salaryNew York is the largest city in New York that we track, with 8,516,202 residents. Rent is higher than in 89% of U.S. cities. A typical house costs about 9.4 years of household income, so buying is hard for most locals. Commutes are long, about 40.6 minutes each way. Most households rent (67%), so there are plenty of rental options.
How much money do I need?
To rent here comfortably, you should earn about $95,560 a year. That is $46 an hour at a full-time job.
Is rent cheaper than other New York cities?
No. Rent here is more expensive than in most of New York. It is number 253 of 348 cities from cheapest to most expensive.
Compare New York with other big cities
Compare New York to 149 other cities →
How much do households earn in New York?
Share of households by yearly income. 32.7% of households earn $100,000 or more.
Rent by apartment size in New York
| Size | New York | U.S. average |
|---|---|---|
| Studio | $1,633 | $1,185 |
| 1 bedroom | $1,705 | $1,180 |
| 2 bedrooms | $1,781 | $1,338 |
| 3 bedrooms | $2,065 | $1,500 |
| 4 bedrooms | $2,273 | $1,861 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is New York overall?
Everyday prices in the New York-Newark-Jersey City metro area are 13% above the U.S. average (index 112.6, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024.
Taxes and bills in New York
Life in New York
What jobs pay in New York
| Job | Median pay | Rent / pay |
|---|---|---|
| Lawyer | $203,450 | 14.1% |
| Physician Assistant | $163,540 | 17.5% |
| Software Developer | $161,970 | 17.7% |
| Nurse Practitioner | $152,790 | 18.8% |
| Operations Manager | $149,260 | 19.2% |
| Pharmacist | $135,720 | 21.1% |
| Computer Systems Analyst | $127,150 | 22.5% |
| Registered Nurse | $113,490 | 25.3% |
| Civil Engineer | $106,130 | 27.0% |
| Police Officer | $105,790 | 27.1% |
| Firefighter | $105,250 | 27.2% |
| Accountant | $105,100 | 27.3% |
| Dental Hygienist | $103,640 | 27.7% |
| Market Research Analyst | $97,360 | 29.4% |
| Elementary School Teacher | $95,240 | 30.1% |
| Plumber | $79,420 | 36.1% |
| Electrician | $76,450 | 37.5% |
| HVAC Technician | $74,090 | 38.7% |
| Licensed Practical Nurse | $72,800 | 39.4% |
| Carpenter | $69,680 | 41.1% |
| Truck Driver | $65,220 | 44.0% |
| Customer Service Representative | $48,890 | 58.6% |
| Nursing Assistant | $47,810 | 60.0% |
| Medical Assistant | $46,890 | 61.1% |
| Server (Waiter/Waitress) | $45,010 | 63.7% |
| Restaurant Cook | $41,980 | 68.3% |
| Warehouse Worker | $41,270 | 69.5% |
| Retail Salesperson | $37,350 | 76.8% |
| Cashier | $35,440 | 80.9% |
Is it cheaper to rent or buy in New York?
Renting is cheaper right now: about $2,827 a month less.
Owning assumes a typical $751,700 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $75,170 for the down payment.
Frequently asked questions
What is the average rent in New York, NY?
People who moved into a rental in New York since 2021 pay a median of $2,389 a month, including utilities. The New York median is $1,906.
How much do I need to make to live in New York?
To keep rent under 30% of income, you need about $95,560 a year, or $46 an hour at a full-time job.
Is New York cheap or expensive?
New York is rated Expensive: rent takes 36.0% of the typical household income of $79,713. It ranks 253rd cheapest of 348 New York cities we track.
How much are property taxes in New York?
The median homeowner in New York pays $6,358 a year in property taxes, about 0.85% of the median home value.
Is New York more expensive than the national average?
Overall prices in the metro area are 13% above the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in New York?
The median home value in New York is $751,700, about 9.4 times the typical yearly household income.
8,516,202 people live in New York. Numbers are typical (middle) values.