How Much Money To Survive In Nyc

How do people live a comfy life making less than six-figures in expensive cities?

Judging by the fact that over eight million people alive in New York City, I'grand guessing a good number manage to figure it out.

Are all those people living beyond their means, accumulating credit card debt and living the high life for the opportunity to say 'I'chiliad a New Yorker'?

Later living in NYC for over ten years, I've come to larn that…

New York City is as expensive as you want information technology to be.

Certain, I'd love if it were cheaper to alive in New York Urban center, but by the aforementioned token, there are more than than enough resource available in the Big Apple to reduce expenses, and even cut out entire expense categories – bye, farewell car payments.

This sample budget is meant to reverberate a comfortable yet frugal New York City lifestyle for a single adult.

You won't find fine dining or the trappings of luxe living in these numbers, simply you may observe that living in New York Urban center doesn't cost nearly every bit much as ill-informed speculators and the media frenzy would take you believe.

How Much Do You lot Really Need to Live In New York Urban center?

New York Urban center Rent: $900/month

You don't take pay 3k for a decent identify to live, nor do you take to subject yourself to living in a windowless, basement shoebox to beget your rent.

To keep housing costs under $1,000 per month, you'll likely have to share your living space, just yous can still beget your own room in a fairly spacious apartment.

Some prime neighborhoods for affordable NYC housing include Washington Heights, Inwood, and Harlem (my neighborhood) in Manhattan; Astoria and Long Island City in Queens; Bushwick in Brooklyn; and Union City and Due west New York in New Jersey.

This is just fractional list to innovate y'all to areas across midtown and downtown Manhattan.

If yous're just starting out, moving to New York Urban center for the first time, consider subletting an flat when you first arrive.

Instead of a signing a lease and committing to a year in a new location, a short-term sublet volition give you the flexibility to go familiar with various, affordable neighborhoods before settling downward.

(Bonus: Information technology tin likewise exist a lot easier to secure a sublet, as you often don't have to have bear witness an income 40x the monthly rent – the standard when shopping for an NYC lease of your own).

Renter's Insurance: $10/month

Renter'due south insurance protects you lot and your belongings in case of disaster, theft or vandalism. And yes, it's the kind of insurance that'southward totally worth having.

I was beyond the street from the site of the 2015 East Village explosion when it happened and saw iii full apartment buildings burn down to the basis within an 60 minutes. My bf has had his flat broken into and burglarized twice. Sh*t happens.

Renter's Insurance is super cheap, provided y'all don't have anything besides fancy in your new digs that requires extra insuring.

Utilities: $l/month

Heat and hot water are generally included in the price of NYC rent so that leaves gas and electric.

Again, having a roommate or two can be tremendously helpful in cutting down this cost. Even with some A/C use in the summer, an boilerplate of $50 per month, per person is a reasonable expectation.

Internet: $xxx/month

Once more, splitting the cost with a roomie and only worrying about net rather than a full premium cable package keeps this expense depression without much sacrifice. Thank goodness for Netflix.

(If you want to proceed some basic channels, a digital antenna (*this is an affiliate link to the ane I have), is a super cheap, sometime toll culling.)

Cell Phone: $75/calendar month

The national average cell phone neb is around $73/calendar month, though in that location are definitely major savings to be had in this category. Family plan anyone?

Transportation: $116.l/month

Unlimited Monthly Metro Card(*equally of 2016).

Groceries: $300/calendar month

I'm basing this off of my monthly grocery neb, which is a combination of grocery delivery and shopping at Trader Joe'south for organic fruits and veggies. You tin can probably eat for significantlyless.

Laundry: $15/month

Well-nigh New Yorkers don't have access to their ain washer/dryer and I'chiliad one of them. I've gotten actually expert at stretching out my laundromat visits to in one case every 3-4 weeks to bring downwardly my costs.

The pull a fast one on is to ain a lotof socks and underwear. You can re-wear just about everything else.

Health Insurance: $328/month

The average cost of wellness insurance for a middle tier health plan on the substitution (note that these numbers change each yr).

Store and compare health insurance plans to see how much you need to ready aside for health care in your budget.

Personal Care/ Cleaning Products: $50/month

My occasional Amazon orders of contact solution, razors, deodorant, make up, toilet newspaper and other personal intendance and cleaning supplies generally average out to effectually $50/month. (I also go through the Ebates shopping portal to score some boosted greenbacks dorsum on all my online ordering).

Miscellaneous/Discretionary: $200/calendar month

Classes, concern expenses, new clothing, postage, gifts, dental cleaning, prescriptions, etc.

Entertainment/Play: $100/calendar month

Happy hours, dinners out, theater, social see ups, Netflix, etc.

*Check out my suggestions for keeping your entertainment upkeep under $100/month.

Brusk Term Savings Goals: $100/month

Emergency fund contributions and brusque/medium-term savings goals.

Long Term Savings/ Debt Pay Off: $250/calendar month

Retirement contributions, long term savings goals, and debt pay off.

Total: $2,524.50 per month

That'due south $30,294 per year after taxes, which ways that to live a reasonably comfortable life in New York Urban center, a single person would need to make a salary of roughly $xl,000 per twelvemonth.

This is acomfortable (though far from indulgent) budget. You can absolutely utilize strategies to reduce the prison cell phone neb, the entertainment budget and utility consumption, amidst other things.

If you're having a crude calendar month, you can adopt a blank bones budget – reducing discretionary spending and savings contributions to fund necessities only.

There are all kinds of ways to rearrange and reallocate the to a higher place numbers for your specific needs and values, but for the sake of answering the question of how much you demand to alive in New York Urban center comfortably as a single adult, while withal preparing for a fiscal future? These numbers are a solid starting indicate.