Cost of Living in New York: As per the Economist Intelligence Unit’s Worldwide Cost of Living 2023 report New York is the third most expensive city in the world while the city topped the list in the year 2022. With this cost of living in New York as well, it is considered one of the best and preferable choices for overseas education.
If you are planning to study in New York, this blog is just for you. This blog will serve as a practical guide to the cost of living in New York for international students in the year 2024. Without further ado, let’s begin.
This Blog Includes:
Overview of Cost of Living in NYC for International Students
For international students aspiring to study in New York City, understanding the cost of living and financial planning is a mandatory thing to ease out life. New York is a city that promises quality life and world-class education with lots of opportunities and excitement.
If you are studying in New York, you might be worried about the cost of living in New York. Check out the table below to have a glimpse of the cost of living in New York City.
| Factors | Average Cost |
| Cost of Studying | USD 32,000 to USD 40,000 annually |
| Accommodation Cost | USD 12,000 to USD 18,000 annually |
| Utility Bills | USD 2,400 to USD 4,800 annually |
| Cost of Transportation | USD 1,620 to USD 1,680 annually |
| Food and Groceries Cost | USD 4,800 to USD 6,000 annually |
| Cost of Entertainment | USD 500 to USD 600 annually |
| Insurance Cost | USD 500 to USD 1,000 annually |
| Miscellaneous Expenses | USD 400 to USD 500 annually |
| Total Cost of Living in New York in 2024 | USD 25,420 to USD 30,000 annually |
Note: The estimated cost of living in New York is as per the data available on the internet in January 2024. The data is subject to change.
Cost of Studying
The cost of studying in New York City varies depending on several factors. These factors include university chosen, program pursuing, field of education, etc. For an Indian student, the cost of studying varies between USD 32,000 to USD 40,000 annually. It is advised to keep the tuition fees in mind while planning to escalate your academic life to the next level in New York.
We have compiled the tuition fees of 5 top universities in New York City for you. Check out the table below, so that you will have an idea of how the tuition fees of the universities vary and what is the cost of studying in New York City.
| Top Universities in New York | Tuition Fees |
| New York University | USD 58,168 |
| Columbia University | USD 66,139 |
| Fordham University | USD 58,467 |
| Yeshiva University | USD 48,800 |
| Cornell University | USD 63,200 |
Note: The tuition fees of the universities are as per the data available on the official website of the universities in January 2024. The data is subject to change.
Further Read: If you are planning to travel solo then you must read our blog Solo Travel Destinations From New York!
Cost of Accommodation in New York
The cost of accommodation is one of the primary expenses for an international student planning to study in any of the countries abroad. The cost of accommodation in New York varies as per the choices made by the students. Some international students prefer to reside inside the university campus while others choose to stay off campus. The cost of accommodation in New York depends on the location, amenities, and facilities.
Generally, hostels and sharing rooms are considered preferable and affordable options for students. It is advised to plan your budget according to the choice you are making for the accommodation. Check out the table below for the average pricing of accommodations in New York City.
| Accommodation in New York | Average Cost |
| One-bedroom Apartment in sub-urban areas | USD 700 monthly |
| One-bedroom Apartment in Downtown areas | USD 3,000 monthly |
| 85 sq. m. (900 sqft) furnished accommodation in an expensive area | USD 4,400 monthly |
| 85 sq. m. (900 sqft) furnished accommodation in a normal area | USD 2,800 monthly |
| 45 sq. m. (480 sqft) furnished studio in an expensive area | USD 4,000 monthly |
| 45 sq. m. (480 sqft) furnished studio in a normal area | USD 2,400 monthly |
| Private College/University hostels | USD 1200 annually |
| Public College/University hostels | USD 8,000 annually |
| Sharing rooms in hostels | USD 470 monthly |
Note: The estimated cost of living in New York is as per the data available on the internet in January 2024. The data is subject to change.
Utility Bills in New York
A separate budget should be decided for Utility bills while planning finances for overseas education in New York. The basic utilities like electricity connection, gas supply, mobile prepaid and unlimited internet package impact the cost of living in New York per month.
So, it is advised to plan your finances accordingly. Below is the table compiled for you with an average cost of utility bills you may need to pay while residing in New York City. Be mindful of energy usage and explore budget-friendly internet plans to keep these costs manageable.
| Utility Bills | Average Cost |
| Utility Insurance | USD 150 monthly |
| Utility bill for 2 people in 85m2 flat | USD 197 monthly |
| Utility bill for 1 person in 45 m2 (480 sqft) studio | USD 114 monthly |
| Phone bill | USD 196.31 monthly |
| Internet 8 Mbps | USD 62 monthly |
| TV bills | USD 100 monthly |
| Gas | USD 3.93 per gallon |
| Water/ Electricity Bills | USD 200 monthly |
| Cleaning help | USD 25 hourly |
| Laundry detergent | USD 16 (3 l. ~ 100 oz.) |
Note: The estimated cost of utility bills in New York is as per the data available on the Internet in January 2024. The data is subject to change.
Transportation in NYC
Getting around in New York City can be an adventure in itself. Public transportation, such as the subway and buses, is a cost-effective way to commute to and from the university. However, it is advised to go for accommodation within the vicinity of your college.
This will help you a lot in saving transportation costs. Walking and cycling are other best options to save transportation costs while commuting daily. Check out the average cost of transportation in New York City below.
| Mode of Transportation | Average Cost |
| Monthly ticket for public transport | USD 138 monthly |
| Public Buses/ Vehicles | USD 120 monthly |
| Public Buses/ Vehicles (For Single Travel) | USD 3 per travel |
| 1 litre (1/4 gallon) of gas | USD 1.05 |
| Private Vehicle | USD 0.69 |
| Taxi or Cabs | USD 15 per 8 kilometres |
| Taxi trip on a business day | USD 34 basic tariff, 8 km. (5 miles) |
| Volkswagen Golf | USD 26,855 1.4 tsi 150 cv |
Note: The estimated cost of transportation in New York is as per the data available on the official website in January 2024. The data is subject to change.
Food and Groceries
New York City offers a diverse culinary scene, but dining out frequently can quickly add up. Budgeting for groceries and preparing meals at home can help control food expenses. If you want to decrease your annual budget, be sure to plan and cook your meals ahead of time. Consider shopping at local markets or grocery stores to find affordable options and cost-effective pricing.
Don’t miss to explore local markets and supermarkets for affordable and premium grocery shopping. Check out the average cost of food and groceries to plan your finances.
| Food and Groceries | Average Cost |
| Basic lunchtime menu in the business district | USD 21 |
| Combo meal in fast food restaurant | USD 12 |
| 500 gr of boneless chicken breast | USD 7 |
| 1 litre of whole-fat milk | USD 1.30 |
| 12 eggs, large | USD 5.56 |
| 1 kg of tomatoes | USD 6 |
| 1 kg of apples | USD 4.38 |
| 2 liters of Coca-Cola | USD 3.09 |
| Bread for 2 people for 1 day | USD 2.88 |
Note: The estimated cost of food and groceries in New York is as per the data available on the official website in January 2024. The data is subject to change.
Cost of Entertainment and Leisure
To escape from the monotonous academic schedule, it is really important to include the cost of entertainment while planning your finances. To go with the flow and maintain consistency and rhythm, some leisure activities are equally important. There are a plethora of options to keep you entertained throughout your academic career.
Add more excitement and fun to your New York journey with subway platforms converting into musical stages on weekends. Check out the table below and calculate the cost of entertainment and leisure as per your choices and habits.
| Modes of Entertainment | Average Cost |
| A basic dinner out for two in a neighborhood pub | USD 71 |
| 2 tickets to the movies | USD 37 |
| 2 tickets to the theatre (best available seats) | USD 318 |
| Dinner for two at an Italian restaurant | USD 139 |
| 1 cocktail drink in the downtown club | USD 20 |
| Cappuccino in the expat area of the city | USD 5.42 |
| 1 beer in a neighbourhood pub (500ml or 1pt.) | USD 10 |
| 1 package of Marlboro cigarettes | USD 16 |
| 1 month of gym membership in the business district | USD 140 |
| 1 min. of prepaid mobile tariff (no discounts or plans) | USD 0.50 |
| Sporting Activities | USD 100 |
| Concert Tickets | USD 100 |
| Tickets at Amusement Parks | USD 80 |
| Shopping | USD 300 |
Note: The estimated cost of living in New York is as per the data available on the internet in January 2024. The data is subject to change.
Healthcare in New York
While being in a foreign land where culture is so diversified, and there are a plethora of options for the gastronomic scene, it is mandatory to take good care of health. Be mindful of what you are eating and drinking to avoid any kind of health issues.
Although, health insurance is a mandatory expense for international students in the USA. Be sure to check out with your university as most of the universities provide insurance plans with the tuition fees. Also, check out the table below for the average cost of healthcare in New York.
| Healthcare in New York | Average Cost |
| Health Insurance | USD 600 to USD 1300 monthly |
| Doctor’s visits | USD 135.28 |
| Dentist visits | USD 116.71 |
| Optometrist visit | USD 127.43 |
| RX drug | USD 498.43 |
| Veterinary visit | USD 81.87 |
Note: The estimated cost of living in New York is as per the data available on the internet in January 2024. The data is subject to change.
Miscellaneous Expenses
Miscellaneous expenses may include textbooks, school supplies, personal items, and occasional leisure activities. Be sure to include miscellaneous expenses in your financial planning. This will help you out in covering unexpected expenses and other expenses that are required to maintain a balance between your healthy lifestyle and academics.
Below is the table compiled for you with common miscellaneous expenses and their average costs. Plan accordingly and allocate a portion of the budget to miscellaneous expenses as well.
| Miscellaneous Activities or Purchases | Average Cost |
| Household Items | USD 20 to USD 50 monthly |
| Medical Expenditures | USD 1,500 to USD 2,000 annually |
| Books, Stationery, Toiletries | USD 100 to USD 250 annually |
| Others | USD 500 to USD 1,000 annually |
Note: The estimated cost of living in New York is as per the data available on the internet in January 2024. The data is subject to change.
Also Read: If you are planning to move to New York, then you must know Interesting Facts About New York!
FAQs on the Cost of Living in New York 2024
International students’ average cost of living varies between USD 10,000 to USD 18,000 monthly. It depends on the expenditure on several factors like accommodation, food, grocery, etc.
Below are some of the most common and important tips you should not miss while studying in a foreign land.
– Never miss taking advantage of your student identity card.
– Grab the offers available on your student ID card for discounts.
– Prefer using public transportation to commute daily.
– Planning and cooking meals at home significantly reduces the cost.
– Plan a grocery day and grab it from some of the budget-friendly grocery stores.
Indeed, New York City boasts its well-connected public transportation system which an international student can easily afford. A monthly metro card for unlimited rides typically costs around USD 127, providing a cost-effective way for students to navigate the city.
Health insurance is a mandatory thing to live anywhere in the USA. Most of the universities offer insurance plans, and they generally include the cost of health insurance with tuition fees.
Yes, international students can open a bank account in New York City. For the details and requirements you need to check out the bank’s official website as it may vary from bank to bank.
New York is generally more expensive than most other U.S. cities, including Los Angeles and Chicago, especially when it comes to housing. However, some costs, like public transportation, may be cheaper compared to LA.
Gym memberships can range from USD 30–USD 150 per month, depending on the type of gym. High-end gyms and fitness clubs may charge more, while budget gyms or chains are more affordable.
A single person can expect to spend around USD 300–USD 500 per month on groceries, depending on shopping habits and food choices.
Dining out costs vary greatly. A casual meal at an inexpensive restaurant may cost USD 15–USD 25 per person, while a three-course meal at a mid-range restaurant can range from USD 40–USD 70 per person.
A single subway or bus ride costs USD 2.90, while a monthly unlimited MetroCard for unlimited rides on the subway and bus is USD 127.
Studying in New York City is like a dream come true with lots of exciting and enriching experiences. But it is really important to plan the finances and budgets carefully. Strategic and advanced planning of budget and finances can ease living in New York. So, plan your things accordingly and make your academic journey more exciting. All the best and happy studying!
This blog was all about the cost of living in New York. Hope you like reading it. For booking the best accommodation abroad to start your study abroad experience you can contact Fly Homes at 1800572118.
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