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New York-Newark-Jersey City, NY-NJ

Cost of living in New York City, New York

New York County, NY

Part of the New York Metro Area

Estimated monthly cost
$5,319/mo
for a single person, all categories combined

Population 1,627,788 · Last updated May 21, 2026

Cost breakdown

Single person, by category, per month.

Rent $2,511 47%
Federal tax $1,180 22%
Healthcare $480 9%
Groceries $404 8%
State tax $331 6%
Energy $208 4%
Transport $150 3%
Water $55 1%

Rent in New York City

Fair Market Rents by bedroom count.

Studio
$2,406
per month
1 bedroom
$2,511
per month
2 bedroom
$2,780
per month
3 bedroom
$3,465
per month
4 bedroom
$3,738
per month

Source: HUD FMR FY2025

Income and earnings in New York City

Annual earnings figures from the Census ACS.

Household income
$104,553
per year
Individual earnings
$75,255
per year
Per capita
$94,922
per year

Source: ACS 2019-2023 5-Year.

Home values in New York City

Average values reported by homeowners.

Average home value
$1,108,900
Annual property tax
$10,001

Source: ACS 2019-2023 5-Year

Energy costs in New York City

Estimated monthly electricity and gas costs.

Electricity
$140
per month · 23.4¢/kWh
Natural gas
$68
per month
Annual total
$2,496
per year

Source: EIA

Healthcare in New York City

Insurance premiums and coverage rates.

Individual premium
$480
per month
Family premium
$1,350
per month
Uninsured rate
4.3%

Source: ACS + national avg. Marketplace benchmark premiums are second-lowest Silver plan estimates and do not reflect employer plans, subsidies, or out-of-pocket costs. This is not healthcare advice.

Taxes in New York City

State and local tax rates for New York.

State income tax
10.9%
Top marginal rate
State sales tax
4.0%
Combined sales tax
8.5%
incl. average local

Tax rates change. Consult a qualified tax professional for advice on your specific situation. This is not tax advice.

Transportation in New York City

Commute patterns and estimated costs.

Average commute
31.4 min
Drive alone
5.7%
Public transit
45.5%
Work from home
23.0%

Source: ACS

Monthly cost estimates for New York City

What it costs to live in New York City each month.

Single person
$5,319
per month
  • Rent $2,511
  • Energy $208
  • Water $55
  • Groceries $404
  • Transport $150
  • Healthcare $480
  • Federal tax $1,180
  • State tax $331
Couple
$6,684
per month
  • Rent $2,780
  • Energy $250
  • Water $65
  • Groceries $669
  • Transport $200
  • Healthcare $864
  • Federal tax $1,381
  • State tax $475
Family
$9,554
per month
  • Rent $3,465
  • Energy $312
  • Water $75
  • Groceries $1,016
  • Transport $280
  • Healthcare $1,350
  • Childcare $1,200
  • Federal tax $1,381
  • State tax $475

Frequently asked questions about New York City

Common questions about cost of living, rent and salary.

What is the average rent in New York City?

In New York City, New York, a one-bedroom apartment averages $2,511 per month, a two-bedroom averages $2,780 per month, a three-bedroom averages $3,465 per month, according to HUD Fair Market Rent data.

What is the average salary in New York City?

In New York City, New York, the average household income is $104,553 per year and individual earnings for full-time workers average $75,255 per year, according to U.S. Census Bureau data.

What is the cost of living in New York City?

The estimated cost of living in New York City, New York is approximately $5,319 per month for a single person, $6,684 for a couple, $9,554 for a family. This includes rent, utilities, groceries, transportation, healthcare, and taxes.

What is the sales tax rate in New York City?

The combined sales tax rate in New York City, New York is 8.52%, which includes the New York state rate of 4.00% plus an average local rate of 4.52%.

Is New York City an affordable place to live?

Based on the data, a single person in New York City, New York would need approximately $5,319 per month to cover rent, utilities, food, transport, healthcare, and taxes. The average household income is $104,553 per year ($8,713 per month). New York City has a moderate cost of living relative to local earnings.

How much does healthcare cost in New York City?

The ACA marketplace benchmark premium in New York City, New York is approximately $480 per month for an individual. Approximately 4.3% of residents are uninsured. Actual costs vary based on employer coverage, plan type, and individual circumstances.

What are house prices in New York City?

The average home value in New York City, New York is $1,108,900, with average annual property taxes of $10,001, according to U.S. Census Bureau data.

How does New York City compare to other areas?

You can compare New York City, New York with any other US county using our comparison tool at /compare. New York City is in the New York-Newark-Jersey City, NY-NJ metro area.

Other counties in New York

Browse the full list of counties in New York, ranked by cost of living.

See all counties in New York

Compare New York City with another area

Put two counties side by side to see how rent, taxes and everyday costs stack up.

About this data

All figures on this page come from official U.S. government sources, listed below.

  • HUD FMR FY2025
  • ACS 2019-2023 5-Year
  • EIA
  • ACS + national avg
  • ACS
  • USDA + BEA RPP
Methodology All data sources