Is New York City expensive to live in?

New York City is among the most expensive of the 50 US cities we track. Its one-bedroom rent of $1,705 per month ranks #7 of 50 and is 39% higher than the $1,223 median.

What is the average rent in New York City?

Average rent in New York City, NY runs a studio around $1,633, a one-bedroom around $1,705, a two-bedroom around $1,781, a three-bedroom around $2,065 per month (US Census ACS).

How much do you need to earn to live in New York City?

To keep a one-bedroom rent of $1,705 near the recommended 30% of gross income, you'd want to earn roughly $68,000 a year. The median household income here is $79,713.

How much does it cost to live in New York City per month?

A rough monthly baseline for one person in New York City is about $1,990 — one-bedroom rent plus typical residential electricity and heating. It excludes food, transport, and healthcare, so a full budget is higher.

Panoramic photography of brooklyn bridge — New York City, NY

Cost of Living in New York City, NY

Population 8,335,897 · New York

~$1,990/mo est.1BR $1,705Home $751,700

Photo: Luca Bravo / Unsplash

Compare with:

The cost of living in New York City, NY is driven mostly by housing. A one-bedroom apartment rents for around $1,705 a month — 39% higher than the $1,223 median across the 50 large US cities we track. Studios average $1,633 and two-bedrooms $1,781.

Median household income here is $79,713, 5% higher than the $75,900 median of the cities we track. Adding typical electricity and heating to one-bedroom rent, a rough monthly baseline for one person is about $1,990 before food and transport. New York has a top state income tax rate of 10.90% and a 4% state sales tax.

Rent1BR $1,705

Studio

$1,633

1 Bedroom

$1,705

2 Bedroom

$1,781

3 Bedroom

$2,065

Buying a Home$751,700

Median Home Value

$751,700

Income$79,713

Median Household Income

$79,713

Metro Median Wage (annual)

$61,430

Household income: Census ACS, city. Metro median wage: BLS OEWS, all occupations, 2025 (metro area).

GroceriesNortheast

Milk (gal)

$4.14

Bread (lb)

$1.92

Eggs (doz)

$2.25

Ground Beef (lb)

$6.90

Chicken (lb)

$2.02

Bananas (lb)

$0.68

Average prices, Northeast (BLS, 2026-04-01). Regional where available, otherwise U.S. average.

Utilities28.6¢/kWh

Electricity

28.6¢/kWh

Natural Gas

$18.90/MCF

Residential, state-level averages (EIA, 2026-03-01). MCF = 1,000 cubic feet.

Gas$4.44/gal

Regular Gasoline (New York City)

$4.44/gal

EIA weekly retail average, week of 2026-05-25.

Public Transit$3.00

Base Fare (MTA)

$3.00

Adult base one-way fare on the primary agency (2026).

State Taxes (NY)4% sales

State Sales Tax

State Income Tax (top rate)

Up to 10.90%

State-level rates. Local sales taxes may add more. Income tax shown is the top marginal rate; most filers pay less.

Crime690.9 violent

Violent Crime (per 100k/yr)

690.9

Property Crime (per 100k/yr)

2,413.5

FBI Crime Data Explorer, New York City Police Department (2024). Offenses per 100,000 residents per year. Agency reporting practices vary, so cross-city comparisons are approximate.

People & LifestyleAge 38.0 yrs

Median Age

38.0 yrs

Homeownership

32.8%

Bachelor's+ (25+)

41.0%

Avg Commute

40.6 min

Climate55.0°F

Avg Annual Temperature

55.0°F

Annual Precipitation

49.9 in

New York City cost of living — FAQ

Is New York City expensive to live in?: New York City is among the most expensive of the 50 US cities we track. Its one-bedroom rent of $1,705 per month ranks #7 of 50 and is 39% higher than the $1,223 median.
What is the average rent in New York City?: Average rent in New York City, NY runs a studio around $1,633, a one-bedroom around $1,705, a two-bedroom around $1,781, a three-bedroom around $2,065 per month (US Census ACS).
How much do you need to earn to live in New York City?: To keep a one-bedroom rent of $1,705 near the recommended 30% of gross income, you'd want to earn roughly $68,000 a year. The median household income here is $79,713.
How much does it cost to live in New York City per month?: A rough monthly baseline for one person in New York City is about $1,990 — one-bedroom rent plus typical residential electricity and heating. It excludes food, transport, and healthcare, so a full budget is higher.

Compare New York City with nearby cities

New York City vs Philadelphia New York City vs Baltimore New York City vs Washington New York City vs Virginia Beach New York City vs Raleigh New York City vs Columbus

Nearby cities

Philadelphia, PA 81 mi Baltimore, MD 169 mi Washington, DC 204 mi Virginia Beach, VA 287 mi Raleigh, NC 423 mi Columbus, OH 476 mi

Sources: US Census Bureau, ACS 5-Year (rent, income, home value, demographics); NOAA Climate Normals 1981-2010 (climate); EIA (gas, utilities); BLS Average Price Data (groceries) & OEWS (metro wage); transit agencies (fares); FBI Crime Data Explorer (crime); Tax Foundation 2026 (state taxes). Monthly estimate = 1BR rent + utilities; not a full cost of living.