How Much Apartment Can You Afford in New York vs. Los Angeles
Written by
Caitlyn Moorhead
Edited by
Molly Sullivan
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New York and Los Angeles. These two major metropolises don’t have much in common when you consider some key characteristics. They’re on opposite sides of the country, for one, with totally different climates. So, are you California dreaming or in a New York state of mind?
New York is famous for its nonstop hustle and bustle lifestyle, one-of-a-kind bagels and towering skyscrapers. Los Angeles, on the other hand, fosters a fairly laid-back mentality. You may go for a morning hike before enjoying a vegan smoothie with tons of fresh, locally sourced avocado.
Though there is no shortage of differences between Los Angeles and NYC, they do have some things in common. Both are considered liberal cities that value cultural diversity, a vibrant arts and nightlife scene and have booming economies. Oh, and another thing they have in common: a sky-high cost of living.
Neither NYC nor Los Angeles is an ideal place to live for those who aren’t particularly wealthy, but that doesn’t seem to matter to the droves of people who move to these popular cities every year. Now, technically, Los Angeles is a bit less expensive than NYC, but how does this all shake out when talking about apartments? In other words, how big of a place and in what kind of neighborhood can you get in the City of Angels vs. The Big Apple?
GOBankingRates analyzed both cities to find how much apartment you can afford in each city. Here are the results.
New York City
- Population: 8,516,202
- Households: 3,313,316
- Household median income: $79,713
- Livability index: 75
- Average monthly expenditure cost: $2,945
- Average monthly rent overall: $3,602
- Total average monthly cost of living overall: $6,547
- Average studio apartment monthly rent: $4,064
- Total average monthly cost of living in a studio apartment: $7,009
- Average one-bedroom apartment monthly rent: $4,837
- Total average monthly cost of living in a one-bedroom apartment: $7,782
- Average two-bedroom apartment monthly rent: $6,215
- Total average monthly cost of living in a one-bedroom apartment: $9,160
Los Angeles
- Population: 3,857,897
- Households: 1,419,663
- Household median income: $80,366
- Livability index: 67
- Average monthly expenditure cost: $1,957
- Average monthly rent overall: $2,886
- Total average monthly cost of living overall: $4,843
- Average studio apartment monthly rent: $2,234
- Total average monthly cost of living in a studio apartment: $4,191
- Average one-bedroom apartment monthly rent: $2,774
- Total average monthly cost of living in a one-bedroom apartment: $4,731
- Average two-bedroom apartment monthly rent: $3,851
- Total average monthly cost of living in a one-bedroom apartment: $5,808
Final Take To GO
The bottom line is that rent prices are going up everywhere, but there is a particular sting when you look at the price tag of rentals in NYC or LA. Overall, it’s slightly more expensive to live in the city so nice they named it twice, as New York, New York has an average rent of about $716 more than Los Angeles.
It also has a much higher average cost of living (to the tune of about $20,000 more in expenses annually), so as far as “affordable” housing goes, the City of Angels could be a slightly better choice for your finances. However, you should keep in mind that the livability index is much lower there, as LA scores a 67, where NYC scores a 75.
Methodology: For this study, GOBankingRates analyzed Los Angeles and New York City to find out how much of an apartment you can afford in each place. For both locations, several data points were sourced, including total population, population ages 65 and over, total households, and household median income, all sourced from the US Census 2023 5-year American Community Survey. The livability index was sourced from AreaVibes and included as supplemental information. The average single-family home value was sourced from Zillow Home Value Index and included as supplemental information. The overall average rental cost was sourced from the Zillow Observed Rental Index. The average rental cost for a studio, 1-bedroom, 2-bedroom, and 3+ bedroom rental was sourced from ApartmentList. The cost of living index statistics were sourced from Sperling’s BestPlaces and using the average expenditure costs for all residents as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure costs can be calculated. Using the average expenditure cost as well as each average rental cost, the total average cost of living for each rental size can be calculated. All data was collected on and is up to date as of April 30th, 2025.
