NEW YORK CITY (PIX11) – It costs over $159,000 to live in New York City with children, according to a study released Monday by Mayor Zohran Mamdani.
It’s the first report mandated by a 2022 ballot measure, requiring the City of New York to calculate the real cost of living based on housing, food, child care, taxes, savings, transportation, and other costs. The report uses data collected in 2022, and inflation has only risen since then.
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For families with children, the highest cost is health care at $27,489 per year. Adjusted for inflation, that would be just over $30,000 in 2026, according to the U.S. Bureau of Labor Statistics.
Without children, the median cost of living is $106,346, the study found. The highest cost for New Yorkers without children is housing, with a median annual spend of $22,002. This would be over $24,000 after inflation adjustments.
The study also calculated how much money people realistically have at their disposal. It found that 62% of New Yorkers do not make enough money to meet the cost of living. The average gap was $39,603 in 2022, or $43,600 present day.
That reality is harsher for non-white New Yorkers. Some 44% of white residents don’t meet the cost of living, but that jumps to 66% for Black residents and 78% for Hispanic residents.
Emily Rahhal is a digital reporter who has covered New York City since 2023 after reporting in Los Angeles for years. She joined PIX11 in 2024. See more of her work here and follow her on Twitter here.
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