We are used to the thought that New York is one of the most expensive cities in the world. They call if The City of Dreams, and The Big Apple. How much do you need to live in NYC? Do you really need as much as they say? What are the actual numbers? Let’s have a look at some details below.
Cost of Rent
The perception of luxury life comes mainly from the things we know about post neighborhoods like the Upper west Side. One-bedroom apartments here cost about $2,900, while rentals for two-bedroom places rise from $3,400. Are there more affordable neighborhoods? If you want to live in Manhattan and not spend too much on rent, Harlem can be your option. You should also consider some of Brooklyn and Queens neighborhoods if moving to Manhattan is not a must for you. According to the Elliman Report for August 2016, the average rent in Manhattan is $4,033, while it is $3,219 in Brooklyn and $3,033 in Queens. They say you shouldn’t be spending more than 30 percent of your income on rent. Looking at the rentals above, this doesn’t seem real.
Cost of Utilities
The amount you’re going to see in the bill will depend on the time of the year. Expect to pay more from November to March, as heating is pricey. Your bill can vary from $100 to $200. The average utility bill for a 1000-square foot place is about $125. Your monthly payment for the internet is going to be about $53.
Cost of Groceries
Talking about how much you need to live in New York City, we should say that groceries are so expensive that some people prefer finding cheap delivery instead of going to the store every day. There are tons of food delivery services, so you’ll have a wide choice. Check out eating blogs to find some reviews about the place you’re planning to order from. Prefer going out or dinner? A three-course meal for two at a mid-range restaurant will cost you $80 on the average. Your expenses on food can vary from $500 to $1000 per month.
Cost of Commute
Subway is the most convenient way to commute in NYC. A one-way subway ticket costs $2.75. Purchasing an MTA card will allow you to save some money on transportation. Get an unlimited 30-day unlimited card for $116.5. The average cost of taxis in NYC is $2.50 per mile, which could make a fortune if you use it every day.
Cost of Laundry
Laundry usually cost $3.50 per load, so some people decide to stuff the machine a lot. However, the laundry services can take from $25 to $40, which is something everyone can afford.
Cost of Taxes
Moving to New York, you should its tax policy very well. Property taxes in NYC are higher than the national average and are usually between 10 to 17 percent. Income tax varies from 2.9 to 3.6 percent.
How much do you need to live in NYC? As you can see, life in New York depends on your lifestyle. Your expenses will vary a lot depending on the amount you earn per month. The more you earn, the more you will be able to spend and maybe even save.