The short version: very very expensive
New York, New York, it's a hell of a town—and also a hell of an expensive one. If you've lived here for any length of time, you know this already. But a new report compiled by StreetEasy breaks down the cost of living in New York City along various different factors (including the cost of transportation, food, entertainment, and rent), and their data confirms the obvious: It's stupid expensive to live in New York. Here's how the data breaks down for some of the bigger facets of daily life represented in the study. (TL;DR version: It's really, really, really expensive here.)
Living: Per StreetEasy's data, "[In 2015], the median asking rent in the city accounted for a jaw-dropping 58.4 percent of the median income." Considering that the old adage says that you shouldn't use more than 30 percent of your income to pay your rent…that's a lot. It's not much better for buyers: According to SE, "reports indicate that the median resale value for homes in Manhattan has reached $982,437, and $539,300 in Brooklyn."
Transportation: In theory, New Yorkers who don't own cars should be at an advantage over their counterparts in other cities—but our mass transit prices are actually higher than those in comparable U.S. cities like Chicago or L.A. Plus, if you do drive, the cost of car insurance is $4,093 a year. (The solution? Don't own a car.)
Food: Welp: "a trip to the grocery store will cost you between 28 percent and 39 percent more than the national average." But it's easier and less expensive to find what are considered "niche" products—StreetEasy uses "organic almond milk, quinoa and Manchego cheese" as examples—than it is in other cities.
Childcare: More depressing news: "According to a study produced by New York State Senator Kirsten Gillibrand, the average New York City family spends $16,250 per year on infant for childcare." The StreetEasy study calls the cost of raising a child in NYC "prohibitive" and while there are certainly other methods of childcare available out there, these numbers aren't exactly heartening.
You can read the full report over at StreetEasy.
from
http://ny.curbed.com/2016/4/19/11463922/new-york-cost-of-living-report
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