How Much Does It Cost to Live in New York, New York?

New York is a large city located in New York with a metropolitan area population of 8,336,697. A couple could live a moderate lifestyle in New York on a budget of $6,464 per month, or $77,567 per year.

Cost of Living in New York, New York

As noted above, the cost of living in New York, New York is $6,464 per month for a couple living a moderate lifestyle. This budget consists of $4,133 for housing related costs, $938 for food, and $1,393 for other costs, all of which will be broken down below.

Housing

  • A one-bedroom apartment in the city center of New York is estimated to cost $3,841
  • Basic utilities including electricity, water, and gas will run about $210
  • High-speed internet averages $82

Food

  • Typical grocery costs of $691 per month include things like bread, eggs, milk, cheese, rice, chicken breast, bottled water, fruits, and vegetables
  • Alcohol including beer and wine for moderate home consumption costs about $123
  • Frequent coffees in a neighborhood café are estimated to be about $124

Other

  • Meals out are estimated to be $700 per month, including 4 meals in mid-range restaurants and 8 in inexpensive restaurants
  • Transportation costs of $324 for public transport passes and occasional taxis
  • Fitness center memberships of $284
  • Cinema tickets of $85 include several outings for international releases

Note that New York, New York is a very walkable city with a Walk Score of 98/100, which means you won’t need a car if you are living in the city center and you may even save some money by not using public transportation and taxis very often.

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Amount of Money Needed to Retire in New York, New York

Many people searching the internet for the cost of living in New York, New York are doing so to see if and when they can quit their jobs and retire. A popular and easy way to calculate your retirement number is using the 4% Rule.

The 4% Rule estimates that a person(s) could withdraw 4% of their retirement nest egg and never run out of money. Using this calculation, a couple would need an investment portfolio of $1,939,185 to live a moderate lifestyle in New York, New York.

Annual expenses of $77,567 ÷ 4% = $1,939,185 portfolio needed.

Of course, everyone’s financial situation is different, and the above calculation could change based on any other sources of passive income and social security income.

Summary

Overall, the cost of living in New York, New York is affordable coming in at $6,464 for a couple living a moderate lifestyle. Those seeking to retire could do so comfortably with a retirement portfolio of $1,939,185.

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