The average cost of living in Manhattan, NY is $3,553.92 per month.
Manhattan, NY, stands out as the most expensive place to live in the United States, with high costs of living exceeding double the national average.
It is 122% more expensive than the national average, as per data from the Cost of Living Index by The Council for Community and Economic Research, which assesses price variations for everyday goods and services in 271 urban areas.
Even though the cost of living in Manhattan, NY, is higher than the national average, some locals find ways to lower their living expenses by opting for more affordable neighborhoods, sharing living spaces, or budgeting carefully without compromising the quality of life.
If you are tempted to move to Manhattan, NY, keep reading this article to learn what the cost of living looks like in the heart of New York City.
Methodology
The main data collection source for this article is Numbeo and trusted city-related websites, including the New York City Transit and the NYC government website. The costs presented are estimates and pertain to an individual living alone on a monthly basis.
Cost of Living in Manhattan, NY – 2024
Housing costs in Manhattan, NY
During the first quarter of 2023, Manhattan real estate sales fell 38%, totaling $4.4 billion with 2,242 units sold, down from 2,546 in 2022. Average prices dropped 5%, and median prices fell 10%, signaling a correction after the post-pandemic surge.
Manhattan, NY, hit a new rental peak in July 2023 at $5,588 per month, up 9% from 2022, driven by higher interest rates and limited supply.
CNBC (April 2023) & CNBC (August 2023)
Below is the list of average costs for renting and buying properties in Manhattan:
Cost of rent in Manhattan, NY
|
Area/Neighborhood |
*1-bed apartment |
*3-bed apartment |
|
Manhattan, NY (Outside city center) |
$2,625.26 |
$4,541.30 |
Cost of buying a property in Manhattan, NY
|
Area/Neighborhood |
Average home price |
|
Manhattan, NY |
$1,157,126 |
Utility costs in Manhattan, NY: Internet, electricity and water
In Manhattan, a household in a 915-square-foot apartment has an average monthly cost of $242.67 for these basic services.
Utilities |
Cost in Manhattan, NY |
|
Basic (Electricity, Heating, Cooling, Water, Garbage) for 915 sq ft apartment t) |
$168.54 |
|
Internet (60 Mbps or More, Unlimited Data, Cable/ADSL) |
$74.13 |
|
Total |
$242.67 |
Ad
Grocery costs in Manhattan, NY
Manhattan has the highest cost of living in the U.S., higher than the national average by 122%. It’s more expensive than other top-ranked cities in the world, with a cost of living 24% higher than Honolulu and 31% higher than San Francisco.
|
Grocery items |
Costs |
|
Milk (regular), (1 gallon) |
$5.13 |
|
Loaf of Fresh White Bread (1 lb) |
$4.05 |
|
Rice (white) (1 lb) |
$3.63 |
|
Eggs (regular) (12) |
$5.30 |
|
Local Cheese (1 lb) |
$7.91 |
|
Chicken Fillets (1 lb) |
$7.59 |
|
Beef Round (1 lb) |
$9.53 |
|
Apples (1 lb) |
$2.85 |
|
Banana (1 lb) |
$0.99 |
|
Oranges (1 lb) |
$2.44 |
|
Tomato (1 lb) |
$2.84 |
|
Potato (1 lb) |
$1.91 |
|
Onion (1 lb) |
$1.82 |
|
Lettuce (1 head) |
$2.83 |
|
Bottle of Wine (Mid-Range) |
$20.00 |
|
Domestic Beer (0.5 liter bottle) |
$2.55 |
|
Imported Beer (12 oz small bottle) |
$3.97 |
CNBC (August 2023) & Numbeo (Sept 2023)
Public transit in Manhattan, NY
New York has one of the world’s best public transportation systems, according to a Time Out survey of over 20,000 city dwellers across 50 cities. An impressive 83% of respondents found it easy to navigate the city using subways, buses, and similar options.
New York City Transit oversees subway and bus services, with subways being the primary mode of transportation in Manhattan, NY, while buses are more common in the other boroughs.
|
Type of fare |
Cost in Manhattan, NY |
|
Single ticket |
$3.25 |
|
Weekly pass |
$34.00 |
|
Monthly pass |
$132.00 |
Timeout (April 2023) & New York City Transit (Sept 2023)
Entertainment costs in Manhattan, NY
Manhattan offers a rich and diverse range of entertainment options. From Broadway shows to cultural festivals or even attending outdoor concerts and performances, Manhattan’s entertainment offerings cater to a wide range of interests and preferences, making it a dynamic and culturally rich place.
|
Entertainment |
Manhattan, NY |
|
Mid-range restaurant meal |
$57.50 |
|
1h taxi ride |
$30.00 |
|
1 movie ticket |
$18.00 |
Sales tax in Manhattan, NY
In Manhattan, the minimum combined 2023 sales tax rate is 8.88%. This is the sum of the sales tax rates in the state, county, and city.
Please see below the applicable taxes for specific items:
|
Specific categories |
Applicable Taxes |
|
Clothing and footwear |
Purchases above $110 are subject to a 4.5% NYC Sales Tax and a 4% NY State Sales Tax. |
|
Personal property, utilities, cleaning services, hotel and motel room occupancy, restaurant and catering services, amusement fees, credit rating and reporting services. |
The combined sales and use tax rate in New York City is 8.875%, consisting of a 4.5% City Sales Tax, 4% NY State Sales Tax, and a 0.375% Metropolitan Commuter Transportation District surcharge. |
|
Taxable services include health clubs, beauty services, and similar establishments. |
For services in New York City, there’s a 4.5% City Sales Tax, with no New York State Sales Tax. But for product purchases, there’s an 8.875% combined City and State tax. |
|
Parking, garaging, or storing motor vehicles |
A 10.375% tax on parking, but it can go up to 18.375% with an 8% surtax for vehicle storage. However, Manhattan residents with registered vehicles may get an exemption from the 8% surtax, resulting in a reduced 10.375% tax rate. |
Healthcare costs in Manhattan, NY
New York follows the federal Affordable Care Act (ACA) for health insurance rules, which no longer mandates all individuals to have minimum coverage. Nevertheless, having health insurance can prevent high medical costs.
Locals have the option to have NYC Care, which provides access to a dedicated doctor and services at low or no cost. This program is available at NYC health and hospital locations throughout the city and is designed for all New Yorkers who lack health insurance or have affordability challenges.
|
Type of healthcare |
Cost |
|
Employer-sponsored health insurance |
$142.08 |
|
Non-employer-sponsored health insurance (average cheapest) |
$566.75 |
|
Gym |
$107.13 |
Numbeo (Sept 2023), NYC.gov (Sept 2023) & Ehealthinsurance (Sept – 2023)
Conclusion
Living in Manhattan means a 24-hour urban experience with a wide range of activities, shopping, and nightlife. If you want to live your life to the fullest in this city, it’s important to note that costs of living can vary significantly depending on your lifestyle, housing choices, and personal preferences.
To prepare for your move, use the provided data as a reference to calculate the average cost of living and check with the best movers in Manhattan to assist you.
|
Category |
Monthly cost |
|
1 bed apt rent outside city center |
$2,625.26 |
|
Groceries Numbeo’s grocery list ($85.34 multiplied by 4) |
$341.36 |
|
Utilities Electricity, heating, cooling, water, garbage |
$168.54 |
|
Internet with 60 Mbps |
$74.13 |
|
Transit pass |
$132.00 |
|
Entertainment Meal, taxi, movie |
$105.50 |
|
Gym membership |
$107.13 |
|
Total |
$3,553.92 |
