This Is Exactly How Expensive Living In The Big Apple Can Be
Everybody in America knows New York City is super-expensive. No matter how much the city lures you to move in, it is advisable to check on the exact cost of living in NYC before leaving your hometown. Precisely, as the Kiplinger survey rightly highlighted in 2018, the expense of living in the city of Manhattan was almost 138.6% of the average living cost in the US, which points toward the fact that NYC is one of the most expensive cities in the USA. If you are looking to relocate to the Empire city, it’s best to seek suggestions from a New Yorker, who can provide an exact idea of what it’s like to rent or buy a house and also provide additional information on other routine expenses. Exactly how costly is living in NYC? Read on to know more.
How Much Do You Need To Shell Out To Buy A Home In NYC?
As per a recent report, real estate costs in Manhattan rose to an average of about $1,773 per square foot in 2018 which is almost double the $902/square-foot average home price of the infamously expensive San Francisco. If you compare this to Boston, it will cost you $586 per square foot to buy a home in Beantown, and a house on Miami Beach would set you back for almost $504 for every square foot. If Zillow data is believed to be authentic, the average home price in Brooklyn was at $782,000 last year, whereas Queens recorded an average home price of $645,100. The Bronx, on the other hand, has an average home price of $435,800.
Are You Planning To Rent An Apartment In NYC?
In the Upper East Side of Manhattan, someone shelling out $20,000 every month for a family-size apartment is quite normal. If that proves a little too high, cut down on your choice and settle for a rented tiny space somewhere in Queens, for which you have to pay somewhere around $2,000 every month. However, Queens homes do not come with all the luxury options that you might have craved for. There are luxury apartments in New York, but these are best suited for the super-rich and not really for those making a moderate income. On an average, a Manhattan house rent came down slightly last year to $3,667. However, for that price, you are likely to get an apartment in the borough, roughly about 703 feet — a far cry from the expected palace!
Public Transport Options Are A Tad Cheaper
Single ticket fare is about $2.75 for a subway or bus ride in New York which can be availed at lesser rates by regular commuters who often resort to monthly passes at $116.50. Seen carefully, both are 12% more than bus fares in Chicago. Cabs are quite expensive, particularly on weekdays during rush hour. The New York average cab fare is about $2.50, whereas in Chicago it’s $3.24. One of the best things about the New York City transportation system is that you need no car for yourself, unlike most other cities. A garage on rent would set you back by $430 every month, while chances of street parking are little to none. Frankly speaking, public transport is a far better option for commuters in New York than private cars.
How Much Do You Have To Pay For Groceries?
If Chicago is compared to New York, grocery products cost about 10% more in the latter. However, there are few exceptions. For example, boneless chicken breasts or the skinless ones are about 3.6% more expensive in NYC compared to Chicago, and tomatoes are also more expensive in Manhattan. Talking about bottled water or beer, the prices are cheaper. Bear in mind that the price of groceries may vary from one market to another. Many exclusive grocery items can be found in New York and most of the grocery items’ costs are determined from the point at which they are purchased. Therefore, farmer’s markets are where you can find these products at a much cheaper price, in case you are ready to ditch convenience stores or malls and supermarket chains.
Dining Options Are Aplenty
There is no dearth of choices when it comes to dining in New York City. The street food joints and eateries scattered throughout the city are quite cheap, while there are family-owned restaurants that fulfill the requirements of those earning modestly. There are quite a few super-expensive restaurants, too. Going by statistics, three-course meals for two in any mid-range restaurant can cost about $75 in New York, compared to $55 in Chicago which means it’s 36.36% higher in NYC. Also, McDonald’s is pricier, too, as McMeals in New York is roughly about 23% more expensive than that in Chicago.
Considering the aforementioned factors, the City That Never Sleeps may not be for everyone. However, New Yorkers will be happy when pitted against San Francisco, for it’s the most expensive city in the US at this moment.
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