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Cost of Living in Manhattan

Is it better to rent or buy in Manhattan? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$68,743
$1,057/mo

Median in area: $1,057

$228,232

Median in area: $228,232

$45,646

If you Rent

🔑
$1,259 /mo
Base Rent$1,057
Est. Utilities$202
% of Income22.0%
Pre-tax Residual$4,470

If you Buy

🏠
$1,714 /mo
P&I (6.5%)$1,154
Taxes & Ins$358
Est. Utilities$202
% of Income29.9%
Pre-tax Residual$4,015

Cost of Living FAQs

Is it cheaper to rent or buy in Manhattan?›

Based on median housing data, renting is currently more affordable on a monthly basis in Manhattan. The estimated all-in monthly cost for renting is $1,259, while owning a median-priced home with a 20% down payment is roughly $1,714 per month (a difference of $455).

How much do utilities cost in Manhattan?›

The average monthly utility cost (electricity and natural gas) for a typical home in Manhattan is approximately $202. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Manhattan?›

To comfortably afford the median rent and utilities in Manhattan without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $50,360 per year.