- New York City has some of the country's highest-paying jobs.
- Nearly 30% of New Yorkers make six-figure salaries.
- But a high income doesn't render you impervious to the city's high taxes and infamously high cost of living.
- From tiny, 260-square-foot apartments to above-average-priced milk, here's what living in New York on a $100,000 salary can really look like.
New York is a relatively high-income state.
Source: Data USA
And New York City has higher incomes than other parts of the country.
Source: Data USA
Many people flock to the Big Apple for the assortment of high-paying jobs the market has to offer.
About 30% of New Yorkers end up making six-figure salaries.
Source: Statistical Atlas
Jobs in New York that pay a $100,000 salary include business analyst, executive assistant, and software engineer.
That's compared with the average salary in New York City — $69,211.
With $100,000 rolling into your bank account annually, you may think you're ahead of the game, which is relatively true.
But in reality, your take-home pay will be closer to $65,000 after income taxes.
Source: Go Banking Rates
Then you have to account for New York's infamously high cost of living.
The cost of living here is 129% higher than the national average, according to PayScale.
When it comes to discretionary spending, it costs an average of $100 a month to have a gym membership in New York ...
... a basic dinner for two people at a neighborhood pub costs an average of $57 ...
... and a men's standard haircut costs $26 on average.
To get around the city, a monthly public-transit ticket is $121, which is the fifth most expensive monthly transit ticket compared with 50 cities globally.
The city's sales-tax rate sits at 4.5%, and combined with the 4% state sales tax, consumers pay a total 8.5% sales tax to shop in New York City.
For reference, the average sales-tax rate in the US ranges from 2.9% to 7.25% in the majority of states, with some states not enforcing one at all.
Source: USA Today
Then there's the issue of housing, which is by far the biggest contributor to New York's high cost of living. Housing is a whopping 369% higher than the national average in New York.
If you want to buy a home in the New York City metro area, a yearly salary of $105,684.33 could afford you the cost of the principal, interest, taxes, and insurance on a median-priced home, according to mortgage rate site HSH.
Of course, this is assuming you already have a 20% down payment of about $80,780 already saved. And your options for buying a home in the city for $403,900, the median home price in the greater metro area, will be a little slimmer.
The median home value in the five boroughs of New York City is closer to $680,000, according to Zillow.
And renting isn't any easier.
If you abide by the advice to put no more than 30% of your annual income toward housing costs, that leaves you with $2,500 a month for rent.
While that may seem like a lot, this is New York City we're talking about ...
... where the average renter pays $3,667 for an apartment, according to Investopedia.
In Manhattan, the average rent for a studio apartment is $2,550.
If you opt for a one-bedroom apartment in Manhattan, that'll cost you closer to $3,100 a month in rent.
And on top of that, New York renters often have to cough up what's called a broker's fee, which usually amounts to about one month's rent of an apartment up front at lease signing.
To afford something roomier than a studio apartment, there's a good chance you'll need to find a roommate, like many New Yorkers do.
In fact, a 2017 study found that 40% of adult renters in New York City were living with a roommate.
Source: New York Curbed
You could also live in one of the surrounding boroughs of Brooklyn, Queens, and the Bronx, which are still pricey but more affordable than Manhattan.
The average studio rent in the Bronx is $1,450, while the average rent for a studio in Queens and Brooklyn is $2,175 and $2,350, respectively.
If you're determined to have your own space in Manhattan, you could adopt the tiny-living lifestyle.
Tiny apartments aren't uncommon in New York City, but the 55 micro-apartments at Carmel Place in lower Manhattan take that concept to a new level.
The apartments were developed in 2015 as a tiny-living experiment to help aid the city's growing population and resulting lack of affordable housing.
Monthly rent there starts at $2,775, so it's a bit over budget.
Business Insider's Leanna Garfield spent a night in one in 2015 to see what living in the units is really like.
She found the room to be beautifully decorated and designed, and said "it'd be easy to live here" if she could afford the monthly rent.
Overall, the micro-apartments at Carmel Place are newer than what you would normally find in the hunt for an apartment rental, micro or otherwise, in New York City.
But space is just something you have to sacrifice sometimes if you're going to live in New York. The YouTuber Chris Buell said he paid $2,600 a month for this 350-square-foot apartment in an undisclosed New York City neighborhood.
Source: Chris Buell/YouTube
There was a small closet in a small bedroom ...
... but at least the apartment had full-length windows with sunlight streaming through, which can be a desirable feature in the New York City rental scene.
Source: The New York Times
And a lack of space isn't always the only hurdle you may have to jump.
The average age of a residential building is 90 years old in New York City, so even with a $100,000 salary, there's a good chance you'll be renting an older apartment.
Source: Rent Hop
This article has been updated since publication.