How much you need to earn for a comfortable life in new York

Of course, we all know that for a comfortable life in this metropolis, you need to have a decent financial Foundation under your feet. The staff of the economic policy Institute (Economic Policy Institute) have calculated how much money you need for normal life in new York.

This organization has released an updated online calculator allows you to calculate the cost of living in different administrative districts of new York. A family consisting of two adults and two children, living near the metro station, should on average have total annual income of $124,129. If you divide this amount by 12 months, it will be $10,344. This sum should provide a comfortable life for the whole family.

The following is a list of expenses with the help of which the experts of the economic policy Institute got such a figure. The amounts indicated in the list, calculated on a monthly period:

  • the cost of housing — $1789;
  • the cost of food — $908;
  • spending on children — $2773;
  • transport — $589;
  • health costs — $1238;
  • other needs — $1088;
  • taxes — $1958.

More expensive life within Manhattan. There the average family needs to earn $139,791 per year, or $11,649 per month. In Brooklyn, this amount is significantly lower — $116,490, if you take the entire year, and $9,707, if you calculate the cost of living per month. In Queens these numbers were distributed as follows: $129,330 and $10,777 , respectively.

Online service presented by the economic policy Institute, takes into account geographic differences in the cost of living in different areas of new York. At the same time it does not analyze a large number of third-party costs, which typically face the middle class. This includes the cost of providing higher education for children of different savings etc.

If you think that life in new York takes from you too much money, note how much it costs to residents of San Francisco. Family living near the metro station in this city should earn $148,439 in the year. Cheapest city to live experts recognized the Brownsville (Texas). There for a comfortable life is enough to have annual income of $58,906.

The material was first published on 22 March 2018.