- Flickr / fred pasquini
New York City’s energy, dining, and nightlife are pretty much unrivaled.
You’re always a subway ride away from a Broadway production, live music, a world-renowned restaurant, or ball game.
Of course, this vibrant city will cost you. It’s one of the least affordable cities in the US.
If you’re considering heading to the Big Apple, consider these eye-opening facts about the exorbitantly high cost of living:
The estimated cost of annual necessities for a single person is $43,519 — or $3,627 a month.
- Flickr / Harold Navarro
Annual necessities include housing, food, transportation, health care, other necessities, and taxes. They do not include savings or discretionary spending.
For a family of four, expect to pay about $98,722 a year for necessities — that’s $8,227 per month.
- Flickr/Ed Yourdon
Annual necessities for a four-person family – two adults, two children – include costs of housing, food, child care, transportation, healthcare, other necessities, and taxes. They do not include savings or discretionary spending.
The median home price is a whopping $410,400.
Compare that to the median home price in the US: $188,900.
Source: National Association of Realtors
Meaning a typical monthly mortgage payment would come to $2,117.
- Tom Roeleveld / Flickr
That’s assuming interest rates for a common 30-year, fixed-rate mortgage.
To afford to buy a median-priced home, you’d need to earn about $91,000 a year.
- Jonathan Percy/Flickr
To put that into perspective, the median household income in the US is $52,250.
Source: HSH.com, via Business Insider
The food is amazing, but it’ll cost you — groceries in New York cost between 28% and 39% more than the national average, depending on where you live. Eating out is even less affordable: 50% and 67% higher the national averages, respectively.
- Flickr/Matthew Mendoza
And if you’re dining for two, date night comes out to be around $145.
- Kathleen Elkins
New York taxes are among the highest in the US — a four person family should expect to pay about $1,277 per month.
- Flickr / gigi_nyc
The average parking rate in downtown Manhattan is $533 per month, which is more than twice the rate in other expensive cities like Los Angeles and Honolulu.
- Flickr / Jeff Gunn
If you choose public transportation over a car, a monthly transit pass will cost you $116.50 per month (or $2.75 for a single subway ride) — while that’s much more reasonable than parking, it’s still about 75% greater than the national average.
A trip to the movies will cost you about $14, well above the national average ticket price of $10.
- Mario Tama/Getty Images
If you like to hit the town, expect to pay about $82, the average cost of a night out in NYC.
This includes an event ticket, transportation, and food and drink costs.
That $82 baseline can quickly skyrocket with a few cocktails — you can pretty much count on your drink price falling in between the $12 to $17 range.
- Emmie Martin/Business Insider
Source: Grub Street
To stay in shape, expect to pay about $90 a month for a gym membership, the highest cost you’ll see in the country. The next highest cost of a gym membership can be found in Washington DC for $70 a month.
- Flickr / Matt Kane
And if you’re striving to be in the top 1% of NYC residents, your salary would have to reach at least $608,584 a year.
Source: The New York Times