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The Average Rent in New York City

Tags: york rent living

Life in New York City is as lively and exciting as you imagine. The options for everything from employment to entertainment can overwhelm anyone. And that's before you take into account where to live in a city like this.

America's largest city is also deceptively small, so while you can live in one part of the city and get around without much hassle, choosing where to live will affect what your life in New York City will be like.

What is the average rent in New York City?

New York City is expensive. You knew that before you clicked on this article. But how expensive is it? The average monthly Rent for a one-bedroom apartment in The Big Apple comes in at just less than $4,000 a month. Across all five boroughs, renters living in New York City can expect to spend on average $3,955.

The COVID scare and high numbers of people leaving the city drove rental prices down 4.11 percent in the last year, but experts say those numbers will start to creep back up again once things begin to normalize.

new york city

How much do I need to make to live in New York City?

Are you sitting down? Good. Before we get to the magic number, let's talk about budgeting. Experts agree that you shouldn't spend more than 30 percent of your pre-tax income on rent.

If we take that rule and apply it to living in New York City, you need to earn at least $158,200. It sounds like a lot, but if we take the city's average rent of $3,955 and multiply it by 12 months in a year, we get $47,460 a year you'll spend on rent. And since rent should only be 30 percent of your pre-tax income, that puts your minimum pre-tax annual income around $158,200.

This number changes all the time, so check out ApartmentGuide.com's free rent calculator to figure out your monthly budget.

What is the cost of living in New York City?

Now that we've determined what we need to earn and what we can afford, we need to look at the rest of the numbers. Rent only accounts for part of your living expenses. You still need to budget monthly for utilities, internet, online subscriptions and more. And those costs can vary wildly depending on where you live.

  • Overall: The overall cost of living in New York City is 148.6 percent more than the national average
  • Groceries: The cost of living for groceries in New York City is 51.7 percent more than the national average
  • Housing: The cost of living for housing in New York City is a whopping 461 percent more than the national average
  • Utilities: The cost of living for utilities in New York City is roughly 5 percent less than the national average
  • Transportation: The cost of living for transportation in New York City is 31 percent higher than the national average
  • Healthcare: The cost of living for healthcare in New York City is about 9 percent more than the national average
  • Miscellaneous goods and services: The cost of living index for miscellaneous goods and services in New York City is 33 percent more than the national average

new york city subway

The most and least expensive neighborhoods in New York City

The rent in New York City can vary by thousands of dollars across just a couple of blocks, so it's important to determine what you can afford and what you like to do when you're apartment hunting in New York. Places on the west side will generally cost more than apartments east of Central Park.

And the further south you go below Midtown, the less you can expect to pay in rent. And don't forget to check the outer boroughs. Brooklyn, Queens, Staten Island and The Bronx all offer more for your rent money in terms of value.

What are the most expensive neighborhoods in New York City?

When it comes to living in New York City, the closer you are to all the things that make New York great, the more you can expect to pay. Living in Brooklyn will cost more on average than living in Staten Island.

And it's more expensive to live in Manhattan than in Queens. But one thing is constant: Whether it's Central Park or Corona Park, the Brooklyn Academy of Music or Lincoln Square, the closer you are to the action, the higher the cost.

RankNeighborhoodAverage 1-BR Rent PriceYoY Rent Price Change
1Downtown Manhattan$5,906 13.99%
2East Village$5,607 0.42%
3Lincoln Square$4,650 N/A
4Upper West Side$4,650 N/A
5Bowery$4,569 -16.74%
6West Village$3,800 0.00%
7Chelsea$3,782 -6.40%
8Hudson Yards$3,771 -7.73%
9Northern Brooklyn$3,605 1.28%
10Williamsburg$3,605 1.28%

What are the least expensive neighborhoods in New York City?

If none of those neighborhoods are in your price range, there are dozens more excellent options across all five boroughs. If you can't afford your dream neighborhood, live in an adjacent one. Find an apartment you love near a subway stop with an express train to a place you love.

RankNeighborhoodAverage 1-BR Rent PriceYoY Rent Price Change
1Rockaway Peninsula$1,647 -0.25%
2East Bronx$1,896 3.34%
3Pelham Parkway$1,896 3.34%
4Highbridge$1,904 12.03%
5West Bronx$1,904 12.03%
6North Shore$2,322 -0.66%
7Stapleton$2,322 -0.66%
8Sheepshead Bay$2,775 -3.74%
9Southern Brooklyn$2,775 -3.74%
10Hunters Point$3,167 -7.44%

Average rent prices in New York City neighborhoods

Different parts of the city will affect your budget differently. Pricing out prospective neighborhoods will allow you to budget more money for the things you love to do.

NeighborhoodAverage 1-BR Rent PriceYoY Rent Price Change
Bowery$4,569 -16.74%
Chelsea$3,782 -6.40%
Downtown Brooklyn$3,207 -9.50%
Downtown Manhattan$5,906 13.99%
East Bronx$1,896 3.34%
East Village$5,607 0.42%
Harlem$3,437 -9.69%
Hell's Kitchen$3,526 -7.09%
Highbridge$1,904 12.03%
Hudson Yards$3,771 -7.73%
Hunters Point$3,167 -7.44%
Lincoln Square$4,650 N/A
Midtown Manhattan$3,524 -11.01%
Morningside Heights$3,437 -9.69%
North Shore$2,322 -0.66%
Northern Brooklyn$3,605 1.28%
Pelham Parkway$1,896 3.34%
Rockaway Peninsula$1,647 -0.25%
Sheepshead Bay$2,775 -3.74%
Southern Brooklyn$2,775 -3.74%
Stapleton$2,322 -0.66%
Theater District$3,373 -15.36%
Times Square$3,373 -15.36%
Upper Manhattan$3,587 -8.55%
Upper West Side$4,650 N/A
West Bronx$1,904 12.03%
West Village$3,800 0.00%
Williamsburg$3,605 1.28%

Find your New York City neighborhood

New York is the greatest city in the world and a wellspring of opportunity. Finding the right home is an essential part of life here.

Rent prices are based on a rolling weighted average from Apartment Guide and Rent.com's multifamily rental property inventory of one-bedroom apartments. Data was pulled in December 2020 and goes back for one year. We use a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.
Neighborhoods with insufficient inventory were excluded.
Cost of living data comes from the Council for Community and Economic Research.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

The post The Average Rent in New York City appeared first on Apartment Living Tips - Apartment Tips from ApartmentGuide.com.



This post first appeared on Apartment Guide, please read the originial post: here

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The Average Rent in New York City

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