How much does it cost to live in New York?

Typical monthly costs in New York are approximately $3,500 in rent and $2,500 in other expenses, totalling around $6,000/month.

How much should I save in New York?

Based on BLS Consumer Expenditure Survey 2023, people at mid-range incomes in United States typically save 12–20% of gross income. In a very high cost city like New York, housing costs can reduce this, particularly for renters.

New York · USD · very high cost city

Cost of living in New York — is your salary enough?

Manhattan median rent exceeds $3,500/month; outer boroughs offer lower but still high costs. New Yorkers at mid-income levels face the country's most compressed income-to-cost ratio outside the tech hubs.

Rent in New York

Budget$2,600 – $3,150/mo

Typical$3,500 – $4,000/mo

Premium$4,600+/mo

Other monthly costs

Food, transport, bills, going out~$2,500/mo

Total typical monthly spend~$6,000/mo

How different incomes stack up

At typical New York costs ($3,500 rent)

$40,000 – $55,000→ saving -94.3%

Critical

$55,000 – $75,000→ saving -56%

Critical

$75,000 – $100,000→ saving -15.9%

Critical

See your personal verdict for New York

Country

Annual income (gross)$65,000

$20,000$235,000$450,000+

Monthly rent or mortgage$3,500/mo

$0$4,000$8,000+

Other monthly expenses

Food, transport, subscriptions, going out — everything except rent

$1,750/mo

$0$3,750$7,500+

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Cost figures are estimates based on reported median rents and typical spending patterns. Savings benchmarks from BLS Consumer Expenditure Survey 2023. Figures in USD.

Check your savings rate in New York →

Compare nearby cities

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Also in the Verdict suite

SalaryVerdict — Is your New York salary competitive?SpendVerdict — Is your New York rent too high?