Anyone who has ever visited New York City, or even considering living in the Big Apple knows that the cost of living their can be pricey. Those residents who live in New York City experience some of the highest cost housing around. Even then there are still other aspects in which they face a high cost of living. Some of these expenses include utilities, transportation, food, and various forms of entertainment. What many people question is the cost of living!
Of course, when it comes to the subject of housing in New York City one must decide on whether they should buy or rent. The median price home in the New York Metro area in 2018 was $403,900. The great thing about purchasing a home in New York City is that it has a far higher appreciation rate than any other state. Renting is equally as expensive in the Big Apple as well. A studio apartment runs $1,889 a month, while a one bedroom runs $2,098.
It doesn’t matter if the person has chosen to buy or rent, they are still going to face the expense of utilities. As of May of 2019 the average cost of utilities for a 915 square foot apartment runs about $145.55a month. These utilities are the most basic of utilities including heating, electricity, water, and garbage. Residents would more than likely still need internet and phone that are not included within this cost.
Transportation is another additional expensive that is quite high in New York City. According to a study that was conducted in 2017 parking in New York City was running around $606.37 a month. In addition to the cost of parking, if a resident owns their own vehicle the price of gas in the New York City area generally runs about 20 cents higher than the average cost of gas in the United States.
The overall cost of food and entertainment is also significantly higher in New York City compared to the rest of the United States. A study done in May of 2019 showed that the average cost of groceries for one in New York City runs about $471.34 a month compared to $324.20 which is the average in the country.