Living in New York can be notoriously expensive in terms of convenience, transportation, entertainment, and housing costs. It has been ranked as one of the top ten most expensive cities. New York’s rents and property taxes are at an all-time high and continue to rise.
The limited space and supply and the higher rents on homes and insurance policies contribute to the expensive lifestyle and high cost of living. Given this, you might wonder: What is a good salary in New York?
As of 2022, the average individual income in New York is $107,000, with a median household income of $66,434 per year. The numbers indicate the total gross amount before deductions for taxes and other expenses. Consequently, a good salary in New York must exceed the median and average income. The values differ based on your monthly bills related to entertainment, health insurance, transportation costs, and any children you may have.
Given that your want to achieve an average individual income of $107,000 per year, below is a breakdown of how much you should make hourly, weekly, and monthly.
- $51.44+ hourly.
- $412+ daily.
- $2,058 weekly.
- $4,115 bi-weekly and,
- $8,917 monthly.
The figures are your gross salary before taxes and other deductions. In New York, after taxes and other deductions are paid, you may roughly take home $72,672. You can use the Federal Income Tax Calculator to calculate how much you are owed and how much you take home after all taxes and deductions are made.
Is 200k a good salary in NYC?
200k a year is a good salary in New York City. The salary is considered upper class, with a median income of $135,994 after taxes. To break it down, if you put in 40 hours a week, earning $200k a year means earning,
- Around $96.15+ hourly.
- $769+ daily.
- $3,846+ weekly.
- $7,692+bi-weekly and,
- $16,667+ monthly.
From the figures, earning 200k a year will afford you $5,555 in rent a month, which can give you an excellent 2 to 3-bedroom, depending on your neighborhood. Here is how you arrive at $5,555 rent a month,
The general rule is to divide your monthly income by three, which in our case, is $16,667 divided by three, to arrive at $5,555 in rent a month. Your monthly gross income should be at least three times what you pay in rent.
Earning 200k a year means you can also afford to make decent savings besides your 401k employer-sponsored plan.
Is 150k a Good Salary in New York?
150k is an excellent salary to survive in New York and live comfortably. However, this will sound different depending on what is acceptable to one’s needs, material desires, life, and status goals. To break it down, if your gross income is 150k a month, that means earning,
- Around $72.12 hourly.
- $577+ daily.
- $2,885+ weekly.
- $5,769 bi-weekly.
- $12,500+ monthly.
From the general rule, you can afford a rent of $4,166, that is $12,500 divided by three to arrive at $4,166 in rent a month. The amount will also sound good depending on your lifestyle and in which specific area in New York you want to live, upstate, downstate, in the city, or suburbs of the city.
New York salary law
The minimum and maximum salary ranges for a job must be listed in any printed or online posting, as required by the New York salary law, which mandates greater transparency from businesses regarding salary payments.
The purpose of the law was to help close the wage gap. The New York City Commission on Human Rights, which enforces the law, requires every business hiring in New York City to post a “good faith salary range.” This means that the employer must list the good faith salary range in which they honestly believe they are willing to pay the successful applicants for every job, promotion, or transfer opportunity job advertisement.
Workers and job seekers can complain to the city’s Commission on Human Rights or leave an anonymous tip if businesses don’t follow the new law. After filing a complaint, every business under any submitted complaint will have 30 days to fix the violation. In any other case, the company may be subject to civil penalties of up to $250,000.
Pay listing can be a valuable recruiting tool for employers and employees. You can decide whether or not to apply for the job based on salary transparency. More than half of New Yorkers say they wouldn’t apply to a job or company if the salary payments weren’t listed, according to Monster.com data.
The average salary in NYC for 30-year-old
You are either married or likely to get married soon at the age of 30. If you’re married, you might have kids, and even if not the kids, you have that favorite pet in your house. All these factors determine how much you need as your average salary when living in Newyork. Others include which side of New York you decide to reside in, is it in the city, suburbs, uptown, or downtown?
This may leave you wondering about the average salary in NYC for a 30-year-old. A 30-year-old should earn an average of $59,819 to live comfortably in New York. This means that given that you invest 40 hours a week, you earn,
- $28.76+ hourly.
- $230+ daily.
- $1,150+ weekly.
- $2,301+ bi-weekly, and,
- $4,985+ monthly.
You can afford to pay about $1,662 in rent a month.
Conclusion
New York City is one of the most expensive cities, primarily because of the skyrocketing rent and property taxes. Additionally, New York’s expensive lifestyle is exacerbated by the city’s limited supply and space. You’ll need a substantial salary to pay for all of this while still living comfortably. Therefore, what is a good salary in New York?
To define a good salary in New York, we will say it is any salary above the median household income of $66,434 per year. However, how good the salary is, depends on many factors, what is acceptable to one’s needs, material desires, life, and status goals. Other dependants are which specific area in New York you want to live in, upstate, downstate, in the city, or suburbs of the city.