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What Salary Do You Need to Live in NYC?

New York City is recognised for its legendary prominence and skyline as a genuine megacity, attracting thousands of new inhabitants each year. Its education, technology, sports, fashion, entertainment, and more are very appealing to people. But living there is not that much easy. Primarily people have to struggle hard to make both ends meet. But living there is thrilling.

Are you curious to know what salary do you need to live in NYC and manage your budget? Keep reading the whole article for this.

Average Salary Required to Live in NYC

No one can say with surety that you require this average salary to live in NYC as everyone has their priorities and circumstances. But if we talk about an average salary in which one can live comfortably, then that is $2,525 / month. It’s $30,300 / year after taxes. It means you have to make $40,000 a year to live your life comfortably (It’s just a rough estimate, the monthly or annual salary can vary from person to person).

Given below is the list of average estimated costing required for different purposes:

Cost of Renting: As the cost of living in NYC is high, but the price of the housing market is just crazy. Studio’s rent cost $2000, $2,600 for a two-bedroom apartment, and $1889 for a one-bedroom apartment per month.

Cost of Utilities: The average cost for utilities is $50/month.

Cost of Transportation: The average cost for transportation is $116.50 per month. The expenditures of transpiration are very high in NYC. A lot of money is used for fuel or transport, rent of buses, cabs, trains and many more.

Cost of the Internet: The average cost for internet in NYC is $30 per month, and this expenditure can’t be cut down but can be shared with a Rommie.

Cost of Miscellaneous/Discretionary: Classes, business, new clothing, business expenses, postage, dental cleaning, gifts, prescriptions, etc., require almost $200 per month. Try to reduce your monthly cost by searching for presciption discount programs such as a victoza discount card. Enrolling in these programs can have a great affect towards your budget.

Cost of Personal Care or Cleaning Products: The average cost for razors, contact solutions, toilet papers, makeup, deodorant and other cleaning supplies and personal care is almost $50 per month.

Cost of Groceries: Due to multiple reasons, groceries are prohibitive in NYC. The average price for groceries is $300 per month. But it can exceed before this if you buy costly food items from the market.

Cost of Entertainment or Play: Dinners out, social meetups, theatre, happy hour and other entertainment-related things require almost $100 per month.

It is just the list of some things that you require while living in NYC. Plenty of other things are also there, which can burden everyones salary and are not mentioned above.

Tips to Stick to a Budget in NYC

  • Share apartment and things in it with a roommate
  • Avoid overpriced commodities
  • Cut the cable expense
  • Avail the option of groceries delivering
  • Avoid the cabs
  • Drink tap water
  • Select high-value locations

Verdict

Being in NYC is 129% more high-priced as contrasted to the country-wide average. The cost of living varies from area to area based on factors like your career, the real estate market and average salary. However, it is probable to successfully move to New York by thoroughly taking care of your budget plan. Read more about MissQGemini.

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