Personal Finance

How much it Cost to Live in New York

| September 27, 2013 | 0 Comments

We who do not currently live in New York City, nor ever have, often watch TV crime dramas or other TV shows based in New York after often imagine ourselves living there. It seems like such a cool place to live actually. Even if we are usually being taken around the city by a couple of police detectives who are investigating a murder or other crime worthy of an hour of crime TV.

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New York CityAs we sit before the TV with wide eyes of wonder as we see the big buildings, parks and local shops all filled with people working, playing or shopping, we can’t help but to ponder on how much things in New York actually cost. Items such as those sandwiches we see being bought from the windows of those food trucks, hot dogs from a cart or meals at those small diners we see the main characters dinning at daily.

However, although these small little details might stimulate our interests a tad, the real questions we often ask ourselves is how much it would cost to actually live in New York. Most of us have heard it is expensive and even the small 1 bedroom lofts or apartments in what looks like abandoned warehouses or closed factories might cost more than our current salary could afford.

So now, how much would it cost us if we were to load up and move to New York to make a new start like we see so many people do on TV? Most of us have heard that although the cost of living is expensive in New York, the wages are higher too. This is true. The minimum wage is $7.25 as it is everywhere else in the U.S. yet most all jobs pay a little more than this. $7.25 might be more along the line of a bag boy at the supermarket or fast food worker.

In New York – everywhere else as well for that matter – this not enough ($7.25) to survive comfortably on. Yes you might could just get by, but you would need at least two jobs or some help financially to be able to support yourself – legally.

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Cost of Living in New York

Since it is the most important thing we would need, and to avoid sleeping under the bridge or alley where the detectives just examined the victim’s body (on the TV crime drama J),Let us start with housing. Now most of us have seen those luxurious flats and apartments that run several thousands of dollars a month. This is true. Almost every livable option in New York will cost you a pretty penny.

However, remember that the average earnings of the atypical New York resident is slightly higher than other places. So you have put in perspective. Overall, in order to live in a decent apartment, have lights, internet, heat/cooling and eat you can look at hour much you would need to earn per hour every week.

Hourly Wage Needed to Live in New York (Basic needs)

$12-$13/One Adult

$24-$25/One Adult + Child

$32/One Adult + 2children

$42/One Adult + 3children

$17/Two Adults

$21/Two Adults + 1child

$22/Two Adults + 2children

$27/Two Adults + 3children

Average Cost of Rent in New York

Inside/outside the city;

$2,825/$1,600 :1br apartment

$5,000/$3000 : 2-3br apartment

Utility Cost in New York

$100-$200: monthly Basic (low use) Power

$75-$100: Water/Gas/Garbage

$50: Internet

Grocery Cost in New York

$5 Gallon Milk

$3 Dozen eggs

$3 Loaf white bread

$7.50 kg Chicken breast

$11.00 kg cheese

$2.25 Head of Lettuce

Transportation Costs in New York

$3-$4 Gallon of Gasoline

$2.50 One way bus ticket

$112 Monthly bus pass

$1.25 Taxi per km

Restaurant/Fast food Costs in New York

$15: 1 Adult meal at diner or cheap restaurant

$70-$85: 2 adults at a 3 star restaurant

$7.25 – $8.00: McDonald’s Combo

Misc Costs in New York

$13.00 pk Marlboro Cigarettes

$50-$55 pair of Levi Jeans

$80: Nike Shoes

$100: Men’s casual leather shoes