So you landed a job offer in New York City and considering a relocation to this incredible city? The first question you might have is, what salary do you need to live in New York City? It’s no secret that NYC is the most expensive city in the US. To afford a comfortable lifestyle in the city, you must earn enough money.
An annual income from $75,000 is considered a good salary in New York City. In a month, you should average at least $5,000 net to maintain a good standard of living and cover all main expenses.
New York is a financial, technological, and cultural center of the US. Living here exposes you to different lifestyles, which demand different salaries to survive. Since rent in NYC is incredibly expensive and will take almost, if not more than, half of your earnings, you must have a good salary to live in this city. In this article, we look at the income levels you should have in New York and other interesting data.
What is considered a good salary in NYC in 2022-2023?
A single person who wants to live alone in New York needs an average of $75,000 annually.
A $75,000 gross will give you $61,272 net, which is $5,106 per month. This amount is just enough for a single person to cover all basic expenses and splurge a little.
It would be better to earn $90,000 to $150,000 annually to achieve a better standard of living in this expensive city. Income like this will give you between $71,596 and $99,434 after tax, which comes to $5,966 and $8,286 net per month.
NYC is a desirable place to live for many people. It lies in the southern region of New York state, one of the most populous states in the US. Besides, over 8 million people are living in New York City.
Keeping in mind that New York is among the most expensive states in the US, the more comfortable you want to get, the more you spend. For that reason, you’ll need a good salary for a better living. Furthermore, different boroughs demand different wages to live a decent life.
Single people can reduce their salary needs by looking for living areas where housing and monthly bills are low. Areas like the Bronx, Staten Island, and Queens would be good places to live with $60,000 annual net pay.
Singles with children would require more salary. About $100,000 gross is suitable for rent, food, and living expenses, depending on the number of kids you have.
A good salary for a couple in New York City is from $60,000 to $80,000 for each partner. This salary is enough to rent a two-bedroom condo and cover all other expenses.
A family with children should earn more than $70,000 gross per person. If only one person works, a good salary is a minimum of $90,000 annually.
Example of a good salary in NYC
Living in New York City with a salary of $75,000 is suitable for most people. In Brooklyn, the approximate monthly for a single is as follows:
- Rent: $950 for a shared room with one roommate or $3,000 for a one-bed apartment.
- Food: $600 for groceries and restaurants.
- Transport: $116 – $130 for a monthly metro pass
- Health insurance: $328/month
- Student loans: $130
- Cell phone: $75/month
- Subscriptions: $75
- Utilities: $50-100
- Internet: $68/month
- Personal spending and saving: $300-500
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The breakdown above includes all the necessities a humble person could need in a month. Although New York might be difficult to live in without good earnings, you can look for better ways to use and save money.
Living in NYC is expensive. If you want to enjoy a better living standard and spend more on leisure, you need to earn above $80,000 gross or move to a cheaper city.
For instance, the average rent for a one-bedroom apartment is $3,800 downtown and $2,365 in the suburbs. If you have a family or a partner and want to have more space, be prepared to pay at least $4,500 per month for a $900 sqft condo.
Utilities for a one-bed apartment are about $150 per month.
A meal in the average restaurant costs $25, and your weekly groceries will be at least $100, with a dozen eggs costing $4,99 and tomatoes coming to $6 per kg.
Taxes you pay in New York City
With a gross annual salary of $75,000, you will pay the following taxes:
- Marginal tax rate: 22%
- Effective tax rate: 12.65%
- Federal income tax: $9,487
- Marginal tax rate: 6.33%
- Effective tax rate: 5.65%
- New York state tax: $4,241
- Gross income: $75,000
- Total income tax: -$13,728
- After-tax income: $61,272
- Total tax paid: 18,3%
Average salary in New York City in 2022
According to the Bureau of labor statistics, the average salary in New York City ranged from $1,099 ($4,396/month) to $2,000 ($8,000/month) or higher per week in the first quarter of 2022. The highest average salary is in Manhattan, with $4,064 per week. It’s also the highest in the US overall.
Consequently, the average salary in New York ranges from $52,752 and $96,000 gross per year, depending on the boroughs you are working in.
Weekly wages in the four other New York City boroughs had averages ranging from $1,199 in Queens to $1,055 in Brooklyn. In the Bronx, people make $1,186; in Richmond, $1,131, and in Kings, only $1,055.
At the same time, the national average weekly wage was $1,374 ($5,496 per month) in the first quarter of 2022. That’s about $65,952 per year before taxes.
Here is a list of salaries across different jobs in New York City:
|Job title||Salary range|
|Software engineer||$79,000 – $181,000|
|Project manager||$57,000 – $131,000|
|Executive assistant||$50,000 – $96,000|
|Marketing manager||$58,000 – $113,000|
|Data analyst||$52,000 – $94,000|
The following companies pay better salaries in New York:
- Deloitte: up to $404,000
- Amazon: up to $230,000
- EY: up to $560,000
- J.P Morgan: up tp$346,000
The most popular employers in New York City are:
- J.P. Morgan Chase & Co.
If you land a job with one of these companies, you are almost guaranteed a good salary.
New York City has many part-time jobs, especially for students looking for upkeep money. Part-time jobs pay well with time; since they are additional sources of cash, you could increase your annual income through them. The average salary for a part-time job is $27,627.
That said, the minimum wage in New York City is $15.00 per hour in 2022. So you won’t be getting less than this.
Below are the median salaries in New York City among popular professions:
|C LEVEL EXECUTIVE||$172,512|
|HUMAN RESOURCES MANAGER||$77,346|
Highest-paying jobs in New York City
New York is not only the most expensive city to live in in the United States, but it also has some of the best salaries in the country. Jobs with the most demand in New York are translator and interpreter jobs, biomedical engineering, writing, web development, and home health aid.
Here is a ranking of the 14 highest-paying jobs in New York City:
|Job title||Average annual salary|
|Surgeon (varies by specialization)||$232,514 – $385,324|
|Chief executive officer (CEO)||$135,059|
|Information system manager||$101,277|
However, the jobs mentioned above have competitive academic standards. You can still get high-paying jobs in the following fields that don’t require a degree:
- Real estate agent: $105,085
- Chemical plant operator: $90,170
- Tapers: $93,010
- Lodging managers: $99,600
- Insurance sales agent: $60,584
Besides, some industries are paid better in New York City, including:
- Business and financial operations
- Mathematical and computer
- Engineering and architecture
- Legal services
Is $100k a good salary in New York?
In New York, $100,000 is a good salary which is also above average. It’s more than enough to live in all New York’s boroughs. Here is an approximate monthly breakdown of what $100,000 or $78,689 after tax could afford in New York living as a single person:
- Accommodation (studio or one-bedroom condo): $2,500 – $3,300
- Groceries: $500
- Restaurants and takeaways: $300
- Health insurance: $400
- Transport: $130 for a monthly metro pass.
- Clothes and shoes: $100
- Fuel: the average gas price in New York City is $4.506 per gallon
- Utility bills (electricity, cooling & heating, water, and garbage): $166 – $200
- Mobile: $65 monthly
- Total: $4,995
The breakdown comprises of least possible averages for essential services. Savings, other types of leisure&hobbies, all car expenses, and entertainment are not included, but the essentials leave you with a lot. The prices could go up considering the difference in the cost of living in various New York regions.
As you can see, if you earn $100,000 annually, you can have a decent life in New York City. According to Insider, jobs that offer a $100,000 salary include stockbroker, business analyst, and development manager.
Is $150k considered a good salary in New York?
$150,000 is good annual pay in New York. After taxes, the 401k program, and benefits, your monthly salary will be nothing less than $6,400 a month. Accommodation could cost you at least $2,500 a month. Transportation, utilities, groceries, and necessities could cost you $500.
You could pay for food monthly for $1,100. Leisure and entertainment could cost you $500 – $600. The cost comes to $4,200 monthly without factoring in things like gym, car expenses if you have a car, cab rides, and traveling around.
$150,000 is a good salary because it gives you enough disposable income without struggle. There are many options and cities in New York you could choose to live with that salary. You can also qualify for a mortgage if you wish.
What salary do you need to live comfortably in New York City?
New York is among the most expensive cities in the US and North America. It’s also in the top 5 most expensive cities in the world. To live comfortably in New York, you need to earn anything from $62,046 annual net pay.
You must factor in utility, food, transport, accommodation, and health expenses for a comfortable life. The average cost of living in New York is $7,800 for a family of four and $5,300 for a single person. New York’s monthly expenses are higher than in most cities worldwide.
New York has several districts to choose from, making renting prices vary from borough to borough. Living within the metropolitan area will cost you more than living outside the central city.
As of May 2022, the rent average for a one-bedroom apartment ranges from $1,500 on Staten Island to $3,950 in Manhattan. A two-bedroom condo could cost as low as $3,000 to $4,750. A one-bedroom in Washington Heights and Inwood costs $1,850 and $1,733, respectively.
Food and groceries
Here is a sample of average food and grocery prices in New York:
- Bread: $4.2
- Milk(1 gallon): $2.9
- Eggs (Dozen): $2.5
- Cheese: $5.4
- Potatoes: $3.6
- Coffee: $5.2
- Sugar: $4.0
- Bananas: $0.8
- Lettuce: $2.1
Owning a car in New York might be expensive and challenging. Parking spots cost around $199 to $500 monthly. New York City has a reliable transportation system that runs 24/7. You can get a monthly pass for $116.
Whether you own or rent a house in New York, you’ll have utility expenses. Most utility bills in New York include energy and communication tariffs. Energy bills could cost you a monthly average of $174 and phones $192.
Entertainment and leisure
New York City has a lot of entertainment options. You can attend musical performances hosted at the subway platforms or visit a nightclub which comes at a cost. Here are the approximate prices for some leisure activities in New York:
- Gym: $160
- One cinema seat: $18
- Affordable restaurant meals: $20
- Mid-range restaurant meal: $100
- Nightclub charges vary depending on drink costs and club location. Expect to pay about $18 for a cocktail in the bar.
Schooling and childcare could cost you anything from $2,400, depending on the number of children, their age, school fees, and other child-related expenses. An average family in NYC spends $1,354 on childcare per month (for children under the age of 2).
A good salary depends on your needs if you live in New York. You don’t need a high salary to live comfortably. There are affordable housing and services in New York that might suit your salary and budget.
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