Cost of Living in New York

Is New York expensive?

New York is the most expensive city in the US and ranks 6th globally. The cost of living in New York for a family of four is around $6,085, with rent adding another $8,974, totaling $15,059. For a single person, the combined total of living costs and rent is about $5,748.

In comparison, a family in London would spend $10,771 in total, while in Berlin, the cost of living is significantly lower at $6,329. For individuals, the totals are $4,225 in London and $2,469 in Berlin. So, the cost of living in New York — especially the rent — is far pricier than these cities.

Rent per month

Here’s an overview of the average monthly rent in New York, depending on the apartment size and location (Source: Numbeo):

• Apartment (1 bedroom) in the city center: $4,105
• Apartment (1 bedroom) outside of center: $2,949
• Apartment (3 bedrooms) in the city center: $8,974
• Apartment (3 bedrooms) outside of center: $5,192

Best areas to live in New York:

• Greenwich Village, Manhattan — Upscale, charming, and central with great dining and green spaces.
• Harlem, Manhattan — Culturally rich, affordable, and community-driven with excellent schools.
• Williamsburg, Brooklyn — Trendy, vibrant, and perfect for young professionals with exciting nightlife.
• Astoria, Queens — Affordable, diverse, and family-friendly with great parks and a community atmosphere.
• Long Island City, Queens — Urban chic, well-connected, and growing with beautiful waterfront views.
• Prospect Heights, Brooklyn — Family-friendly, multicultural, and close to cultural hotspots like Prospect Park.
• Midtown, Manhattan — Central, and upscale, ideal for business professionals.

Up-and-coming areas in New York:

• Ridgewood, Queens — Affordable, cultural hub popular with young professionals and recent graduates.
• Hunters Point, Queens — Waterfront views, modern developments, and quick Manhattan access.
• Hudson Square, Manhattan — Trendy, central, and growing with a SoHo and West Village vibe.
• Jackson Heights, Queens — Culturally diverse, with affordable housing and family-friendly amenities.
• Sunset Park, Brooklyn — Affordable, laid-back neighborhood with artsy vibes and industry city access.
• Kew Gardens, Queens — Suburban feel with city access, ideal for families seeking tranquility.
• Woodside, Queens — Affordable, diverse, and growing in popularity among young professionals.
• Flatbush, Brooklyn — Affordable and increasingly popular for its community vibe.
• Carnegie Hill, Manhattan — Prestigious, family-friendly, Upper East Side charm near Central Park.

Worst areas to live in New York:

• Mott Haven, Hunts Point, Soundview, and Fordham in the Bronx — High crime rates and severe socioeconomic challenges make it tough.
• Brownsville, East New York, and Bedford-Stuyvesant in Brooklyn — High crime, unemployment, and poverty remain significant issues.
• East Harlem, Manhattan — High gang violence, drug-related crimes, and poverty remain significant.
• Jamaica, Queens — Plagued by violent crime, despite being culturally diverse.

How to find an apartment in New York

Finding a rental in New York as a foreigner is tough, but being prepared helps. Start by picking a few neighborhoods to focus on, then use websites like StreetEasy, Craigslist, and Roomi to search for listings. Apartments move fast, so have your documents ready, including proof of income (pay stubs or an employer letter), a valid photo ID (your passport works), and a credit score from Credit Karma. If you don’t have a U.S. credit score, you might need a guarantor or offer a bigger security deposit.

Renting in NYC means you’ll often need to show income at least 40 times the rent, so if you’re not meeting that, be ready to negotiate. If you’re trying to avoid broker fees, look for "no-fee" listings or try social media groups like Gypsy Housing and Ghostlight Housing on Facebook for more affordable options — this can hugely help with your New York cost of living. Another tip is to keep an eye out for rent-stabilized apartments, which have regulated rent increases, or apply through the NYC affordable housing lottery for long-term, affordable units.

Always take photos of the places you visit to keep track, and be cautious of rental terms like "net effective rent," which can make the monthly rate look lower than it actually is. If you're subletting or renting short-term, websites like The Listings Project are great for creatives. Lastly, don't forget to network — letting friends know you're looking can sometimes lead to off-market finds!

If you need help with your housing search in New York, we’re here to assist. We can provide a quote or connect you with our trusted partners who have successfully helped many people find housing in the city.

Property prices

The average price per square meter to buy an apartment in New York is around (Source: Numbeo):

• City center: $17,732/sqm
• Outside of the city center: $12,087/sqm

Buying property in New York as a foreigner is straightforward, and you don’t need U.S. citizenship or U.S. permanent residency to do so. You’ll need a valid passport, proof of income, and bank statements, and if you want financing, having a U.S. credit score or ITIN (Individual Taxpayer Identification Number) can help, though it’s not always necessary. Many foreign buyers opt to pay in cash to speed up the process. You can buy property in your name or through a U.S. LLC, which might offer better tax advantages. For more on getting started and the required documents, check out BARNES New York and the IRS guidance for foreign buyers.

When it comes to U.S. taxes, you’ll need to pay U.S. income taxes on any rental income your property generates, and capital gains taxes if you sell. Additionally, FIRPTA (Foreign Investment in Real Property Tax Act) requires the IRS to withhold 15% of the sale price when you sell the property, though this amount is refundable once your taxes are filed and paid correctly. It’s a good idea to consult a tax attorney to ensure you’re meeting all U.S. tax obligations and structuring the purchase to minimize liability.

Utilities

A considerable part of your New York cost of living is the monthly utilities (Source: Numbeo):

• Basic utilities (electricity, heating, cooling, water, garbage) for an 85m² apartment: $170
• Mobile phone monthly plan with calls and 10GB+ Data: $67
• Internet (60 Mbps or more, unlimited data, cable/ADSL): $66

You can lower this part of your cost of living in New York by following these tips:

• Use blackout curtains and weather stripping to reduce heat loss and drafts around windows. This lowers the need for extra heating, especially during winter. Con Edison Marketplace can help you find energy-efficient products.
• Switch to energy-efficient appliances like LED bulbs, smart thermostats, and power strips. You can compare options and find rebates on Con Edison Marketplace.
• Monitor your energy usage in real time with the EnergyHub app, which offers insights and tips for reducing consumption.
• Shop for better energy rates with apps like OhmConnect, which helps you save money by lowering energy use during peak times and offers rewards.
• Consider switching to renewable energy through Arcadia, which can help you find cleaner, often cheaper energy alternatives in NYC.

Public transport

To get around in New York City, get an OMNY card or MetroCard (available until the end of 2024) for subway and bus access. Use real-time apps like Google Maps or MTA Subway Time for schedules. All buses are accessible, but check MTA's website for accessible subway stations. For scenic travel, consider the NYC Ferry or Citi Bike for short trips. Taxis and ride-hailing apps like Uber and Lyft are also available, though public transit is often faster during rush hours.

New York City public transport fares (Source: MTA):

• 7-Day Unlimited Ride MetroCard: $34
• 30-Day Unlimited Ride MetroCard: $132
• Single Ride Ticket: $2.90 — Standard fare for a single trip on subways or local buses.
• OMNY Contactless Payment: $2.90 — Tap with a credit/debit card or mobile device; free rides after 12 trips in a week (fare capping system).
• Express Bus Fare: $7
• AirTrain JFK Ticket: $8.25

Taxi (Source: Numbeo):

• Taxi start (normal tariff): $5
• Taxi 1 km: $2.17
• Taxi 1 hour waiting: $39
• From the Airport to the city center: $70

Food

Grocery shopping in New York City is easy with lots of options depending on where you live. You can shop at big supermarkets like Trader Joe's, Whole Foods, or Stop 'n Shop, which are all over the city. For fresh, local produce, check out Greenmarkets like Union Square or McCarren Park. Neighborhoods also have specialty shops, like Italian delis in Carroll Gardens or halal stores in Astoria. Many stores, such as Gristedes and Key Food, offer delivery through apps like Instacart, which is convenient to get groceries without leaving home.

This is how much people in New York spend on their groceries on average in a month (Source: Reddit):

• For a single person: $300-$500
• For a couple: $600-$1,000
• For a family of four: $1,200-$2,500

Here are some typical grocery items to give you an idea of price (Source: Numbeo):

• Milk (1 liter): $1.47
• Loaf of fresh white bread (500g): $4.76
• Rice (1kg): $7.39
• Eggs (12): $5
• Chicken fillets (1kg): $14.73
• Domestic beer (0.5 liter draught): $8

Childcare

Childcare in New York can be expensive, but there are various options available for families. The Child Care Subsidy Program offers financial aid to eligible families, helping manage the New York cost of living. Expats can also benefit from Universal Pre-K, providing free education for children aged 3 and 4. Check out Child Care Aware and the NYC Department of Education sites for guidance on childcare options and school enrollment.

Types and costs of childcare in New York (Source: TOOTRiS):

• Family child care homes (FCC): $1,500–$2,500/month
• Daycare centers: $1,283–$1,760/month for infants; $971/month for ages 3–5
• In-home care (Nannies/Au pairs): $20–$30/hour for nannies; $1,500/month for au pairs (plus room and board)
• Co-op child care: $500–$1,000/month
• Universal pre-K: Free for eligible families, reducing childcare costs significantly.
• Preschool (or Kindergarten), full day, private, monthly for 1 child: $3,170 (around €2,878)

International yearly school fees (Source: International Schools Database):

• Pine Street School: $48,000-$60,000
• Nord Anglia International School New York: $32,500-$52,750
• Avenues New York: $27,500-$52,750
• Lyceum Kennedy French American School: $33,000-$40,400
• EF Academy New York: $42,000
• International primary school, yearly for 1 child: $58,000 (around €52,600)

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