Planning to relocate to New York soon? It's important to know first how much the cost of living is in the city. In the new report by Street Easy, the site broke down the cost of living in New York along with different factors like rent, transportation, food and entertainment.
According to the report, the cost of renting in the city is insanely expensive. The recent data shows that the median monthly rent in Manhattan would be $3,114, while in Brooklyn it is $2.607. Also, the average rent based on income is two-thirds of a person's monthly salary. The report states that there are a few variables which contribute to this, and it could be the stagnating wages of the people of New York and the increasing value of rents in the city.
New York Curbed also pointed out that most people in the city do not own cars, and mass transit is actually higher than other cities like Chicago or Los Angeles, with 2.75 per ride and $116.50 for an unlimited monthly pass. Because of this, the cost of public transport in the city is 75 percent higher than the national average.
For those who would want to have a car, auto insurance in New York City is $4,093 a year, on average. For food, grocery items in the city costs 28 to 39 percent more than the national average. For childcare, the recent study revealed that the average family living in the city spends about $16,250 per year on childcare only.
Movie tickets in the city costs about $15 a piece. This doesn't justify the price because most movie theaters are dirty and may be filled with bugs. For Broadway shows, tickets to Hamilton would cost around $400. However, there are also free musical performances in Central Park if movies or theaters are not your type.