A good benchmark is apartment rentals. Your average landlord will require that your annual income be 40 times the monthly rent. For instance, if you want to live in a $2,000/month studio apartment in Manhattan (which is on the low end of the range for apartments in Manhattan, but not uncommonly so), you’ll need $80,000 a year.
That’s not a bad basis for your calculations. Figure on 30 percent going to taxes. So your monthly take home will be around $4,600. $2,000 for rent. Another $500 for expenses like cell phone, a subway pass, utilities, cable/Internet, maybe a gym membership if you skimp on the other expenses. Now you’re left with $2100 to play with. Is that enough for fun and comfortable? Depends on what you do for fun.
For instance, people eat out a LOT in NYC. Esp. if you live in Manhattan, because unless you live in a palatial apartment (in which case, you wouldn’t have needed to ask this question), your kitchen is miniscule, and your apartment is so small that you can’t cook anything that isn’t instant/microwaveable without stinking up your home for days. Plus groceries are so expensive that you’d hardly save much money cooking anyway. So let’s assume $20 a day during the week for takeout (lunch and dinner), and $100 a day on weekends (you’ll go to a nicer place with your friends to hang out). That’s $300 a week on food. You have $900 left for the month, or $225 per week of spare cash. While it’s possible to drink cheaply in NYC, it’s also absurdly easy to blow through $225 in a weekend of NYC nightlife, even if you’re not going to the velvet-rope clubs. And don’t forget that part of this $225 needs to be put away to buy new clothes occasionally, or for savings.
How Much Minimum Salary Do You Needed to Live in NYC City?
Now, of course, plenty of people live in NYC and make less. You can do that if you get (or have) roommates, if you live in the outer boroughs (or even New Jersey), or both. You can do that if your idea of fun doesn’t necessarily include Broadway plays, clubs in the Meatpacking district, dining at places you read about on Chowhound/Eater/New York magazine/etc, or going to see well-known bands. If you don’t need to shop in Soho or Manhattan in general or wear a suit and tie (or the female equivalent) for work. If you’re content to subsist on food sold by street carts or at divey Chinatown spots (much of which, it must be said, is quite tasty and delicious.)
I’ve read news stories about some very creative ways people make do with less money. For instance, for housing, I’ve read about people who cram four to a room, building bunkbeds and sleeping in shifts, etc. If you work in fashion, entertainment or PR, many people feed themselves through food at work functions (receptions and such) — gorging themselves, surreptitiously sneaking extra food home, etc. — and eating instant ramen whenever the functions aren’t taking place.
FAQs
A single adult living in New York City would need to make $138,570 a year in order to live comfortably, according to the study. That equates to an hourly wage of $66.62. To cover the cost of just necessities as a single person in New York City, you would need to make an estimated $70,000, according to SmartAsset.
How much money do you need to live comfortably in NYC? ›
New York City ranks first overall, requiring an income of $138,570 for a single person to live comfortably. In contrast, single people in Houston need to earn $75,088 — the lowest amount of all major U.S. cities examined. Other large coastal cities follow NYC in the rankings.
Is $300,000 enough to live in NYC? ›
New York, NY
New York City residents need to earn at least $312,000 to get that six-figure feel. The nation's most populous city requires a lot of resources to maintain and upgrade its infrastructure and meet the demands of roughly 8.5 million residents and 61 million projected tourists for 2023.
Is 90k enough to live in NYC? ›
Also depends if you have student loans or whether you plan to live by yourself or with roommate(s). It's doable, but 90k pre-tax in NYC is tough. You may need to compromise on location and/or roommate arrangement.
Is $40,000 enough to live in NYC? ›
To meet your living needs in New York, you will need an annual income of between $40,000 and $100,000 after taxes.
What is a livable wage in New York? ›
What are Some Current (2023) Living Wage Estimates in New York State?
| Living Wage for a Single Worker Living Alone with No Children | Cornell ILR Estimate | FMR-Based Housing Wage |
|---|
| Statewide | $24.77 | $32.44 |
| Upstate | $17.47 | $18.08 |
| Downstate | $28.54 | $39.86 |
| Tompkins County | $18.45 | $24.54 |
Jan 16, 2024
We've identified 10 cities where the typical salary for a 150K job is above the average in New York. Topping the list is Northwest Ithaca, with Manhattan and New York City close behind in second and third.
Can I live off 100K in NYC? ›
Approximately $100,000 in annual income would be required to meet rent, food, and other needs based on the number of children. For a couple who wants to live in a two-room apartment and cover all other expenses, a good option would be to earn between $60,000 and $80,000 per year for each partner.
What is a very good salary in New York? ›
A single adult living in New York City would need to make $138,570 a year in order to live comfortably, according to the study. That equates to an hourly wage of $66.62. To cover the cost of just necessities as a single person in New York City, you would need to make an estimated $70,000, according to SmartAsset.
Is $50,000 a year good NYC? ›
Q: Can you live in NYC with 50k? A: Living in NYC on an annual income of $50,000 won't be easy, but it is possible, and it will definitely require some clever budgeting.
Families with 1 child need to earn at least $70,000 gross per year per person. For a single person, a minimum yearly gross income of $75,000 ($61,272 net) is considered a good salary in New York. This amounts to $6,250 monthly ($5,106 net), which is enough to cover your cost of living in New York of $4,299.
Is 80K a good salary in NYC? ›
80K A Year Salary in New York. $72,155 is the 25th percentile. Salaries below this are outliers. $87,461 is the 75th percentile.
What percent of NYC makes 100k? ›
Approximately four out of seven households in Manhattan earn over $100k. For the whole city, this figure is around 32%.
Is 250K a good salary in NYC? ›
While ZipRecruiter is seeing salaries as high as $384,285 and as low as $35,531, the majority of 250K salaries currently range between $219,747 (25th percentile) to $273,317 (75th percentile) with top earners (90th percentile) making $318,688 annually in New York City.
Is 200k enough to live in NYC? ›
Yes, that's the top 25% among some of the highest earning households in the world. This suggests that, even in New York City, you can live a decent life on $200k a year. Of course, how you define “a decent life” will be relative to your liabilities.
What does 50k a year look like? ›
If you earn $50,000 a year and work 40 hours a week for 50 weeks (assuming two weeks of holidays), your hourly rate would be approximately $24.04. Based on 2,000 hours worked annually, you would pay $2,369 in net federal taxes, leaving you with an after-tax income of $47,631 annually.
Can you live on 70k a year in NYC? ›
You'll develop the survival skills of a superhero (dodging rogue tourists and dubious hot dog vendors is a superpower, right?). And most importantly, you'll be living in a city that pulsates with life, energy, and the occasional questionable street performer. So, can you live in NYC on 70k a year? Absolutely!
How much is 120k salary in NYC? ›
If you make $120,000 a year living in the region of New York, USA, you will be taxed $35,858. That means that your net pay will be $84,143 per year, or $7,012 per month. Your average tax rate is 29.9% and your marginal tax rate is 39.5%.
How much does it cost to live in New York City for a single person? ›
The cost of living in New York City is 37% higher than the state average and 78% higher than the US average. The average monthly costs (without rent) are $1,574 for a single person and $5,795.70 for a family of four.
