The Cost of Living in New York

Cost of living in new york

Although American economy has been down for quite a while, NYC is still one of the most expensive cities in the world and living in New York City is an expensive pleasure. Yet this city has its own magic atmosphere, a charisma that attracts hundreds of thousands of tourists and travelers. If you are among those who dream about spending a month or more in New York, then here you have a glance at how much cash you should prepare for your slow travel to The Big Apple.

Renting an Apartment in New York

The most expensive rentals in New York are in Manhattan. But even on this small island prices vary a lot, depending on the area. In the most prestigious areas such as Tribeca and Meatpacking the cost of renting an apartment with two bedrooms is about $5 000-6 000 per month, in other areas you’ll pay $1 000-2 000 less.
The next most expensive district is Brooklyn followed by Queens and Bronx. Here the average cost of renting a 1-3 bedrooms apartments is under $3000 per month. Surprisingly, sometimes it is enough to move to a neighboring district, and you can save up a lot. For example, if you change the house in Fort Greene to an apartment in Prospect Heights, the difference will be about $ 1070 per month. If you move from Williamsburg to Bushwick, you’ll save up about $1100.

Cost of Food in New York

The cheapest option is, of course, to cook at home. But if you don’t want to waste time in the kitchen, then there’s always a wide choice:

  1. Snack Bars and Street Food
    Not healthy, but definitely cheap and quite tasty. Hot dog for $2, shawarma for $3, sandwich with egg and lettuce for $6 – choose whatever you like most! Or go to a nearby Greenmarket Farmers Markets, buy fresh fruits, vegetables, cheese, and bread and make a picnic in one of cities parks.
  2. Restaurants
    The cheapest portion that you can get is about $10. The cost of the day menu in a 2nd category restaurant varies from $10 up to $15. For dinner and a bottle of wine in a 4-5* restaurant you’ll get a bill for $200.

Cost of Entertainment

Be prepared to pay a lot: a ticket to the opera or theater will cost over $100. However, you can always save up here. Enjoy performances in off-Broadway theaters for just $15 or check your patience while waiting in line for tickets to the festival of “Shakespeare in the Park.” If you still want to visit Broadway, then check TKTS kiosks in Manhattan where they are sold for half-price.

Throughout the city, you can visit the many cheap and sometimes even free events: music concerts, performances, comedy performances, cabaret shows, dance shows, and more (0 to 10 USD). Time Out New York and Village Voice magazines publish cultural events calendars on a regular basis.

Tricky Issues

Purchases in restaurants and shops exclude sales tax which is 8.375%, so don’t forget to add it when calculating the price of any item you wish to buy. And also don’t make an order at the restaurant for $19 if there’s only $20 left in your pocket.
For some categories of so-called “luxury goods” such as car rental and dry cleaning, there’s an additional charge of 5%.
Clothing and footwear that cost under $110 don’t have any extra tax. But all that is worth more than this amount is subject to state tax in the amount of 4.375%.

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