What salary do you need to live in NYC?
NYC is a financial center, a cultural hub, and a media hotbed. It is also a center of technology, fashion, education, sports, and entertainment. Thus, it is no wonder that so many people are moving in. However, before you decide to move to this amazing place, it is good to learn about the living costs. That will help you to understand what salary do you need to live in NYC? It will also help you to plan your budget accordingly. Of course, before you contact Best Movers NY, you will have to rent an apartment. It may help you to understand that rental costs defer among NYC’s five boroughs. Also, sharing the apartment with roommates can help you a lot with NYC’s high cost of living.
To figure out what salary do you need to live in NYC, make an overview of the monthly costs
Figuring out your monthly costs will show you clearly what salary will be enough to cover them. Living in NYC is a financial challenge. So, it is important to know your basic monthly costs. While checking them, you can also find some ways for saving up. A lot of people are not careful with their budget. And many are living beyond their means. By doing so, they are accumulating credit on their debit cards. And getting out of such a debt is a vicious circle. So, be careful and avoid falling into the overspending trap.
Now, let us see what are the basic monthly costs that you will have to cover:
- Housing costs
- Transportation costs
- Food and groceries
- Healthcare costs
- Entertainment and fitness
- Other expenses
Housing costs in NYC boroughs
The high costs of living in NYC are mostly caused by extremely high rents. NYC is huge and is thus divided into five boroughs. In the first place, the rental prices are not the same in all of them. So, calculating the average rent for the whole city could be somewhat misleading. For example, a one-bedroom apartment in the Bronx is half the price compared to the same size apartment in Manhattan. So, it is not the same in which part of the NYC the local movers NYC will relocate you. And that will largely influence your budget. Besides, the prices vary even among neighborhoods within one borough.
Here is an overview to help you get insight into boroughs’ rental prices:
|Borough||Rent/ 1-bedroom apartment||Rent/2-bedroom apartment|
|Staten Island, NY||$1,488||$2,251|
New York City rental trends in 2022
Although the given prices look high, they can easily rise further. The NYC rents had dropped considerably due to the pandemic. However, in January 2022 rental prices were 33.5% higher than in January 2021. Also, the real estate experts are expecting them to continue increasing. So, in case you are planning to move to NYC, don’t hesitate. Moving now, you can still make a good deal.
How much do you need to cover the transportation costs in NYC?
NYC is famous for its public transportation system which operates 24/7. That is why living in NYC you don’t need a personal vehicle. Actually, most of the residents are commuting via public transportation, biking, or even walking. On average, a person living in NYC spends annually about $4,332 on transportation costs. However, using only a subway and local buses, the cost comes down to $1,524 annually. It is enough to get a 30-day unlimited MetroCard pass which costs a low $127. This is one of the excellent ways to cut your costs. Also, you can always stop an iconic yellow cab.
The City’s public transportation system is massive. So, after moving to NYC, you will need some time to get familiar with lines and stations. And, using the reliable services of long-distance movers NYC, is the fastest way to come to your new home. They know the shortest and best routes to get around the city.
Costs of food that you have to count on when living in NYC
When you live in NYC you have a great choice when it comes to food. You can choose between fast food, delivery, cooking at home, or going to various restaurants. The type of food you buy will affect your monthly budget. For example, a meal per person in a mid-range restaurant is about $50. At the same time, the ordinary hot dog, soda, and fries will cost you about $5.
In case you love cooking and eating at home, you will have to pay about $300.00 monthly for groceries. The monthly expenditures for groceries for the family of four are about $900,00.
NYC Healthcare costs
Healthcare is an expanse that you have to include in your monthly budget. The NYC residents pay on average about $2,935 for the annual health insurance policy. This means, that the family of four has to pay $7,153.
In case you are moving to NYC, it is good to know about NYC city-operated clinics. They are delivering free or low-cost healthcare. So, in a case of an emergency, you can always visit them.
Average utility costs in NYC
The average annual NYC utility costs are about $1,984.80. In this amount are included the basic costs:
However, your exact utility expenditures will differ. They will largely depend on the NYC brought where you live, the size of the apartment, and your lease agreement. So, calculate carefully what salary do you need to live in NYC? Doing so, you will have to include the costs of the cell phone and internet. They are the utilities as well. But they are not considered basic utilities. So, you have to pay them separately. On average, the costs for the cell phone and internet are about $94 per month. In case you move with the help of residential movers NYC to another borough, those costs might be a bit different.
NYC fitness and entertainment costs
An average NYC resident spends annually about $1,700.00 on fitness and entertainment. Some of them are paying the monthly gym membership. Others like attending football or baseball games. The average tickets for a game cost from $60 to $130. In case you better like visiting museums, the average ticket price is $25.
Besides, you can always go for a walk. There are a lot of biking and walking tracks in numerous NYC parks. Also, you can always enjoy your daily jogging. There are many jogging trucks, or you can simply run along the rivers or around the neighborhood.
The other expenses you should consider when living in NYC
Those expenses are not specific just for NYC. You will have to count on them in many other cities. However, people usually forget to sum them up when drafting their monthly budget. Such expenses are:
- Sales tax – combined city and state tax rate in NYC is 8.5% on average.
- Income tax – The NY state applies the sliding scale for the income tax rates. So, you can pay 4% to 10% in income tax, depending on the income. Besides, you’ll have to pay the city income tax, which is about 3%.
- Parking costs – the average monthly parking cost in NYC is $570. Besides, you will have to pay about 10% of the parking tax on the above amount and an additional 8% in case you are parking in Manhattan.
What salary do you need to live in NYC comfortably?
The answer to this question is rather simple. You will have to multiply your monthly rent by 3. For example, in case your rent is $4,163, multiply it by 3. You will get a sum of $12,489. So, this is the gross monthly income that will enable you to live normally in Manhattan. In the case of living in the Bronx and paying $2,312 monthly rent, your gross monthly income should be $6,936.
Also, some building managers will ask your annual income to be at least 40 times your monthly rent. In case it is not, you will have to find a guarantor. Usually, such guarantors are parents or relatives. Also, the guarantors must have USA citizenship. So, in case you can’t find a guarantor, or if you are coming from the other country, you will have to find other solutions. You can make a deal with agencies acting as professional guarantors.
Moving to New York City is a challenging but exciting adventure too
NYC was attracting people for centuries with the possibilities it was offering. It was a leader in trade and culture, redefining fashion trends and ways of living. This famous City kept its role as a place of opportunities. That is why so many people are annually moving there. It still offers numerous career opportunities. Also, living in NYC, you will enjoy numerous parks, the best theaters, restaurants, museums, and cultural events. The only thing you have to consider carefully is what salary do you need to live in NYC? As we showed, by setting your budget carefully, and choosing the right borough, you can afford a comfortable lifestyle.