What it’s really like living in New York City on a $100,000 salary

• 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.

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New York is a relatively high-income state.

Source: Data USA

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And New York City has higher incomes than other parts of the country.

Source: Data USA

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Many people flock to the Big Apple for the assortment of high-paying jobs the market has to offer.

Source: CNBC

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About 30% of New York households end up making six-figure salaries.

Source: Statistical Atlas

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Jobs in New York that pay a $100,000 salary include business analyst, stockbroker, and development manager.

Source: Indeed

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That's compared to the average salary in New York City — $75,000.

Source: PayScale

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With $100,000 rolling into your bank account annually, you may think you're ahead of the game, which is relatively true.

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But in reality, your take-home pay will be closer to $65,000 after income taxes.

Source: Go Banking Rates

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Then you have to account for New York's infamously high cost of living.

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The cost of living there is 129% higher than the national average, according to PayScale.

Source: PayScale

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A gallon of milk in New York, for example, costs $4.53 on average versus the national average cost of about $3.50.

Source: Investopedia and Studying in the US

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When it comes to discretionary spending, it costs an average of $100 a month to have a gym membership in New York ...

Source: Business Insider

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... a basic dinner for two people at a neighborhood pub costs an average of $57 ...

Source: Business Insider

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... and a men's standard haircut costs $26 on average.

Source: Business Insider

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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.

Source: Business Insider

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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.

Source: New York City Department of Finance

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For reference, the average local sales tax rate across states in the US ranges from .03% to 5.14%, with some states not enforcing one at all.

Source: Tax Foundation

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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.

Source: PayScale

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The city's property taxes are relatively low at 0.9%, compared with the statewide average of 1.68% respectively.

Source: Smart Asset and Smart Asset

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If you want to buy a home in the New York City metro area, a yearly salary of $101,997.84 could afford you the cost of the principal, interest, taxes, and insurance on a median-priced home, according to mortgage rate site HSH.

Source: HSH

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Of course, this is assuming you already have a 20% down payment of about $85,600 already saved. And your options for buying a home in the city for $428,000, the median home price in the greater metro area, will be a little slimmer.

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The median home value in the five boroughs of New York City is closer to $650,000, according to Zillow.

Source: Zillow

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And renting isn't any easier.

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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.

Source: Naked Apartments

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While that may seem like a lot, this is New York City we're talking about ...

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... where the average rent is $3,475 for an apartment in Manhattan, according to Investopedia.

Source: Investopedia

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In Manhattan, the average rent for a studio apartment is $2,550.

Source: Naked Apartments

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If you opt for a one-bedroom apartment in Manhattan, that'll cost you closer to $3,100 a month in rent.

Source: Naked Apartments

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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.

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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.

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In fact, a 2017 study that analyzed US Census data found that 40% of adult renters in New York City were living with a roommate.

Source: New York Curbed

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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.

Source: Naked Apartments

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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.

Source: Naked Apartments

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If you're determined to have your own space in Manhattan, you could adopt the tiny-living lifestyle.

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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.

Source: Business Insider

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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.

Source: Business Insider

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The units range from 260 to 360 square feet. For comparison, the average size of an apartment in Manhattan is 703 square feet.

Source: Business Insider and RENTCafe

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Monthly rent there starts at $2,775, so it's a bit over budget.

Source: Business Insider

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But gym access, housekeeping, laundry facilities, grocery delivery, and access to social events are included in that price, as well as up-to-date appliances and furniture, which trims your cost-of-living elsewhere.

Source: Business Insider

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Business Insider's Leanna Garfield spent a night in one in 2015 to see what living in the units is really like.

Source: Business Insider

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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.

Source: Business Insider

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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.

Source: RentHop

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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

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There was a small closet in a small bedroom ...

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... 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

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And a lack of space isn't always the only hurdle you may have to jump.

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Many New Yorkers live in buildings that weren't built anytime recently, including the YouTuber Jeremy Bernier, who lived in a 100-year-old building.

Source: Jeremy Bernier/YouTube and RentHop

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He was working as a software engineer making $150,000 a year in 2016, when he was living in this one-bedroom apartment in the East Village for $2,500 a month.

Source: Jeremy Bernier/YouTube and Jeremy Bernier/YouTube

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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.