membership in New York City?
The average cost of a gym membership in New York City is $103 per month.
Sales Taxes in New York City
New York City has the state’s highest tax rates at 8.875%. New York City collects sales tax on certain services such as beautician services, barbering, tanning, and massage services. However, the New York State doesn’t collect sales tax on the above services. The city also charges sales tax at health and fitness clubs, gymnasiums, saunas, and similar facilities.
(*SmartAsset)
What is the sales tax in New York City?
The sales tax in New York City is 8.875%.
Conclusion
Average Monthly Cost of living in New York City
Category
Description
Cost
Housing
Average rent price for a 1 bedroom apartment (Manhattan) + Employer-sponsored healthcare for one person + Average utilities cost
$4,007.00 + $2,799.00 +$138.33
Transportation
Metro cards cost for 1 month
$127.00
Internet
Internet (60 MPs or More, Unlimited Data, Cable/ADSL)
$60.00
Entertainment (for 1 time only)
Meal inexpensive restaurant + cinema, international release, 1 seat + taxi 1-hour waiting
$15.00 + $20.95 + $15.00
Groceries
Regular grocery basket for one person monthly
$486.71
Health and Fitness
Fitness club, monthly Fee for 1 Adult
$103.35
Total
Sum
$7,772.31
Note: The cost mentioned above may vary; for instance, if you are living with someone, costs will be lower. Also, if you have a family, you will need to add the cost of each family member. The cost may also vary depending upon the area you select to live in.
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