Here's how much a family needs to earn to live comfortably in New York City while still saving money


nyc skyline

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New York City's energy, dining, and nightlife are pretty much unrivaled - but it all comes at a price.

New York City is indisputably expensive, but just how expensive?

Research engine FindTheHome crunched some numbers to determine what it takes to live in the electric Big Apple.

Using the Economic Policy Institute's family budget calculator - which accounts for two parents and two kids - FindTheHome created a cost of living index to compare over 600 US metros. 

It then analyzed the data in New York City to determine a suggested take-home household income to live comfortably using the "50-30-20 rule" of personal finance, meaning 50% of after-tax, take-home pay goes to necessities (such as housing, food, childcare, healthcare, and transportation), 30% towards discretionary spending, and 20% towards saving.


Here's what the analysts came up with for a family of four:

  • Estimated cost of annual necessities: $84,972
  • Suggested annual discretionary spending: $50,983
  • Suggested annual savings: $33,989

Suggested annual take-home income: $169,944

Scroll over the graphic for monthly cost estimates.


Note that these numbers are suggestions based on the available data. They are meant for a four-person family and suggest a generous amount of annual savings, which may not be preferred or possible for some families.