Cost of Living in New York: What Salary Do You Need?

New York City has inspired countless songs and dreams—but can you afford to live there? Here’s a realistic breakdown of what it costs to call the Big Apple home.

Salaries in New York

The median household income is about $69,407; for single-person households it’s closer to $48,091. Manhattan is highest (around $93,651 for households); the Bronx is lowest ($41,432). Income varies widely by borough and industry.

Housing: The Big Expense

New York is one of the most expensive rental markets in the US. The median asking rent was around $2,749 for a one-bedroom, with Manhattan and Brooklyn commanding premiums. Many landlords require annual income of 40× the monthly rent—so a $3,000 apartment often needs $120,000 in income. Roommates help many people qualify.

Utilities and Insurance

Expect $250–$300 or more per month for electricity, gas, water, internet, and phone. Renter’s insurance averages about $14 per month. Some costs may be included in rent.

Transport

The subway and buses are the backbone of NYC transit. A single ride is $2.75; a 30-day unlimited MetroCard is $132. Many New Yorkers don’t own a car—parking and insurance are costly.

Groceries and Daily Life

Groceries run higher than in most US cities. A single person might spend $400–$600 per month on food. Entertainment adds up fast: Broadway tickets, restaurants, and nightlife are pricey. Free options include parks, museums (many offer pay-what-you-wish), and walking tours.

What Salary Do You Need?

To live comfortably on your own in a decent neighborhood, $75,000–$100,000 is often cited as a realistic target. With roommates or in outer boroughs, you can manage on less. Use our US salary calculator to see your take-home pay and plan accordingly.