You May Not Want To Hear How Much Money You Have To Make To Live In New York

If you visit the state of New York, it won’t take long for you to stumble upon a conversation where someone is talking about how high the taxes are here. While our state taxes are one thing we often complain about, it’s also the overall cost of living that’s become quite pricey here in the Northeast.

If you’re like me, you may rationalize the expensive cost of living in New York by reminding yourself that we (knock on every piece of wood there is to knock on ever) almost never deal with things like devastating natural disasters. A higher cost to live versus dealing with wildfires and tornadoes running rampant through our state usually feels like a fair trade. But the website How Much broke down the main points of why it’s so expensive to live in the Empire State – and you’re going to want to take a look at this.

How Much

If you were thinking about buying a house here in the Empire State recently, we hope your penny jar is full of pretty coins - because things are about to get costly! After looking at average home prices through Zillow, How Much determined that in order to buy a house in New York, you’ll need to have a salary of at least $91,720 dollars if you plan on putting at least 10% down.

How Much

With it requiring so much money to buy a house in New York, you might be wondering what it takes to simply rent a home here in our state. How Much broke things down and determined that New Yorkers will need at least $7,223 dollars a month in order to be able to afford to rent a house.

In this department, New York came in 4th as being one of the most expensive states. It’s also worth noting that this break down also showcased that those who live in the Northeast need to be making at least twice of what their friends in the South are making in order to be able to afford rent. Yikes!

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Looking at 98 of the biggest cities around the country, New York’s two largest cities had very drastic requirements when it came to how many hours you should be working in order to be able to afford your monthly mortgage payment.

To no surprise at all, New York City came out as the city to require the most hours of work in the entire country - estimating that you’ll need to work 113 hours a week to afford your mortgage. At the opposite end of the spectrum, Buffalo apparently only requires an estimated 21 hours of work a week to afford your mortgage - coming in 4th as one of the cities that requires the least amount of work hours.

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How Much

How Much also broke down the cost of utilities for each state, with New York being one of the more costly states - ranking as the 5th highest state with an average monthly cost of $477.31 dollars in utilities. New York’s average cost of electricity per month was $174 dollar, natural gas was $103 dollars, cable came in at $100 (something every state saw equally across the board), the average cost for internet was $61 dollars, and water bill averages came in at $40 dollars.

How Much

How Much also didn’t forget to showcase other costly factors, like the cost of childcare versus the cost it takes to put your child through college in each state. Again, a state that came out on top when it came to being the most pricey, New York’s costs were significantly higher than a lot of other states. How Much estimated that it would take $15,000 dollars a year to put an infant through full-time daycare, while tuition and fees for public college were estimated to be just $7,900 dollars a year.

How Much

Wondering how anyone manages to afford to live in the Empire State? Well, according to the numbers put together by How Much - New York’s most profitable industry falls within the category of precious metals, stones, and etc. Apparently, it’s time to literally get more familiar with the elements.

While I highly doubt it’ll come to any of you as a surprise that it’s so costly to live here, was there anything unexpected that you found in How Much’s findings? Be sure to share your thoughts with us in the comments!