New York City

Are you thinking about moving to NYC? Although it comes with plenty of career opportunities, fascinating culture, and a unique pace of life, prepare yourself to face many challenges. For example, how to choose the right neighborhood? Is NYC really that expensive? What about traffic? New York City is considered one of the most expensive cities to live in the US, but if you know the ins and outs of moving to NYC, you must admit – It’s costly but worth every penny! Keep reading to find out what New York City has to offer.

The Cost of Living in NYC

Accommodation

As already mentioned, NYC is one of the most expensive places to live in the US. The high cost of living there starts with its crazy housing and rental market. The average price to rent a studio in NYC is $3,300, while a 2-bedroom apartment is around $6,000. Definitely far more expensive than other large cities in the US or cities around the globe in general. Since the Bronx is the most affordable borough in NYC, you might want to start your hunt there.

If you are looking to buy a home in NYC, a single-family home has a median sales price of $800,000, but prices vary widely by borough. If you want to live in Manhattan or near the city center, be ready to spend a lot more as it can be much pricier.

Food

On average, groceries in New York are about $500 a month per person. But, of course, if you want to eat in restaurants regularly (no one can blame you as NYC has a fantastic food scene), you will have to allocate a slightly larger budget for that. For example, a meal for two people in a mid-range restaurant would cost $100.

Utilities

The average utility costs in NYC are around $160 a month, including electricity, water, and gas, but the cost may vary as some landlords include utility costs in the rent price. Also, do not forget about phone cell service and the internet. The average US resident pays $60/mo for internet and an additional $90 for the cell phone bill so the total would be around $300 a month.

Transportation

You know what they say about NYC – the city that never sleeps. And it is quite justified, as NYC has a 24 hours working public transportation system. As a car owner, you may face some significant expenses – parking, not to mention maintenance, insurance, fuel costs, etc., so people in NYC usually choose to commute to work via public transportation, biking, or walking. A family of four with two children spends almost $1000/mo on transportation costs, so if you want to save some money in Big Apple, consider public transportation. For MetroCard and unlimited swipes on the subway and local buses, you will need to pay $127 a month.