Moving to New York needs to plan and recalculate the monthly expenses as cost of living index is 50 which is the high of all the states. Is it expensive to live in New York City in 2024? Average New York City resident pays more than the national average to live in New York cities. The cost of living in New York can vary widely depending on the neighborhood you choose. Residents pay some of the highest taxes in the country, beyond that what makes New Yorker needs to earn more than the other US states. The cost of living index of New York state is 146.6, where 100 is the national average.
| State Rank | 50 |
|---|---|
| Cost of Living Index | 146.6 |
| Grocery | 119.3 |
| Housing | 236.1 |
| Utilities | 98.8 |
| Transportation | 110.0 |
| Health | 101.7 |
| Misc. | 114.6 |
| Mean Avg.Salary | $67,850 |
For New York city residents the most expensive after housing is transportation. Maintaining car is expensive thing in New York city for insuring, fueling and parking their vehicle. While the average car insurance premium is $1,582 per year and the average monthly parking cost in NYC is $430. The public transportation system NYC runs throughout all five boroughs, making it easy to get around if you plan to live outside of Manhattan but need to commute in for work. Public transport is cheaper relatively to owning a car, residents can hook for a transit pass for $127 to $150 to pick up their daily transport for a bus or a train, while a single trip costs $2.75.
| New York State Rank | 43 |
|---|---|
| Transportation Index | 110.0 |
| One-way Ticket (Local Transport) ($) | 2.75-3.00 |
| Travel Monthly Pass ($) | 127.00-150.00 |
| Taxi Standard ($) | 2.50-6.00 |
| Taxi every 1km ($) | 1.55-3.11 |
| Taxi 1hour Waiting ($) | 30.00-60.00 |
According to 2019 US census estimates, The median value of housing in New York City, New York is $680,800, According to 2019 estimated US census of housing market, 0.81 percent of houses are less than $50,000, 0.35 percent are between $50,000 to $100,000, 0.38 percent are between $100,000 to $150,000, 0.50 percent are between $150,000 to $200,000, 1.33 percent are between $200,000 to $300,000, 5.30 percent are between $300,000 to $500,000, 13.18 percent are between $500,000 to one million, 6.99 percent are over one million and above.
There are more than 2 million homes or apartments that are occupied by renter in New York city. Each of these rents are far more expensive than not only the U.S. average, but most of the world's large cities. The median rent for a two bedroom apartment is $2,399 in New York city according to 2019 estimates. Studio and one bedroom apartments will have a range of 1,500 to $3,500 a month respectively. Rental values are considered in the regions of urban, sub-urban, semi-urban and city outside. 10.23 percent of homes are under $500, 14.00 percent of rental rates between $500 to $1000, 46.83 percent housing units are from $1000 to $2000, 18.14 percent are between $2000 to $3000, and 8.03 percent are above $3000.
Some of the neighborhoods in Manhattan are more affordable than others. The average rent for a one-bedroom apartment or studio in the Bronx is $1,550 to $2000, while a similar space costs an average of $1,400 to $1700 per month on Staten Island.
| New York Rank | 50 |
|---|---|
| Housing Index | 236.1 |
| Apartment Rent (1 bedroom) in City Centre ($) | 2,300.00-5,000.00 |
| Apartment Rent (1 bedroom) Outside of Centre ($) | 1,622.55-3,000.00 |
| Apartment Rent (3 bedrooms) in City Centre ($) | 4,000.00-10,000.00 |
| Apartment Rent (3 bedrooms) Outside of Centre ($) | 2,400.00-6,000.00 |
| Price per Square Meter to Buy Apartment in City Centre ($) | 10,919.00-21,527.82 |
NYC is made up of five boroughs, From most expensive to most affordable areas are Manhattan, Brooklyn, Queens, Staten Island, and the Bronx. New York City is a large and diverse area, cost of living can vary greatly from borough to borough. The average cost of living in Manhattan is the highest of the five boroughs, and much of that cost comes in NYC in the form of housing. The price of living in New York city is 180% of the national average. Today, New York city is the largest metropolitan area in the United States, home to 21 million people who speak over 200 different languages of the world. Beautiful Neighborhoods to live in New York City are:
Manhattan : Harlem , Battery Park City, West Village, SoHo, Carnegie Hill, Tribeca, Kips Bay, Murray Hill
Brooklyn : Bay Ridge, Park Slope, Brooklyn Heights, Windsor Terrace, Prospect Heights
Queens : Forest Hills, Jackson Heights, Astoria
Bronx : Mott Haven, Country Club
Buffalo : Kenmore, Lancaster
Others include Endwell of Broome County, Silver Lake of Staten Island, Massapequa Park of Long Island.
The average health insurance cost for single coverage premiums in 2024 for the New York city residents can expect to pay an average from $484 to $992 per person for a major medical individual health insurance plan depending on the insurance plan. Silver plan was the cheapest plan available. For family coverage, the cost for premiums in 2023 is from $1,520 to $4,000 per month. The cheapest health insurance option is Medicaid. In order to be eligible for the national insurance program, household income must be match the federal poverty level. Health plan managed by an insurance carrier like United Healthcare, Empire BlueCross or BlueShield. These insurance companies also have their own insurance policies for small coverages.
| State Rank | 36 |
| Health | 101.7 |
| Short visit to Doctor ($) | 176-280 |
| Fitness Club, Monthly Fee for 1 Adult | 40.00-200.00 |
New York City Cost of living for Utilities are also more expensive than in other parts of the country in 2024, residents will pay an average of $128 per month in water, electricity, heating, and garbage costs.
| State Rank | 40 |
| Utilities Index | 127 |
| Electricity, Heating, Cooling, Water, Garbage per month for 85sq m Apartment | $100 - $250 |
| Internet (Cable/ADSL) | $60 |
The Grocery index of New York is 119.3, higher compared to the national average, The food costs vary from person to person but the national average is $150 to $250 a month per person. In New York city the average is $300 to $500 a month per person for food expenditure. Below is the list of average cost of restaurant meals and various groceries.
| State Rank | 49 |
| Grocery Index | 119.3 |
| Meal, Inexpensive Restaurant($) | 10.00-35.00 |
| Meal for 2 People, Mid-range Restaurant, Three-course ($) | 75.00-150.00 |
| McDonalds Standard Meal ($) | 8.00-10.00 |
| Cappuccino (regular) ($) | 3.00-6.00 |
| Milk (regular), (1 liter) ($) | 0.92-1.65 |
| Loaf White Bread ($) | 2.04-5.51 |
| Rice (1kg) ($) | 2.20-11.00 |
| Chicken Fillets (1kg) ($) | 6.61-17.64 |
| Beef Round (1kg) ($) | 11.00-33.05 |
| Bottle of Wine (Mid-Range) ($) | 9.99-22.00 |
| Domestic Beer (0.5 liter bottle) ($) | 1.92-4.29 |
| Preschool (or Kindergarten), Monthly for 1 Child ($) | 1,700.00-4,000.00 |
| International Primary School, Yearly for 1 Child ($) | 25,000.00-50,000.00 |
| Cinema ticket for 1 Seat ($) | 9.00-12.95 |
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