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 |
Cost of buying a property in New York City
|
Area/Neighborhood |
Average home price |
|
New York City |
$1,157,126 |
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 |
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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 |
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 |
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 |
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.
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)
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 |
