New York, NY is a bustling city of 8.4 million people and one of the most popular destinations for tourism, business, and culture. It offers many unique amenities for residents and visitors alike, including world-class dining, shopping, entertainment, and art venues. The cost of living in New York is higher than the United States average; two bedroom rent is $2,600 compared to the US average of $1,430. Grocery costs are also elevated with an index rating of 117 versus 100 in the US. Despite the higher costs associated with living in New York City, there are plenty of local businesses that offer great value for money such as Shake Shack for delicious burgers and frozen custard or Magnolia Bakery for world-famous cupcakes. There's also Katz's Deli for classic Jewish deli cuisine or Joe's Shanghai for some of the best dumplings in town. Whatever your needs may be, you can find something to suit your budget in New York City.
New York has an unemployment rate of 11.2%. The US average is 6.0%.
New York has seen the job market increase by 0.5% over the last year. Future job growth over the next ten years is predicted to be 30.7%, which is lower than the US average of 33.5%.
Tax Rates for New York
- The Sales Tax Rate for New York is 8.9%. The US average is 7.3%.
- The Income Tax Rate for New York is 10.3%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for New York
- The average income of a New York resident is $32,459 a year. The US average is $28,555 a year.
- The Median household income of a New York resident is $70,663 a year. The US average is $69,021 a year.