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New York Living Costs: What You Need To Know

July 23, 2020
One word that would probably always come to mind when talking about New York is 'expensive.' The 'Big Apple' is one of the most costly cities in the world, home to a good many of the rich and famous. While not all of the city exhibits this, those parts that do undeniably reflect the high costs of living here. This isn't to say, however, that spending all the money to stay in New York is wasteful. They're prices to pay in order to live in what many consider the greatest city on Earth. Here's a breakdown of the average living costs here.

New York Living Costs: What You Need To Know

 

Costs of Renting in New York

The most common way of living in New York is by renting an apartment, and no matter where you stay within the five boroughs and no matter how many bedrooms your place has, it's still gonna cost you thousands of dollars. Staying at an apartment in any neighborhood in Manhattan will cost you between $2,500.00 to $4,500.00 for a one-bedroom and between $4,614.70 to $10,000.00 for a three-bedroom per month. In other areas, of course, your rent will be cheaper, But the lowest possible price for a monthly rental is a little over $1,500.00. 

 

Costs Buying an Apartment in New York

But what about actually buying your own apartment in New York? How much will that cost you? Expect the prices to be through the roof. Practically any area in the "Big Apple" is prime real estate, after all. The average price per square meter in the city center is at $15,135.25, the lowest possible amount being $10,763.91. Meanwhile, if you're going for the outer areas of the city—which are often the least expensive—the average price per square meter is at $8,080.47 only! The lowest price for such is a little under $4,000.00. A world of a difference but still valuable nonetheless! 

 

New York Living Costs: What You Need To Know

 

Food Costs

Now, for food! You're gonna need your supplies in order to survive in this city. While take-out is all well and good, it's not exactly the healthiest way to sustain yourself, especially in an extremely busy and bustling metropolis like New York City. Besides, there are loads of dishes you can still make even if you're a novice cook. And a trip to the supermarket would cost you around $126.81. This includes a liter of fresh milk, a dozen eggs, and 1kg each of various fruits, vegetables, and meat. The total price also covers some alcohol if you want some too. 

 

Dining Costs

How about dining? How much will going out to eat cost you? Well, it depends on where you go. New York is, after all, famous for its culinary hotspots as it is for various landmarks and such. The showier options. such as places fit for business lunches or swanky bars, will definitely cost you more. But going to more middle class-level restaurants and even fast food joints will cost you a total of $155.05 for every meal. And if you go for the random stalls on the street—which serve quality food as well—you might not even spend more than a hundred bucks! 

 

New York Living Costs: What You Need To Know

 

Utilities Cost

You might be surprised to learn that the utilities costs in New York aren't as high as you might think. More often than not, it's the rent or actually buying an apartment in this city that's got you breaking the bank. But when it's time to pay for electricity, water, heating, and even garbage disposal, you'll only have to spend around $200 bucks or $198.86 to be exact! Oh, and this total also includes your mobile phone plan costs (though it depends on the plan you go for) and internet connection for your place. 

 

Transportation Costs

Transportation is perhaps one of the cheaper things you have to pay for when living in New York. And you can thank the city's great public transport systems for that! One of the most efficient in the world, going from one place to another, no matter the distance, is a breeze. And most of them are cheap to begin with, amounting to a total of $165.37! This includes monthly passes to use on a subway, a taxi ride, and the like. But if you plan to buy your own car in New York, it's a different story. Expect to pay between $20,000.00 to $22,000.00 for one! 

 

New York Living Costs: What You Need To Know

 

Leisure Costs

As far as the cheapest total costs are concerned, leisure takes the cake on that one. You'll only have to pay $128.21 in total, including membership fees in gyms and sports clubs, renting of tennis or basketball courts, and paying full price in movie theaters. While going to the various museums in the city aren't included in this total, most of them are affordable as well. Some even welcome free visitors on certain days and hours of the week. Though going to such places is mostly an activity done by tourists; locals rarely go to New York museums anymore. 

 

Clothing Costs

New York is undoubtedly one of the fashion capitals of the world. So you'd expect that the total costs for clothes here would be high, right? Well, sort of! It depends on where you shop, of course. If you go to the likes of Fifth and Madison Avenues, definitely you'll be spending thousands of dollars on the fashions here. But if you stay within the contemporary and high-street market, $315.47 will already get you a new wardrobe. This includes a new pair of jeans, new trainers from famous sportswear brands, and even some formal leather shoes too! 

 

Childcare and Education Costs

Finally, there's childcare and education. Expect this to be the most expensive since you're actually paying for a person's growth and development. When your kid is still young, the average total of letting go to preschool while you're at work is $2,423.17. And as they grow older and you have to enroll them in a new school, choosing an international educational institution in New York would cost you between $30,000.00 to $50,000.00 per term. Of course, if you enroll them in a public school, you don't have to pay anything at all. As for college or university, those are different matters entirely. 

 

New York Living Costs: What You Need To Know


If you have money to spare, don't let these high costs stop you from getting a luxury NYC apartment as your home here during your stay. It'll make for a great and memorable New York experience!




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