New York is notorious for it’s high cost of living, but just how does it compare to other major cities in the US? Recent data shows that, in general, the cost of living in New York is 291% higher than the national average. It’s also 66% more expensive than Phoenix, 50% more than Miami and 53% more than Chicago!
What about salary considerations? Often when a city has a high cost of living, pay is necessarily scaled up so that menial workers can afford to live there. Well, according to the Department of Labor, the minimum wage in New York is $7.25 per hour, which certainly would be difficult to live on for an independent adult.
As a higher end example, the average medical assistant salary in New York comes out relatively high at an average $66,000 per annum. The national average is $64,000. That $2000 difference is probably not going to go far when we’re talking in terms of a 290%+ cost of living. Interestingly, workers and industry observers are noting that salaries have not been scaled up in recent years as much as they were in the past, even in the boom years leading up to 2007. Read more ...