Cost of living - New York City

Cost of Living in New York City

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What is the average monthly cost of living in New York City?
The average cost of living in New York City is $3,601.91 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 some of the highest monthly rent prices in the entire United States. However, you can successfully live in New York City if you budget correctly. In this article, we will help you with everything you need to know about the cost of living in New York City.

Methodology

The main data collection source for this article is Numbeo and trusted city-related websites, including MTA and City of New York. The costs presented are estimates and pertain to an individual living alone on a monthly basis.

Cost of Living in New York City, NY – 2024

Housing costs in New York City

Living in New York City is not cheap. New York City is one of the most expensive cities in the world for real estate in the United States. For renters, there is tough competition to find an apartment in New York City, even in expensive neighborhoods. 

Cost of rent in New York City

Area/Neighborhood

1-bed apartment

3-bed apartment

New York City (Outside of Center)

$2,667.23

$4,541.30

Numbeo (Oct 2023)

Cost of buying a property in New York City

Area/Neighborhood

Average home price 

New York City

$1,157,126

Zillow (Oct 2023)

Utility costs in New York City: Internet, electricity and water

Utility costs fall in the average prices and are not that much higher than the national average. However, keep in mind that some parts of winter in NYC are quite chilly and summers are very humid leading to a rise in electricity bills.

Utilities

Cost

Basic

(Electricity, Heating, Cooling, Water, Garbage) for 915 sq ft Apartment

$168.54

Internet

(60 Mbps or More, Unlimited Data, Cable/ADSL)

$72.65

Total

$241.19

Numbeo (Oct 2023)

What is the average monthly cost of utilities in New York City?
The average monthly cost of utilities in NYC is $241.19.

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Grocery costs in New York City

In the midst of New York City’s upscale grocery stores, particularly those found within condo buildings, it may seem challenging to find budget-friendly groceries. Yet, with some diligent research, you can uncover pockets of affordability, like Trader Joe’s and Asian supermarkets, where you can shop for reasonably priced groceries.

Grocery items in New York City

Cost

Milk (regular), (1 gallon)

$5.23

Loaf of Fresh White Bread (1 lb)

$4.05

Rice (white) (1 lb)

$3.63

Eggs (regular) (12)

$5.26

Local Cheese (1 lb)

$8.05

Chicken Filets (1 lb)

$7.68

Beef Round (1 lb)

$9.55

Apples (1 lb)

$2.84

Banana (1 lb)

$0.98

Oranges (1 lb)

$2.44

Tomato (1 lb)

$2.94

Potato (1 lb)

$1.91

Onion (1 lb)

$1.79

Lettuce (1 head)

$2.83

Bottle of Wine (Mid-Range)

$20.00

Domestic Beer (0.5 liter bottle)

$2.52

Imported Beer (12 oz small bottle)

$3.93

Numbeo (Oct 2023)

What is the average monthly cost of groceries in New York City?
The average monthly cost of groceries in New York City is $342.52

Public transit in New York City

Public transportation in New York, more specifically, the MTA, stands as one of the most extensive and established networks globally. The 24/7 availability of public transport contributes to NYC’s reputation as “The City That Never Sleeps.” A significant portion of NYC residents relies on public transit or bicycles for their daily commutes.

Currently, there is no daily pass option; instead, you can opt for single tickets or a weekly pass if you’re not interested in a monthly pass. As of October 2023, Metro cards are gradually being phased out and replaced with OMNY, a contactless payment card that allows for convenient tapping to access the transit system.

Type of fare

Rate

Single ticket (with OMNY card)

$2.90

Single ticket (with single use Metrocard)

$3.25

Weekly pass

$34.00

Monthly pass

$132.00

MTA (Oct 2023)

How much does a monthly transit pass cost in New York City?
The monthly transit pass costs $132.00 in New York City.

Entertainment 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 in NYC

Cost

Mid-range restaurant meal

$60.00

Taxi 1h

$30.00

1 cinema ticket

$18.00

Total

$108.00

Numbeo (Oct 2023)

Sales tax in New York City

The sales tax rate in New York City is 8.875%, but luckily, there are a few exceptions. The sales tax rate does not apply to unprepared and packaged food, medicine, diapers, certain items to make or fix clothing, and clothing or footwear costing under $110. 

City of New York (Oct 2023)

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:

Type of healthcare

Cost

Employer-sponsored health insurance

$142.08

Non-employer-sponsored health insurance (average cheapest)

$566.75

Gym

$110.97

Numbeo (Oct 2023) & EHealthInsurance (Oct 2023)

What is the average monthly cost of employee-sponsored health insurance in New York City?
The monthly cost of employee-sponsored health insurance in New York City is $142.08.

Conclusion

Moving to New York is challenging because the Cost of living in New York is high. But if rightly budgeted, you can move to New York City in no time. It’s important to know the average cost of living in New York City as mentioned in the table below.

Category

Monthly cost

1 bed apt rent outside city center

$2,667.23

Groceries

Numbeo’s grocery list ($85.63 multiplied by 4)

$342.52

Utilities

Electricity, heating, cooling, water, garbage

$168.54

Internet with 60 Mbps

$72.65

Transit pass

$132.00

Entertainment 

Meal, taxi, movie

$108.00

Gym membership 

$110.97

Total

$3,601.91

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Selina Cifelli

The author

Selina is a motivated marketing intern with a keen interest in developing engaging content related to moving experiences and city life. With a passion for fashion and traveling, she brings a fresh perspective to our readers. Her talent for crafting innovative written material effectively positions MovingWaldo as a trusted resource for hassle-free and efficient moves.

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