How Much Do You Have to Make to Be Upper Class in New York City?
The most populous city in the entire country, New York City is home to more than 8 million people. More than 60 million visit annually, too, to see the Big Apple and all it has to offer.
But how expensive is it to live there and how much must you make to be considered upper class? Given that it’s also one of the most expensive regions in the country, qualifying as upper class means making a lot more than in other areas.
Let’s dive into the overall costs of living in New York.
How Many People Move to New York City Annually?
Currently, the city is actually in a population decline. Hundreds of thousands move there each year, but seemingly more leave. That could be due to a variety of reasons, including affordability.
However, in 2023, just over 300,000 people moved to the state, but 480,000 moved out, heading to Florida and the Carolinas.
Costs of Housing
Like many big cities, New York is full of both expensive and poor areas. Housing costs here are 238% higher than the US average. A one-bedroom apartment will set you back at least $2,800.
If you need more space and decide to rent a three-bedroom apartment, you can expect to spend an average of $5,000 to $8,000.
Costs of Food
Food costs in New York are also pretty high, given the locale, with milk costing nearly $6 per gallon and eggs costing just over $5 per dozen.
Eating out at a mid-range restaurant runs around $130 for two people. However, New York is amazing when it comes to street vendors and those little hole in the wall locations where you can enjoy a single meal for a few bucks.
Costs of Utilities
New Yorkers don’t get a break on utilities either. The basics—heating/cooling, water, electricity, and garbage service—cost more than $175 per month for a small apartment.
If you have mobile phones, you can expect to pay an average of $60 per month, and nearly $70 per month for internet service.
Costs of Transportation
One of the major perks of living in New York City is that you don’t need a car to get around. The metro system is very robust and getting from one place to another—even between boroughs—is as easy as jumping on a bus or train.
A metro pass for the month will cost around $133. Taking a taxi is very expensive in the city, especially given that it’s $3.50 to go a mile and you often get stuck in traffic, giving the meter time to tick up.
Overall Picture
Overall, living in New York City is quite costly, with housing expenses eating up some 40% of people’s salaries. It makes sense, then, that to live here and be considered upper class, you have to have a bit of a high salary.
The top 20% earn more than $150,000 per year, while the top 5% and 1% earn over $280,000 and $800,000, respectively.
