And then there’s the cost of two cars, monthly train passes and higher utility bills. With an estimated 2017 population of 8,622,698 distributed over a land area of about 302.6 square miles (784 km2), New York is also the most densely populated major city in the United States. “What we didn’t want was to live in the suburbs. The City of New York, usually called either New York City (NYC) or simply New York (NY), is the most populous city in the United States. You obviously get more space for your money in the suburbs, but it cost about $1,285 more a month, or 18 percent, including income taxes, to live there. As you get into the further reaches of Queens and Brooklyn, you will likely encounter slightly cheaper prices. The high cost of living in NYC starts with its crazy housing market. Studio and one bedroom apartments come in at $1,889 and $2,098 a month, respectively.Each of these rents are far more expensive than not only the U.S. median, but most of the world’s large cities. Ms. Buchman, who represents buyers and sellers in Park Slope, said most of her clients aren’t ready “for the exodus,” though she has seen an uptick in the number of clients leaving the city. That’s because the Brooklyn family’s annual income tax bill is about 21 percent more than the New Jersey family’s, in part because the Brooklyn couple pays New York City income taxes and receives less of a deduction on their much lower property taxes.The big-ticket item that pushes the Jersey costs ahead is the property taxes, about $16,000 for our chosen house. The numbers will vary, sometimes greatly, depending on income, the property and state you’re living in, along with a host of other factors like whether they are subject to the alternative minimum tax. In New York, all households spend an average of $3,000 per year for education expenses compared to the national average of $1,407. That includes most relatively static expenses — from the mortgage, property taxes and homeowner’s insurance, to transportation, utility bills and, for the house, landscaping. GasBuddy data from May 2019 has a gallon of gas in New York City going for $3.08, which is almost 20 cents higher than the $2.89 U.S. average. “Those are really big numbers, especially when you have more than one child,” said Ms. Buchman, the broker.For wealthier families, the calculus changes again because suburban living allows them to escape New York City taxes, which, at 3.65 percent of income above $90,000, can really add up, especially for families earning more than $300,000, Mr. Coard said. The classic dilemma of “buy vs. rent” always comes up regardless of where you’re living.

If the city dwellers decide to send their children to private school — say when their children hit middle-school age — that expense would instantly make the suburbs a bargain.“At some point, the benefits of the city are not worth the things you need to give up,” said Jessica Buchman, a senior vice president at Corcoran, a New York real estate brokerage, for instance, when five people have to share one bathroom, or there’s no outside space. Even though big repairs for the house, like replacing a water heater or putting on a new roof would heap on even more costs, estimating those expenses is so arbitrary that we chose to exclude them. And there’s the luxury of simply pulling into a driveway and a reputable public school just around the corner.Ultimately, deciding which lifestyle best suits you — and where to buy — comes down to personal preferences. “The big factor in this example is really the property taxes” in New Jersey, said Jude Coard, a tax partner at the New York accounting and advisory firm Berdon, who performed the income tax analysis.But after you consider the impact of income taxes, and include the typical deductions, the difference between the two families narrows. But if you add the sky-high private school tuition to the Park Slope family’s costs — and the annual bill is often more than $25,000 a child — the pendulum would swing back in favor of the suburbs. The two-bedroom, one-bathroom co-operative apartment that we’re using as a model in Park Slope is listed at We stacked that against a four-bedroom, two-and-a-half bathroom home in South Orange, N.J., just a 30-minute train ride from Manhattan, where the two parents work. “I don’t think I realized how my priorities were going to change once she was around,” Ms. Joseph said. “Many people leave the city grudgingly, and the reason they can cede defeat and leave is the value proposition,” said The reverse holds true, too. So we set out to do the math, based on an apartment and a house in the New York metropolitan area. New York City is home to several elite private schools and universities, making them an attractive option for parents and college students. That’s a $1,062 difference for a studio apartment, a $1,151 deviation for a one bedroom apartment and, lastly, a $1,324 split for a two bedroom apartment.

Summary about cost of living in New York: Four-person family monthly costs: 4,801.35$ without rent (using our estimator). Are you moving into a rambling old clapboard house or a freshly renovated home? According to Numbeo.com data from May 2019, the average basic utilities package for a 915 square-foot place in New York costs $145.55. According to a March 2019 report from Apartment List, the median rent for a two bedroom apartment is $2,499 in New York city. #3 Best Suburbs to Live in New York City Area. And then there’s the higher cost of commuting from the suburbs, or the expense of buying a car (or two) and paying the insurance.

But like everything else in the Big Apple, it’s one of the most expensive. A monthly transit pass in New York costs $127 per month. To me, it meant sterile, boring strip malls and no diversity. But if the deciding factor is the relative cost of each, the answer is quantifiable, even if it not immediately obvious given the different tax rates and other variables.

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