New York City is an extremely expensive city to live in. The median rent for an apartment with two bedrooms is $1,638. It is over double that to live in Manhattan. Houses are on average close to half a million dollars. Transportation is a large cost whether you own a car or plan to use public transport. Food is more expensive in the city than elsewhere. With all the fun things to do, entertainment is always a large expense as well.
- products sold in New York City often sell at prices double the national average rate
- On top of normal maintenance and repair costs, NYC car owners need to deal with parking fees and abnormally high gas prices
- New York City also boasts more expensive grocery prices, housing prices, whether through rental or sale of property, and entertainment expenses
“It’s no secret that living in New York City is darn expensive. Before the average NYC resident’s paycheck even reaches the bank, she’s shelling out some of the highest income taxes in the country, with total rates ranging from 7% to 12%.”