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 ultrasound technician 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.
All things considered, New York is undeniably an expensive place to live, to the extent that many who would like to live here may not be able to maintain the lifestyle they expect. But there is an upside. Not only is New York consistently voted as one of the most exciting cities in the world to live, it also boasts work opportunities that will continue to bring dreamers and success stories here year after year. It is the place to come and make it big, spending big, earning big and playing big. You will never know if that could be your life, until you’ve tried it!
