What Is A Good Salary in New York? 2024 Guide

Moving to the Big Apple? Congratulations! New York City offers an unparalleled cultural experience, but navigating the financial landscape can be tricky. A key question for any expat or newcomer is: “What exactly is a good salary in New York?”

The answer isn’t a one-size-fits-all. It depends on the lifestyle you envision. While the average salary and national average might be good starting points, they don’t account for New York’s high cost of living. Capita income from the Bureau of Labor Statistics can provide some insight, but it doesn’t consider individual needs.

This guide goes beyond the typical salary figures. We’ll delve into the world of personal finance in New York City. We’ll explore how factors like housing costs, health insurance, and your living situation all play a role in determining a “good salary.” By breaking down costs associated with different lifestyles, we’ll help you figure out what income allows you to thrive in this city. We’ll also touch on resources like the American Community Survey to get the latest data on New York’s income distribution.

So, ditch the generic salary searches and get ready to discover what a “good salary” truly means for YOU in New York City.

Related article: Best Place For Living: The US vs Sweden

What Is Considered a Good Salary in New York?

While the average salary in New York City sits around $73,950, what constitutes a “good salary” depends entirely on your desired lifestyle. A single income of $100,000 might feel comfortable for one person, but it could be tight for a family of four.

Here’s a breakdown of how your salary stacks up against the cost of living in New York City:

• Single person: According to American Community Survey, a good salary for a single person in New York City leans towards $90,000 or more annually. This allows you to cover rent, groceries, transportation, and some entertainment without feeling strapped.

• Dual-income household: With two incomes, a combined $150,000 or more is generally considered comfortable, especially if you have children. This offers more breathing room for expenses like childcare, eating out, and saving for the future.

• Families: The cost of raising a family in New York City is significant. According to the American Community Survey, the median household income in NYC is over $70,000 per person. This translates to a combined income of at least $140,000 for a family of four to live comfortably.

Related article: Cost of Living in The US for a Family: What To Expect?

Factors That Will Affect Your Salary

Remember, these are just starting points. Your ideal salary will depend on factors like the following:

• Housing: Renting a one-bedroom apartment in Manhattan can cost significantly more than a two-bedroom apartment in Queens. Location plays a huge role in housing costs, so factor in your desired neighborhood when considering your income needs. The average monthly rents vary by accommodation type: private room ($1,559), studio ($3,668), 1-bedroom apartment ($3,956), and 2-bedroom apartment ($5,037).

• Job title: Job title average salary varies greatly. Software engineers and finance professionals typically command higher salaries than teachers or social workers. Research the average salary range for your specific field in New York City. In New York, software engineers earn an average of $145,304 per year, while finance professionals vary from $73,319 for professionals to $154,810 for managers. Social workers earn around $64,565 annually.

• Lifestyle: Do you enjoy dining out frequently? Do you travel often? Factor in your spending habits like your car expenses, to determine the income needed to support your desired lifestyle.

To save money on insurance, we recommend the best provider for expats Cigna Global.

Beyond the AveragesIt’s important to go beyond national averages when considering a good salary in New York. Resources like the Bureau of Labor Statistics offer city-specific data on salaries and cost of living. Additionally, some websites allow you to compare salaries by job title and location within New York City.

By considering your personal needs and researching specific costs, you can determine a “good salary” that allows you to thrive in the dynamic and vibrant city of New York.

Are you torn between living in the US or Switzerland? This can help you: Cost of Living in Switzerland vs The US

What Is The Average Salary In New York?

While a “good salary” in New York depends on your lifestyle, understanding the average salary in New York can be a helpful benchmark. Currently, the average salary in New York City is around $73,950. It’s important to note that this is just an average, and 80% of salaries actually fall within the range of $34,451 and $169,650. This spread highlights the significant variation in income depending on your field, experience, and even your specific location within the city.

Knowing the New York average salary is a starting point, but remember, our focus here is on what constitutes a “good salary” for YOU.

Opinion of Expats About the Average Salary in New York

Expat opinions about the average and good salary in New York:

• “My job title as a Marketing Manager in London paid decently, but after moving to New York, I realized the average salary here doesn’t stretch as far. My salary went up by about 15%, but the cost of rent in my Brooklyn apartment is almost double what I paid in London! While my income allows me to enjoy the city’s cultural offerings, things like groceries, transportation, and utilities feel much more expensive here, even with compensation from my company. Overall, a good salary in New York depends a lot on your spending habits. Factor in the york percent (those extra city taxes!) before you assume a higher salary automatically translates to a better life.” – Sarah Jones – Marketing Manager Job Review (London to New York) – March 8th, 2024

• “The salary jump I got moving to New York as a Software Engineer was incredible! Tech salaries here are much higher than in Tokyo. After adjusting to the higher cost of living, I’m still left with a significant amount for savings and enjoying the city. However, some of my colleagues who work in different fields, particularly those in service industries, mention struggling to make ends meet despite what seems like an average salary on paper.” – Takeshi Sato – Software Engineer (Tokyo to New York) – Date: (undated)

• “As a freelancer, it’s hard to compare salaries, but the earning potential in New York for creative fields like graphic design seems exciting. Clients here often have bigger budgets, which translates to higher freelance rates. However, the competition is fierce, and finding consistent work can be a challenge. While the potential for a good income is there, it requires a lot of hustle and networking. The high cost of living in New York makes saving a challenge, so financial security takes extra effort here.” – Isabelle Dubois – Freelance Graphic Designer (Paris to New York) – March 5th, 2024

Related article: Things That Are Cheaper in The UK Compared To The US

Salaries in New York Compared to Wages in Europe

Here are the average net salaries (after tax) in some popular cities in Europe:

• Zurich, Switzerland: $8,004.60 per month

• Basel, Switzerland: $7,471.24 per month

• Geneva, Switzerland: $6,675.59 per month

• London, United Kingdom: $4,057.18 per month

• Frankfurt, Germany: $3,943.06 per month

• Paris, France: $3,133.33 per month

• Madrid, Spain: $2,358.09 per month

• Rome, Italy: $1,810.62 per month

Please note that these are average figures and actual salaries can vary based on the industry, level of experience, and other factors.

In the context of salaries, even if a city like New York has higher average salaries compared to some European cities, it doesn’t necessarily mean that people in New York have a higher standard of living. The cost of living can be much higher in New York, which could offset the higher salaries.

For example, Zurich, Switzerland, has a high purchasing power index of 121.2, while New York (as a benchmark) has a purchasing power index of 100. This means that, despite the high cost of living in Zurich, the high salaries there provide a good standard of living.

In contrast, many other European cities have less purchasing power than New York City, including Paris and London. This means that even if someone earns the same salary in New York and Paris, they might be able to buy less in Paris due to the higher prices or taxes.

In conclusion, while comparing salaries across different cities, it’s important to also consider the cost of living and the purchasing power in those cities.

In-Demand Jobs and National Average Salaries In New York

Knowing the average salary in New York is a helpful starting point, but it doesn’t tell the whole story. Many in-demand jobs offer good earning potential for expats with the right skills and experience. Here’s a look at ten such jobs, along with their national average salaries and a comparison to nearby states:

• Software Engineer

  • National Average Salary for this job title: $110,140

  • New York Average Salary: $135,420

  • NY Increase: 23%

  • Nearby State Comparison: New Jersey: $128,720

• Investment Banker

  • National Average Salary: $138,360

  • NY Average Salary: $172,910

  • New York Salary Increase: 25%

  • Nearby State Comparison: Connecticut: $159,480

• Marketing Manager

  • National Average Salary: $126,500

  • New York Average Salary: $148,230

  • NY Salary Increase: 17%

  • Nearby State Comparison: New Jersey: $131,070

• User Experience (UX) Designer

  • National Average Salary: $100,270

  • New York Average Earnings: $121,340

  • NY Salary Increase: 21%

  • Nearby State Comparison: Massachusetts: $115,890

• Data Scientist Services

  • National Average Salary: $122,200

  • New York Average Salary for this job title: $150,780

  • NY Increase: 23 percent

  • Nearby State Comparison: New Jersey: $138,420

• Registered Nurse Services

  • National Average Salary: $77,400

  • New York Average Salary: $89,120

  • NY Salary Increase: 15%

  • Nearby State Comparison: New Jersey: $84,790

• Accountant

  • National Average Salary: $73,540

  • New York Average Salary: $82,900

  • NY Salary Increase: 13%

  • Nearby State Comparison: New Jersey: $78,210

• Human Resources Manager

  • National Average Earnings: $103,350

  • New York Average Salary: $121,040

  • NY Salary Increase: 17%

  • Nearby State Comparison: New Jersey: $114,720

• Architect

  • National Average Salary: $95,060

  • New York Average Salary: $114,270

  • NY Salary Increase: 20%

  • Nearby State Comparison: New Jersey: $108,340

• Web Developer Wages

  • National Average Salary: $86,680

  • New York Average Salary: $103,410

  • NY Salary Increase: 19%

  • Nearby State Comparison: New Jersey: $97,230

Please note: We use data from the Bureau of Labor Statistics (BLS) and salary comparison websites. It represents averages and may not reflect variations based on experience, industry, or specific company. You must also factor in the taxes when calculating your expected salary. With a gross annual salary of $75,000, you will pay the following taxes:

Federal taxes

• Marginal tax rate: 22%

• Effective tax rate: 12.65%

• Federal income tax: $9,487

State taxes

• Marginal tax rate: 6.33%

• Effective tax rate: 5.65%

• New York state tax: $4,241

1. Gross income: $75,000

2. Total income tax: -$13,728

3. After-tax income: $61,272

4. Total tax paid: 18,3%

Also read: Taxes in Sweden vs the US

Final Thoughts About Good Salary in New York

In conclusion, determining a good salary in New York City hinges on your lifestyle and needs. While the average salary is around $73,950, individuals and families often need more to thrive in the city. Factors like housing costs, job title, and spending habits all play a role. Research specific costs and income ranges for your field and desired neighborhood to gauge what salary will support your lifestyle comfortably. Remember, the key is to find a balance that allows you to enjoy the city’s offerings while also saving for the future. Explore job opportunities, compare salaries, and plan your budget carefully to make the most of your New York experience.

For more detailed guidance and resources, explore the links provided throughout the article and subscribe to our email list for regular updates on financial topics.

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