Cost of Living in New York, NY
Population 8,483,844 · Census ACS 2020–2024 5-year estimates
The median rent in New York, NY is $1,821/month, 12% higher than the New York median and 29% higher than the U.S. median. The median home value is $777,600, 134% higher than the national median. Households earn a median of $80,483 a year, 6% lower than the state median.
Affordability
Run your own numbers: mortgage calculator · hourly to salary
New York vs. New York vs. U.S.
| New York | New York | U.S. | |
|---|---|---|---|
| Median rent | $1,821 | $1,621 | $1,413 |
| Median home value | $777,600 | $423,800 | $332,700 |
| Median household income | $80,483 | $85,974 | $80,734 |
| Homeownership rate | 32.8% | 54.3% | 65.2% |
| Bachelor's degree or higher | 41.6% | 40.2% | 35.7% |
| Poverty rate | 17.9% | 14.0% | 12.5% |
| Unemployment rate | 8.0% | 6.4% | 5.2% |
| Work from home | 16.9% | 14.9% | 15.1% |
| Median age | 38.2 | 39.8 | 38.9 |
FAQ
What is the average rent in New York, NY?
The median gross rent in New York, NY is $1,821 per month (ACS 2020–2024 5-year estimate).
How much do I need to earn to live in New York, NY?
Using the common 30% rule, renting a median-priced home takes about $72,840 a year in gross income.
Is New York, NY expensive to live in?
Rent there is 29% higher than the U.S. median, and the median home costs about 9.7 times the median household income.
Other cities in New York
Cities with a similar cost of living
Source: U.S. Census Bureau, American Community Survey 5-year estimates. Estimates have margins of error, especially for smaller places. This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
Explore more
New tools, top deals and new pages — one short email a week. No spam.