How Much Does It Really Cost to Live in New York City?

Have you dreamt about living in New York City? It is, after all, one of the most exciting, cosmopolitan, and dynamic cities in the world!

But how much does it cost to live in New York City?

What worries many people is that they won't be able to move to New York City due to the high costs.

But if you learn about the cost of living in New York City, you can plan your budget for an eventual move.

This guide will tell you about the different factors that influence the cost of living in New York City.

New York City Apartments

The first factor is to decide what type of New York City apartment you'd like to live in.

For example, you can pay top dollar for a luxury apartment such as those available from https://www.manhattanmiami.com/. While these are in the six-figure range, the comfort is worth it for any full-time New Yorker.

One advantage to the expensive New York City apartments is that you can rent them out when you're out of town. The profits you can make are incredible and can help alleviate the high cost of living in New York City.

Taxation

New York City and the state, in general, is one of the highest in the country for taxation.

As such, if you decide to move to New York City you'll have to budget accordingly for taxation.

You'll have to consider the following taxes:

• Income tax and corporate tax

• Property tax

• Sales tax

Make sure you research how much each of these taxes will be according to the area where you'd like to live in. You want to make sure your budget can accommodate these taxes.

While taxation in New York City is higher compared to other parts of the country, the right budgeting can help you live in the city without breaking the bank!

Utilities

One saving factor is that utilities in New York City aren't the highest in the country.

For a small apartment of less than 1,000 square meters, you can expect to pay between $150 to $200 per month on utilities. Of course, this can rise depending on your area and usage.

The cost of internet access is around the same as most of the country. Whatever you're currently paying for your internet access, you can expect to pay around the same amount.

You do have to consider the cost of heating which you might not need if you live in a warmer part of the country! As the winters in New York City can be fierce, you might expect to spend several hundred dollars each winter to keep the heating on.

Food and Drinks

New York City is known for its excellent cuisine. But do you have to break the bank to eat well in the city?

The great news is that New York City has a mix of fine dining and casual dining. Both offer quality meals so the cost of food and drinks is entirely up to you!

For breakfast, there are several diners anywhere in the city where you can get a full meal for less than $10. There are also many street food vendors that offer big meals for a low price.

If you enjoy fine dining, you'll find no shortage of exclusive restaurants where New York City's elite like to dine. The city also is full of five-star hotels where you can find great restaurants.

Alcohol prices in New York City might be more expensive than what you're used to. You might find a pint of beer between $6 to $8. However, if you try local and craft beers you can find them for lower prices.

Prices in convenience stores and supermarkets might be more expensive compared to where you live. As New York City is highly urbanized, you can expect higher prices on grocery products.

The best option is to stick to convenience stores when you can. If you live in New York City long enough, you can get discounts if you develop a relationship with your local grocer.

Leisure

How much does it cost to have fun in New York City?

As with food and drinks, this depends entirely on what you'd like to do. You can see a local production for less than $100. Or you can see a popular musical on broadway for a few hundred dollars.

There are high-end cinemas that charge high prices to watch films. There are also independent cinemas that show arthouse films at a low price.

You can pay top dollar to watch a concert at Madison Square Garden. Or you can enjoy buskers playing their music at Times Square.

You can also enjoy tourist attractions such as visiting the Empire State Building or the Statue of Liberty. These are often the most affordable options for leisure.

If you want to watch a professional sport such as Basketball or Baseball you can expect to pay close to $100 for a basic ticket. These prices might be high but they're part of the joy of living in New York City. As such, you don't want to miss out on them!

Museums in New York City are abundant and the costs to visit them are reasonable. You can expect to pay between $20 to $30 to visit some of the city's most famous museums.

Or you can just go for a walk around the city for your leisure! The great thing about this metropolis is that you don't have to spend big to enjoy each day out.

That's the Cost to Live in New York City

Now that you know the cost to live in New York City, you can decide when to make the move!

With this guide, you'll be better prepared to handle the high cost and enjoy your life in the Big Apple! Make sure you first find the right apartment and area that you'd like to live in.

Afterward, look at the taxation levels and figure out how you can budget to pay for these obligations.

Please share this guide with anyone interested in moving to New York City! You can find more tips on real estate and travel on our website.