In NYC if you make a salary of $100,000 per year you can expect to take home about $5,600 per month after Federal, State, and Local taxes. According to Investopedia, the average rent in NYC is $2900 per month. In order to determine if $100k is enough to live on in NYC you would need to consider other monthly expenses, debt and savings goals.
According to Smart Asset, the median household income in NYC is $57,782 and the average household income in Manhattan is $93,196 .
NYC has both a mean and median income below $100,000 this indicates that a $100,000 income is sufficient to live in New York City. Keep reading to learn more about the cost of living in New York City and how far $100,000 salary can go.
Average Rent in NYC
NYC consists of 5 boroughs and Manhattan is the most expensive borough to live in. The average rent in Manhattan is $3,475. Living in Manhattan is significantly more expensive than living in other boroughs.
To make the most of your $100,000 salary you would probably want to live and one of the other boroughs or have a roommate.
Transportation in NYC
Public Transportation in and around NYC is one of the more affordable aspects of city life.
If you live in NYC you don’t need a car. Not having a car payment or car insurance payment helps to offset the more expensive rent.
A monthly MetroCard cost about $130. Check the New York City MTA website for the current price. You may spend a little more if you take the express buses or need to utilize the Staten island ferry.