{"id":16872,"date":"2023-02-10T15:00:00","date_gmt":"2023-02-10T20:00:00","guid":{"rendered":"https:\/\/www.renthop.com\/content-manager\/?p=16872"},"modified":"2023-02-10T15:01:02","modified_gmt":"2023-02-10T20:01:02","slug":"cost-of-living-in-nyc","status":"publish","type":"post","link":"https:\/\/www.renthop.com\/blog\/cost-of-living-in-nyc\/","title":{"rendered":"How Much Does it Cost to Live in New York City?"},"content":{"rendered":"

Thousands of new residents move to New York City<\/a> each year in hopes of experiencing the unique confluence of culture, fashion, art, finance, and food the city offers. Yet living in New York City and enjoying all it has to offer can quickly become very expensive \u2013 the average cost of living in New York City is 68% higher than the rest of the country, with popular neighborhoods being even more expensive. Between steep rent prices<\/a>, expensive meals, and the occasional Broadway tickets, the city can easily burn through even the thickest of wallets. Before moving to the city, it\u2019s imperative to determine the average cost of living in New York City.<\/p>\n

Average Rent in New York City<\/h2>\n

New Yorkers typically rent their apartments and can choose from many available listings across the city. Homeownership<\/a> is expensive in New York, leaving most residents with primarily rental opportunities. Choosing a neighborhood will make or break the price of rent, as trendy neighborhoods in Manhattan often have the most expensive real estate. Many of the lower Manhattan neighborhoods, such as Chelsea<\/a>, NoMad<\/a>, and the West Village<\/a> have pricier rents, and as you move farther away from the center of Manhattan, rent decreases. Greenwich Village<\/a>; (a downtown neighborhood known for bars, cafes, and Off-Broadway theatres) has an average rent price<\/a> of $4,995 for a one-bedroom apartment, whereas the average rent price in Washington Heights<\/a> (uptown and a short subway ride away from Times Square) is just $2,511 for a one-bedroom apartment.<\/p>\n

Many New Yorkers combat these high rent prices by having roommates<\/a> \u2013 the price per bedroom decreases dramatically in larger apartments, making it more expensive to live alone. In Downtown Brooklyn<\/a>, a two-bedroom apartment costs an average of $5,843 per month ($2,921.50 per bedroom), whereas the average cost of a one-bedroom apartment in the same neighborhood is $4,125. Some NYC residents will even build flex walls<\/a> (temporary wall additions that don\u2019t go all the way to the ceiling) to create additional rooms and divide up space between roommates.<\/p>\n

Average Utilities Cost for an Apartment in NYC<\/h2>\n

The cost of utilities widely differs depending on your lease agreement<\/a>. In older buildings, landlords provide heat and water because their old meters cannot determine individual unit consumption. However, other charges like electricity, internet, etc. may be yours to bear. When touring the apartment, you can ask which utilities are covered additionally in the price of rent, and the real estate agent<\/a> or landlord can often give you an idea of the average utility costs for the building.<\/p>\n

Electricity Costs<\/h3>\n

The cost of electricity in New York City is 9% higher than in the rest of the country, and the average apartment electric bill in New York City is $270 per month<\/a> on electricity. While this is an average statistic, your electricity bill widely depends on how much electricity you use; unplugging lamps and small appliances when not in use can help cut costs.<\/p>\n

Additionally, renters must remember that the utilities estimate for an apartment varies based on the time of year. In the summer, costs increase to make up for air conditioning use, and renters should budget additional funds if they plan on running their AC more often. Some renters can select to pay a higher utility bill in the winter to balance out their yearly costs. Renters could also purchase energy-efficient<\/a> appliances to decrease their average electric bill.<\/p>\n

Internet Costs<\/h3>\n

While electric bills run more expensive in NYC, internet and WiFi expenses are the same in the city as the rest of the country. Unfortunately, not all internet services are available at every apartment. The landlord or real estate agent can tell you what internet services are available in your building. Prices range depending on the plan and desired speed, and they vary by provider. A standard plan starts at $50\/month<\/a> for twelve months. However, most buildings will only accept one provider, and renters must use their services for at-home internet. Renters can also frequently save on utilities like cable TV by bundling them together with internet.<\/p>\n

Public Transportation Costs in NYC<\/h2>\n

Transportation costs look very different in New York City, as many residents don\u2019t own cars. A single ride on the subway<\/a> or public bus costs $2.90<\/a>, and compared to other public transport systems that price by length of ride, one subway swipe allows a rider to travel as far as they please. For frequent riders, weekly unlimited Metrocards are available for $34, and monthly unlimited Metrocards cost $132.<\/p>\n

All cards are reloadable (except the single-ride card), and new cards cost $1. You can also eliminate the need for a Metrocard entirely by using MTA\u2019s tap-to-pay system, available with contactless cards, smartphones, and wearable devices. The OMNY tap-to-pay system also tracks how many rides per week you have taken, and after 12 rides in a week, all rides are free.<\/p>\n

Learn more:<\/p>\n