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    What Is the Cost of Living in New York?

    cost of living newyork
    (source: laoistoday)

    New York is a financial centre, cultural hub and media breeding ground with something for everyone. The city's fashion, technology, education, sports, entertainment, and more sums the city up into a complete five-borough package.

    Praised for its legendary skyline and the reflection of a true megacity, a lot of people from every corner of the globe move to New York.

    In this article, we will look at the cost of living in New York.

    How Much Does $ 1 Cost in INR?

    According to the data found for 25th April 2022, $ 1 is equal to ₹ 76.60

    What Is the Average Cost of Living in New York?

    The average cost of living in New York per month for a family of four is $ 7,800, and that for a single person is $ 5,300. Furthermore, the approximate cost of living in NYC for a student is $ 6,800.

    What Are the Top Expenses While Living in New York?

    New York runs 24/7, and due to this fact, the city got the nickname 'The city that never sleeps. The monthly expenses in New York are considerably higher than most of the cities in the world. However, there are several factors that impact the average cost of living in New York. These factors include –

    1. Accommodation

    The sky-high housing market of New York is the primary reason for the high cost of living. The average cost of buying a property in New York is $ 4,04,000. NYC is a large city that is divided into boroughs, and the monthly rents of the living space vary from region to region. The table below shows the approximate monthly rent of different types of accommodation –

    Classification of Accommodation

    Rent Per Month

    Studio

    $ 1,900

    1 BHK

    $ 2,100

    2 BHK

    $ 2,500

    3 BHK

    $ 3,200

    2. Groceries

    New York has several local markets and supermarkets from where one can buy affordable to premium grocery products. Even the cost of grocery items varies from region to region within the city.

    Grocery Items

    Approximate Cost

    Milk (1 litre)

    $ 1

    White bread (1 loaf)

    $ 4

    White rice (1 kilogram)

    $ 5

    Eggs (1 dozen)

    $ 3

    Cheese (200 grams)

    $ 15

    Chicken breast (1 kilogram)

    $ 14

    Apples (1 kilogram)

    $ 6

    Bananas (1 kilogram)

    $ 3

    Oranges (1 kilogram)

    $ 6

    Tomatoes (1 kilogram)

    $ 6

    Potatoes (1 kilogram)

    $ 4

    Onions (1 kilogram)

    $ 4

    3. Transportation

    New York's public transportation system is one of the world's most comprehensive systems. The maximum number of residents in NYC commutes to their institutions and workplaces using public transport, walking or biking.

    Fuel Cost/Transportation Service

    Approximate Cost

    One-way ticket (public transport)

    $ 3

    Monthly pass (public transport)

    $ 130

    Taxi 1 km normal tariff

    $ 2

    Price of diesel (as of 21st February 2022)

    $ 1.12 per litre

    Price of gasoline (as of 21st February)

    $ 1.08 per litre

    Cabs (minimum cost)

    $ 2.50

    [1] [2]

    4. Utilities

    The basic utilities such as electricity connection, gas supply, mobile prepaid and unlimited internet package impact the cost of living in New York per month. Nevertheless, the cost of utilities widely varies depending on an individual's personal preferences, the housing type and apartment lease agreement.

    Utilities

    Approximate Cost

    Electricity, cooling, heating, water, garbage

    $ 166

    Local prepaid mobile tariff (1 min)

    $ 0.11

    Unlimited internet package

    $ 66

    5. Entertainment and Leisure

    There are numerous options to entertain yourself in this megacity. On weekends, the subway platforms across NYC become stages for different kinds of dance and musical performances. This is by far the cheapest mode of entertainment in the city. You can also visit a pub or a nightclub to enjoy yourself; however, these cost a lot of money.

    Area of Expense

    Approximate Cost

    1 month gym membership

    $ 106

    1 hour rent for a tennis court

    $ 43

    1 seat at a cinema hall

    $ 18

    Meal in an affordable restaurant (1 person)

    $ 20

    Three-course meal in a mid-range restaurant

    $ 100

    McMeal at McDonald's

    $ 10

    6. Childcare and Schooling

    There are numerous reputed schools and universities in NYC that impart world-class education to the students. The table below shows the approximate cost of schools and kindergartens in the city –

    Schools and Childcare

    Approximate Cost

    Preschool, private, full-day for 1 child

    $ 2,400

    International primary school for 1 child

    $ 40,000

    Furthermore, the best schools in New York are mentioned in the table below –

    Name of School

    Curriculum

    Avenues: The World School, New York

    Adapted

    British International School (The)

    National Curriculum for England

    Columbia Grammar and Prep School

    American

    Dwight School (The), New York

    PYP

    Horace Mann

    American

    Nord Anglia International School of New York

    International Primary

    United Nations International School

    Adapted

    How Expensive Is New York Compared to Other Top Cities?

    New York is the most expensive city in the United States and North America. Furthermore, it is the third most expensive city in the whole world. Consumer prices in NYC are 27.65% higher than those in Los Angeles. The price for renting living space in NYC is 150.48% higher than that in Tokyo. In addition to these, the restaurant prices in New York are 13.71% more than in London.

    There is no city like New York! However, the cost of living in New York is one of the highest in the world. Moving to a new city like NYC is quite challenging. However, if you manage your monthly expenses and get a good deal on a decent apartment, you will start loving the Big Apple in no time.

    Frequently Asked Questions

    How much does a bachelor need to live in New York?

    A bachelor will need around $ 2,500 per month to live comfortably in NYC.

    A bachelor will need around $ 2,500 per month to live comfortably in NYC.

    Is New York the most expensive city to live in the United States?

    According to a report, New York is the costliest city to live in the United States.

    According to a report, New York is the costliest city to live in the United States.

    Please try one more time!

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    Important Articles about Cost of Living in Different Cities

    Cost of Living in Delhi

    Cost of Living in Bangalore

    Cost of Living in Mumbai

    Cost of Living in Hyderabad

    Cost of Living in Chennai

    Cost of Living in London

    Cost of Living in Kolkata

    Cost of Living in Singapore

    Cost of Living in New York

    Cost of Living in Toronto

    Cost of Living in Berlin

    Cost of Living in Pune

    Cost of Living in Ahmedabad

    Cost of Living in Jaipur

    Cost of Living in Cali

    Cost of Living in Dublin

    Cost of Living in Surat

    Cost of Living in Chandigarh

    Cost of Living in Paris

    Cost of Living in Seattle

    Cost of Living in Tokya

    Cost of Living in Vancouver

    Cost of Living in Amsterdam

    Cost of Living in Bali

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    Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.

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    Last updated: 2023-03-23

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