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

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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.

✓ 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.