Cost of Living in New York City, NY

Cost of Living Breakdown

The cost of living in New York City, NY is 87% higher than the national average. Here's how each category compares:

Housing Costs in New York City

Housing is typically the largest expense. In New York City, the housing index is 282 (national average = 100).

• Median home price: $680,000
• Median rent (1 bedroom): $3,400/month
• Median rent (2 bedrooms): $4,200/month
• Annual rent (1BR): $40,800/year

Housing in New York City is significantly more expensive than average. Consider our mortgage calculator to understand what you can afford.

How Much Do You Need to Earn in New York City?

To maintain the equivalent of a $50,000 salary at the national average cost of living, you would need to earn approximately $93,500 in New York City. The median household income of $70,663 translates to a monthly budget of approximately $5,889.

Groceries & Everyday Expenses

The grocery index in New York City is 116. Expect to pay noticeably more for groceries compared to the national average.

Transportation & Utilities

Transportation costs sit at an index of 130, while utilities come in at 150. Getting around New York City tends to be more expensive, including gas, insurance, and public transit.

Healthcare

Healthcare costs in New York City are indexed at 110. Healthcare costs are close to or below the national average.

Compare to New York

See statewide salary and tax data on our average salary in New York page. Also see income data for this city on our average salary in New York City page.

Financial Tools

Use our free calculators to plan your finances in New York City:

• Mortgage Calculator — estimate your monthly home payment
• Home Affordability Calculator — see how much house you can afford
• Salary Calculator — convert hourly to annual pay
• Savings Goal Calculator — plan for your move or down payment