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New York Yearly Expenses
Category:
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Multi-State
Control #:
US-175-AZ
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Word;
PDF;
Rich Text
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FAQ
If you want to compare your salary to how much the cost of living is in NYC, it can be helpful to know that the average cost of living in New York City for a single person a month is estimated to be around $1,814.00 without rent (and that's on the conservative side).
That's $30,294 per year after taxes, which means that to live a reasonably comfortable life in New York City, a single person would need to make a salary of roughly $40,000 per year.
Statisticians say middle class is a household income between $25,000 and $100,000 a year. Anything above $100,000 is deemed upper middle class.
With a $500,000+ income, you are considered rich, wherever you live! According to the IRS, any household who makes over $500,000 a year in 2022 is considered a top 1% income earner. Of course, some parts of the country require a higher income level to be in the top 1% income, e.g. Connecticut at $580,000.
A good salary in New York, NY is anything over $54,000. That's because the median income in New York is $54,000, which means if you earn more than that you're earning more than 50% of the people living in New York. The average salary in New York is $64,741. A good hourly wage in New York is $25.96 per hour.
I definitely think you can live comfortably on a salary of $50,000, even in New York City, says Haskins. It's an expensive city, but I think if you know where your money is going and you recognize what your priorities are, it's totally doable.
With the proper budget and discipline, $50,000 is an excellent salary. In 2020, the median household income in the United States was about $67,000. Your debt load, dependents, and assets will determine how comfortably you can live with an income of $50k.
