Living comfortably in New York requires high income due to steep housing, living and lifestyle costs, making it one of the most expensive US cities. Do you want to live out the New York City dream? Here is the average salary you need to survive in the Big Apple (Representative Beeld/Pixabay). It is a dream for many people to live in New York. One thing that often makes people question this dream is the affordability. New York, who is one of the most popular living destinations in the world, is not a cheap city to move to. If you are planning to move to NYC soon, it can help you. A report published by Gobankingrates calculated an estimated living expenses in this city. The data also helps to understand the minimum salary an individual has to make to enjoy a comfortable home in NYC. Average salary needed to live in New York is among the largest 50 cities in the United States, and New York is a popular choice for many. According to the report, an individual should be aimed at earning a minimum salary of $ 184,420 a year to live in New York. Meanwhile, the average cost of a home in NYC may amount to about $ 846,342. The report posts New York as the fifth expensive city and puts it under San Jose, San Francisco, San Diego and Los Angeles on the list. It also makes New York the most popular city living on the East Coast. How were the rates calculated? It is important to understand the mathematical calculation behind the estimated pace to compare individual requirements with average necessities. According to a NY post report, the estimate was derived using a formula of 50/30/20. The popular financing rule indicates that a person should hold 50 percent of his salary for essentials, 20 percent for savings and 30 percent for relaxation and different tasks. As the cost of living alone in New York is $ 92.210, researchers have reached the calculation of an estimated salary. It is suggested that it is the average cost to ‘live comfortably’. Since most Americans prefer to buy homes rather than spent on rent, the cost in the calculations is excluded. However, the report proposed the prize for a New York home. This calculation can increase or decline based on the fact if one person manages finances for two or more members, or if the costs are divided among residents. Questions 1. Is New York City an expensive place of residence? Yes, NYC is one of the most expensive cities living in the United States. 2. What factors make life expensive in NYC? High house prices, daily expenses and lifestyle costs contribute to the high cost of living of NYC. 3.. Contains the estimate rental or home ownership? The estimate is based on home ownership and excludes rental costs.
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