Here’s the Annual Income You Need To Afford Rent in the 5 New York City Boroughs

It’s no secret that New York City is an expensive place.

Anyone who has set foot in Times Square, seen a Broadway show or hailed a cab from LaGuardia Airport will likely share their experience of being awed by the eye-watering prices for everything, from a takeout soda to a tour of the Statue of Liberty.

But what about the people who call New York City their home? How much do they pay for the privilege of living in one of America’s most dazzling and bustling cities?

New York City rents live up to their reputation in two words: sky high — just like the skyscrapers surrounding them. Living in New York City means you can expect to fork over thousands of dollars monthly — and that’s before buying groceries or loading your subway pass.

Here’s the income you must earn to keep housing costs under 30% of your gross earnings in each New York City borough, plus median rent costs and other average expenses.

• Average rent: $4,489
• Monthly earnings to keep rent at 30% of gross income: $14,963
• Annual salary to keep rent at 30% of gross income: $179,560
• Overall cost of living score: 104.1% higher than the national average
• Groceries: 20.4% higher than the national average
• Healthcare: 25.1% higher than the national average
• Utilities: 50.3% higher than the national average
• Transportation: 61% higher than the national average

New York City’s priciest borough stands out for its attractions. Manhattan is where you’ll find the Statue of Liberty, Central Park and the Empire State Building. Manhattan is also the headquarters for many financial companies, including Goldman Sachs and J.P. Morgan. However, living here comes at a heavy price, as evidenced by its high rents. 

• Average rent: $3,718
• Monthly earnings to keep rent at 30% of gross income: $12,393
• Annual salary to keep rent at 30% of gross income: $148,720
• Overall cost of living score: 72.5% higher than the national average
• Groceries: 17.8% higher than the national average
• Healthcare: 27.6% higher than the national average
• Utilities: 51.6% higher than the national average
• Transportation: 92.6% higher than the national average

Located south of Manhattan, Brooklyn has its own vibe. It offers plenty of outdoor spaces, like Coney Island and Prospect Park. You’ll also find quirky restaurants, bars and fun nightlife spots to dance the night away. While Brooklyn rents aren’t quite as expensive as Manhattan’s, they’re certainly not cheap. 

• Average rent: $3,380
• Monthly earnings to keep rent at 30% of gross income: $11,267
• Annual salary to keep rent at 30% of gross income: $135,200
• Overall cost of living score: 57.9% higher than the national average
• Groceries: 16.3% higher than the national average
• Healthcare: 26.7% higher than the national average
• Utilities: 49.5% higher than the national average
• Transportation: 88.5% higher than the national average

Queens may not have the ultra-luxe reputation of Manhattan or the hipster vibe of Brooklyn, but it has plenty to offer in its own right. Fans of the New York Mets will be close to the team’s home stadium. You can also spend a warm summer day at Rockaway Beach or dive into some great eats at the Queens Night Market. Rents are slightly cheaper than in Brooklyn, making it a bit more affordable for cost-conscious residents.

• Average rent: $3,175
• Monthly earnings to keep rent at 30% of gross income: $10,583
• Annual salary to keep rent at 30% of gross income: $127,000
• Overall cost of living score: 41% higher than the national average
• Groceries: 13% higher than the national average
• Healthcare: 24% higher than the national average
• Utilities: 51.6% higher than the national average
• Transportation: 90.8% higher than the national average

Just north of Manhattan is the Bronx, home to the New York Yankees, the Bronx Zoo and numerous fantastic Italian restaurants. Residents enjoy lower rents — and a cheaper cost of living — than most of the other New York City boroughs.

• Average rent: $1,657
• Monthly earnings to keep rent at 30% of gross income: $5,523
• Annual salary to keep rent at 30% of gross income: $66,280 
• Overall cost of living score: 58.4% higher than the national average
• Groceries: 15% higher than the national average
• Healthcare: 28.3% higher than the national average
• Utilities: 53.4% higher than the national average
• Transportation: 83.1% higher than the national average

For many, paying thousands of dollars in rent to live in the heart of New York City isn’t appealing or even an option. Fortunately, Staten Island provides an alternative. As the most affordable New York City borough, residents pay an average of $1,657 monthly for a one-bedroom apartment. However, expect lots of traffic if you commute to another part of the city for work.