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- What it's really like living in New York City on a $100,000 salary
What it's really like living in New York City on a $100,000 salary
New York is a relatively high-income state.
![What it's really like living in New York City on a $100,000 salary](/_next/image?url=https%3A%2F%2Fstaticbiassets.in%2Fthumb%2Fmsid-68209567%2Cwidth-700%2Cheight-525%2Cimgsize-1106742%2Fnew-york-is-a-relatively-high-income-state-.jpg&w=3840&q=75)
Many flock to the Big Apple for the assortment of high-paying jobs the market has to offer.
![Many flock to the Big Apple for the assortment of high-paying jobs the market has to offer.](https://staticbiassets.in/thumb/msid-68209565,width-700,height-525,imgsize-1307463/many-flock-to-the-big-apple-for-the-assortment-of-high-paying-jobs-the-market-has-to-offer-.jpg)
Source: CNBC
Jobs that pay a $100,000 salary specifically in New York include business analyst, executive assistant, and software engineer.
![Jobs that pay a $100,000 salary specifically in New York include business analyst, executive assistant, and software engineer.](https://staticbiassets.in/thumb/msid-68209563,width-700,height-525,imgsize-1329810/jobs-that-pay-a-100000-salary-specifically-in-new-york-include-business-analyst-executive-assistant-and-software-engineer-.jpg)
Source: Indeed
With $100,000 rolling into your bank account annually, you may think you're ahead of the game, which is relatively true.
![With $100,000 rolling into your bank account annually, you may think you](https://staticbiassets.in/thumb/msid-68209561,width-700,height-525,imgsize-1356771/with-100000-rolling-into-your-bank-account-annually-you-may-think-youre-ahead-of-the-game-which-is-relatively-true-.jpg)
But in reality, your take-home pay will be closer to $65,000 after income taxes.
![But in reality, your take-home pay will be closer to $65,000 after income taxes.](https://staticbiassets.in/thumb/msid-68209560,width-700,height-525,imgsize-1391211/but-in-reality-your-take-home-pay-will-be-closer-to-65000-after-income-taxes-.jpg)
Source: Go Banking Rates
Then you have to account for New York's infamously high cost of living.
![Then you have to account for New York](https://staticbiassets.in/thumb/msid-68209559,width-700,height-525,imgsize-1383865/then-you-have-to-account-for-new-yorks-infamously-high-cost-of-living-.jpg)
The cost of living here is 129% higher than the national average, according to PayScale.
![The cost of living here is 129% higher than the national average, according to PayScale.](https://staticbiassets.in/thumb/msid-68209557,width-700,height-525,imgsize-984219/the-cost-of-living-here-is-129-higher-than-the-national-average-according-to-payscale-.jpg)
Source: PayScale
A gallon of milk in New York, for example, costs $4.53 versus the national average cost of about $3.50.
![A gallon of milk in New York, for example, costs $4.53 versus the national average cost of about $3.50.](https://staticbiassets.in/thumb/msid-68209556,width-700,height-525,imgsize-1333757/a-gallon-of-milk-in-new-york-for-example-costs-4-53-versus-the-national-average-cost-of-about-3-50-.jpg)
Source: Investopedia and Studying in the US
When it comes to discretionary spending, it costs an average of $100 to have a gym membership in New York ...
![When it comes to discretionary spending, it costs an average of $100 to have a gym membership in New York ...](https://staticbiassets.in/thumb/msid-68209555,width-700,height-525,imgsize-1008059/when-it-comes-to-discretionary-spending-it-costs-an-average-of-100-to-have-a-gym-membership-in-new-york-.jpg)
Source: Business Insider
To get around the city, a monthly public transit ticket is $121, which is the fifth most expensive monthly transit ticket compared to 50 global cities.
![To get around the city, a monthly public transit ticket is $121, which is the fifth most expensive monthly transit ticket compared to 50 global cities.](https://staticbiassets.in/thumb/msid-68209551,width-700,height-525,imgsize-1218193/to-get-around-the-city-a-monthly-public-transit-ticket-is-121-which-is-the-fifth-most-expensive-monthly-transit-ticket-compared-to-50-global-cities-.jpg)
Source: Business Insider
The city's sales tax rate sits at 4.5%, and combined with the 4% state sales tax, consumers pay a total 8.5% sales tax to shop in New York City.
![The city](https://staticbiassets.in/thumb/msid-68209550,width-700,height-525,imgsize-1365774/the-citys-sales-tax-rate-sits-at-4-5-and-combined-with-the-4-state-sales-tax-consumers-pay-a-total-8-5-sales-tax-to-shop-in-new-york-city-.jpg)
For reference, the average sales tax in the US ranges from 2.9% to 7.25% in the majority of states, with some states not enforcing one at all.
![For reference, the average sales tax in the US ranges from 2.9% to 7.25% in the majority of states, with some states not enforcing one at all.](https://staticbiassets.in/thumb/msid-68209548,width-700,height-525,imgsize-967180/for-reference-the-average-sales-tax-in-the-us-ranges-from-2-9-to-7-25-in-the-majority-of-states-with-some-states-not-enforcing-one-at-all-.jpg)
Source: USA Today
Then there's the issue of housing, which is by far the biggest contributor to New York's high cost of living. Housing is a whopping 369% higher in New York than the national average.
![Then there](https://staticbiassets.in/thumb/msid-68209547,width-700,height-525,imgsize-1318332/then-theres-the-issue-of-housing-which-is-by-far-the-biggest-contributor-to-new-yorks-high-cost-of-living-housing-is-a-whopping-369-higher-in-new-york-than-the-national-average-.jpg)
Source: PayScale
The city's property taxes are relatively low at 0.8%, compared to the statewide and national averages of 1.65% and 1.19% respectively.
![The city](https://staticbiassets.in/thumb/msid-68209546,width-700,height-525,imgsize-1271466/the-citys-property-taxes-are-relatively-low-at-0-8-compared-to-the-statewide-and-national-averages-of-1-65-and-1-19-respectively-.jpg)
Source: Smart Asset and Smart Asset
If you want to buy a home In the New York City metro area, a yearly salary of $105,684.33 could afford you the cost of the principal, interest, taxes, and insurance on a median-priced home, according to mortgage rate site HSH.
![If you want to buy a home In the New York City metro area, a yearly salary of $105,684.33 could afford you the cost of the principal, interest, taxes, and insurance on a median-priced home, according to mortgage rate site HSH.](https://staticbiassets.in/thumb/msid-68209545,width-700,height-525,imgsize-1415529/if-you-want-to-buy-a-home-in-the-new-york-city-metro-area-a-yearly-salary-of-105684-33-could-afford-you-the-cost-of-the-principal-interest-taxes-and-insurance-on-a-median-priced-home-according-to-mortgage-rate-site-hsh-.jpg)
Source: HSH
Of course, this is assuming you already have a 20% down payment of about $80,780 already saved. And your options for buying a home in the city for $403,900, the median home price in the greater metro area, will be a little slimmer.
![Of course, this is assuming you already have a 20% down payment of about $80,780 already saved. And your options for buying a home in the city for $403,900, the median home price in the greater metro area, will be a little slimmer.](https://staticbiassets.in/thumb/msid-68209544,width-700,height-525,imgsize-1112936/of-course-this-is-assuming-you-already-have-a-20-down-payment-of-about-80780-already-saved-and-your-options-for-buying-a-home-in-the-city-for-403900-the-median-home-price-in-the-greater-metro-area-will-be-a-little-slimmer-.jpg)
The median home value in the five boroughs of New York City is closer to $680,000, according to Zillow.
![The median home value in the five boroughs of New York City is closer to $680,000, according to Zillow.](https://staticbiassets.in/thumb/msid-68209543,width-700,height-525,imgsize-1503544/the-median-home-value-in-the-five-boroughs-of-new-york-city-is-closer-to-680000-according-to-zillow-.jpg)
Source: Zillow
And renting isn't any easier.
![And renting isn](https://staticbiassets.in/thumb/msid-68209542,width-700,height-525,imgsize-1097516/and-renting-isnt-any-easier-.jpg)
If you abide by the old adage to put no more than 30% of your annual income toward housing costs, then that leaves you with $2,500 a month for rent.
![If you abide by the old adage to put no more than 30% of your annual income toward housing costs, then that leaves you with $2,500 a month for rent.](https://staticbiassets.in/thumb/msid-68209541,width-700,height-525,imgsize-1474314/if-you-abide-by-the-old-adage-to-put-no-more-than-30-of-your-annual-income-toward-housing-costs-then-that-leaves-you-with-2500-a-month-for-rent-.jpg)
Source: Naked Apartments
While that may seem like a lot, this is New York City we're talking about ...
![While that may seem like a lot, this is New York City we](https://staticbiassets.in/thumb/msid-68209540,width-700,height-525,imgsize-1233657/while-that-may-seem-like-a-lot-this-is-new-york-city-were-talking-about-.jpg)
... where the average renter pays $3,667 for an apartment, according to Investopedia.
![... where the average renter pays $3,667 for an apartment, according to Investopedia.](https://staticbiassets.in/thumb/msid-68209539,width-700,height-525,imgsize-1127336/-where-the-average-renter-pays-3667-for-an-apartment-according-to-investopedia-.jpg)
Source: Investopedia
If you opt for a one-bedroom apartment in Manhattan, that'll cost you closer to $3,100 a month in rent.
![If you opt for a one-bedroom apartment in Manhattan, that](https://staticbiassets.in/thumb/msid-68209537,width-700,height-525,imgsize-1066246/if-you-opt-for-a-one-bedroom-apartment-in-manhattan-thatll-cost-you-closer-to-3100-a-month-in-rent-.jpg)
Source: Naked Apartments
And on top of that, New York renters often have to cough up what's called a broker's fee, which usually amounts to about one month's rent of an apartment up front upon signing a lease.
![And on top of that, New York renters often have to cough up what](https://staticbiassets.in/thumb/msid-68209536,width-700,height-525,imgsize-1247350/and-on-top-of-that-new-york-renters-often-have-to-cough-up-whats-called-a-brokers-fee-which-usually-amounts-to-about-one-months-rent-of-an-apartment-up-front-upon-signing-a-lease-.jpg)
To afford something roomier than a studio apartment, there's a good chance you'll need to find a roommate, like many New Yorkers do.
![To afford something roomier than a studio apartment, there](https://staticbiassets.in/thumb/msid-68209535,width-700,height-525,imgsize-1236603/to-afford-something-roomier-than-a-studio-apartment-theres-a-good-chance-youll-need-to-find-a-roommate-like-many-new-yorkers-do-.jpg)
In fact, a 2017 study found that 40% of adult renters in New York city were living with a roommate.
![In fact, a 2017 study found that 40% of adult renters in New York city were living with a roommate.](https://staticbiassets.in/thumb/msid-68209532,width-700,height-525,imgsize-1453279/in-fact-a-2017-study-found-that-40-of-adult-renters-in-new-york-city-were-living-with-a-roommate-.jpg)
Source: New York Curbed
You could also live in one of the surrounding boroughs of Brooklyn, Queens, and the Bronx, which are still pricey but more affordable than Manhattan.
![You could also live in one of the surrounding boroughs of Brooklyn, Queens, and the Bronx, which are still pricey but more affordable than Manhattan.](https://staticbiassets.in/thumb/msid-68209531,width-700,height-525,imgsize-827277/you-could-also-live-in-one-of-the-surrounding-boroughs-of-brooklyn-queens-and-the-bronx-which-are-still-pricey-but-more-affordable-than-manhattan-.jpg)
Source: Naked Apartments
The average studio rent in the Bronx runs for $1,450 while the average rent for a studio in Queens and Brooklyn is $2,175 and $2,350, respectively.
![The average studio rent in the Bronx runs for $1,450 while the average rent for a studio in Queens and Brooklyn is $2,175 and $2,350, respectively.](https://staticbiassets.in/thumb/msid-68209530,width-700,height-525,imgsize-1298499/the-average-studio-rent-in-the-bronx-runs-for-1450-while-the-average-rent-for-a-studio-in-queens-and-brooklyn-is-2175-and-2350-respectively-.jpg)
Source: Naked Apartments
If you're determined to have your own space in Manhattan, you could also adopt the ever-trending tiny-living lifestyle.
![If you](https://staticbiassets.in/thumb/msid-68209529,width-700,height-525,imgsize-986310/if-youre-determined-to-have-your-own-space-in-manhattan-you-could-also-adopt-the-ever-trending-tiny-living-lifestyle-.jpg)
Tiny apartments aren't uncommon in New York City, but the 55 micro-apartments at Carmel Place in Lower Manhattan take that concept to a new level.
![Tiny apartments aren](https://staticbiassets.in/thumb/msid-68209528,width-700,height-525,imgsize-1182627/tiny-apartments-arent-uncommon-in-new-york-city-but-the-55-micro-apartments-at-carmel-place-in-lower-manhattan-take-that-concept-to-a-new-level-.jpg)
Source: Business Insider
The apartments were developed back in 2015 as another tiny-living experiment to help aid the city's growing population and resulting lack of affordable housing.
![The apartments were developed back in 2015 as another tiny-living experiment to help aid the city](https://staticbiassets.in/thumb/msid-68209527,width-700,height-525,imgsize-746828/the-apartments-were-developed-back-in-2015-as-another-tiny-living-experiment-to-help-aid-the-citys-growing-population-and-resulting-lack-of-affordable-housing-.jpg)
Source: Business Insider
But gym access, housekeeping, laundry facilities, grocery delivery, and access to social events are included in that price, as well as up-to-date appliances and furniture, which trims your cost-of-living elsewhere.
![But gym access, housekeeping, laundry facilities, grocery delivery, and access to social events are included in that price, as well as up-to-date appliances and furniture, which trims your cost-of-living elsewhere.](https://staticbiassets.in/thumb/msid-68209520,width-700,height-525,imgsize-1087991/but-gym-access-housekeeping-laundry-facilities-grocery-delivery-and-access-to-social-events-are-included-in-that-price-as-well-as-up-to-date-appliances-and-furniture-which-trims-your-cost-of-living-elsewhere-.jpg)
Source: Business Insider
Business Insider's Leanna Garfield spent a night in one in 2015 to see what living in the units is really like.
![Business Insider](https://staticbiassets.in/thumb/msid-68209519,width-700,height-525,imgsize-1170255/business-insiders-leanna-garfield-spent-a-night-in-one-in-2015-to-see-what-living-in-the-units-is-really-like-.jpg)
Source: Business Insider
She found the room to be beautifully decorated and designed and said "it'd be easy to live here" if she could afford the monthly rent.
![She found the room to be beautifully decorated and designed and said "it](https://staticbiassets.in/thumb/msid-68209518,width-700,height-525,imgsize-1417814/she-found-the-room-to-be-beautifully-decorated-and-designed-and-said-itd-be-easy-to-live-here-if-she-could-afford-the-monthly-rent-.jpg)
Source: Business Insider
Carmel Place resident, Matthew Alexander, told the AP he likes the minimalist lifestyle that the micro-apartment affords, as well as the amenities like the rooftop terrace.
![Carmel Place resident, Matthew Alexander, told the AP he likes the minimalist lifestyle that the micro-apartment affords, as well as the amenities like the rooftop terrace.](https://staticbiassets.in/thumb/msid-68209517,width-700,height-525,imgsize-1206701/carmel-place-resident-matthew-alexander-told-the-ap-he-likes-the-minimalist-lifestyle-that-the-micro-apartment-affords-as-well-as-the-amenities-like-the-rooftop-terrace-.jpg)
Source: AP
Alexander told the AP that he works at Citigroup in human resources, a position that Glassdoor estimates pays $95,608 on average.
![Alexander told the AP that he works at Citigroup in human resources, a position that Glassdoor estimates pays $95,608 on average.](https://staticbiassets.in/thumb/msid-68209515,width-700,height-525,imgsize-1238011/alexander-told-the-ap-that-he-works-at-citigroup-in-human-resources-a-position-that-glassdoor-estimates-pays-95608-on-average-.jpg)
Source: AP
Overall, the micro-apartments at Carmel Place are newer than what you would normally find in the hunt for an apartment rental, micro or otherwise, in New York City, if you can handle the lack of space.
![Overall, the micro-apartments at Carmel Place are newer than what you would normally find in the hunt for an apartment rental, micro or otherwise, in New York City, if you can handle the lack of space.](https://staticbiassets.in/thumb/msid-68209514,width-700,height-525,imgsize-1064302/overall-the-micro-apartments-at-carmel-place-are-newer-than-what-you-would-normally-find-in-the-hunt-for-an-apartment-rental-micro-or-otherwise-in-new-york-city-if-you-can-handle-the-lack-of-space-.jpg)
Source: RentHop
But space is just something you have to sacrifice sometimes if you're going to live here. YouTuber Chris Buell said he paid $2,600 a month for this 350-square-foot apartment in an undisclosed New York City neighborhood.
![But space is just something you have to sacrifice sometimes if you](https://staticbiassets.in/thumb/msid-68209513,width-700,height-525,imgsize-706785/but-space-is-just-something-you-have-to-sacrifice-sometimes-if-youre-going-to-live-here-youtuber-chris-buell-said-he-paid-2600-a-month-for-this-350-square-foot-apartment-in-an-undisclosed-new-york-city-neighborhood-.jpg)
Source: Chris Buell/YouTube
There was a small closet in a small bedroom ...
![There was a small closet in a small bedroom ...](https://staticbiassets.in/thumb/msid-68209512,width-700,height-525,imgsize-509336/there-was-a-small-closet-in-a-small-bedroom-.jpg)
... but at least the apartment had full-length windows with sunlight streaming through, which can be a covetable feature in the New York City rental scene.
![... but at least the apartment had full-length windows with sunlight streaming through, which can be a covetable feature in the New York City rental scene.](https://staticbiassets.in/thumb/msid-68209511,width-700,height-525,imgsize-539876/-but-at-least-the-apartment-had-full-length-windows-with-sunlight-streaming-through-which-can-be-a-covetable-feature-in-the-new-york-city-rental-scene-.jpg)
Source: The New York Times
And a lack of space isn't always the only hurdle you may have to jump.
![And a lack of space isn](https://staticbiassets.in/thumb/msid-68209510,width-700,height-525,imgsize-684596/and-a-lack-of-space-isnt-always-the-only-hurdle-you-may-have-to-jump-.jpg)
Many New Yorkers live in buildings that weren't built anytime recently, like YouTuber Jeremy Bernier, who lived in a 100-year-old building.
![Many New Yorkers live in buildings that weren](https://staticbiassets.in/thumb/msid-68209508,width-700,height-525,imgsize-1297449/many-new-yorkers-live-in-buildings-that-werent-built-anytime-recently-like-youtuber-jeremy-bernier-who-lived-in-a-100-year-old-building-.jpg)
Source: Jeremy Bernier/YouTube and RentHop
He was working as a software engineer making $150,000 a year in 2016 when he was living in this East Village, one-bedroom apartment for $2,500 a month.
![He was working as a software engineer making $150,000 a year in 2016 when he was living in this East Village, one-bedroom apartment for $2,500 a month.](https://staticbiassets.in/thumb/msid-68209507,width-700,height-525,imgsize-687202/he-was-working-as-a-software-engineer-making-150000-a-year-in-2016-when-he-was-living-in-this-east-village-one-bedroom-apartment-for-2500-a-month-.jpg)
Source: Jeremy Bernier/YouTube and Jeremy Bernier/YouTube
The average age of a residential building is 90 years old in New York City, so even one a $100,000 salary, there's a good chance you'll be renting an older apartment.
![The average age of a residential building is 90 years old in New York City, so even one a $100,000 salary, there](https://staticbiassets.in/thumb/msid-68209506,width-700,height-525,imgsize-599111/the-average-age-of-a-residential-building-is-90-years-old-in-new-york-city-so-even-one-a-100000-salary-theres-a-good-chance-youll-be-renting-an-older-apartment-.jpg)
Source: Rent Hop
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