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.
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.
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.
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.
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.
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.
| Rank | Neighborhood | Average 1-BR Rent Price | YoY Rent Price Change |
|---|---|---|---|
| 1 | Downtown Manhattan | $5,906 | 13.99% |
| 2 | East Village | $5,607 | 0.42% |
| 3 | Lincoln Square | $4,650 | N/A |
| 4 | Upper West Side | $4,650 | N/A |
| 5 | Bowery | $4,569 | -16.74% |
| 6 | West Village | $3,800 | 0.00% |
| 7 | Chelsea | $3,782 | -6.40% |
| 8 | Hudson Yards | $3,771 | -7.73% |
| 9 | Northern Brooklyn | $3,605 | 1.28% |
| 10 | Williamsburg | $3,605 | 1.28% |
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.
| Rank | Neighborhood | Average 1-BR Rent Price | YoY Rent Price Change |
|---|---|---|---|
| 1 | Rockaway Peninsula | $1,647 | -0.25% |
| 2 | East Bronx | $1,896 | 3.34% |
| 3 | Pelham Parkway | $1,896 | 3.34% |
| 4 | Highbridge | $1,904 | 12.03% |
| 5 | West Bronx | $1,904 | 12.03% |
| 6 | North Shore | $2,322 | -0.66% |
| 7 | Stapleton | $2,322 | -0.66% |
| 8 | Sheepshead Bay | $2,775 | -3.74% |
| 9 | Southern Brooklyn | $2,775 | -3.74% |
| 10 | Hunters Point | $3,167 | -7.44% |
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.
| Neighborhood | Average 1-BR Rent Price | YoY 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% |
New York is the greatest city in the world and a wellspring of opportunity. If the prices don't scare you off, then take a look at the available homes for sale or apartments for rent and get started finding your new home today!
Ryan Sloane is an award-winning journalist, writer, comedian and former child. He's lived in Atlanta for 10 years but still calls himself a New Yorker. Lately, he's doing a lot of stress eating and watching cable news in his sweatpants. You should probably check in with him on Twitter and see how he's doing.