New York City is one of the most famous cities in the world which gained popularity due to many causes. It includes culture, financial stability, media, and entertainment. Since the medieval era, the city started gaining popularity for its architecture and “York Minster”. It holds a reputation for a world-class internship in all the major industries. Midtown Manhattan is one of the popular areas where a large number of people stay while staying in New York. A visitor needs to spend approx. $316/ day to stay in New York.
|Places to stay in New York||Causes of expenses||Amount|
|Lower-east side and SoHo||Medical Insurance||$328/Month|
|East Village||Personal care||$50/Month|
|Long Island City||Housing insurance||$10/Month|
|Greenwich Village and Chelsea||Groceries||$300/month|
|Upper East Side||Transportation||$116.50/Month|
You can also read: New york travel guide: Everything you need to know
Top 6 Places to Stay in New York :
(1) Midtown Manhattan –
Midtown is always a great choice for newcomers and for those who love walking and avoid driving or are comfortable using public transportation. Manhattan’s grid system plays a pivotal role in this ease of navigation. When it comes to some highlights of the place it has a number of attractions such as Times Square, the MoMA, Central Park, the Empire State Building, Rockefeller Centre, Broadway streets and more. It has a number of hotels where one can stay in New York such as Whitby Hotels, 1 Hotel Central Park, and The Plaza.
(2) Lower East Side and SoHo –
The Lower East Side (LES) and SoHo, short for South of Houston Street, are two incredibly trendy neighborhoods in close proximity to each other. One delightful pastime in these neighborhoods is simply strolling along their charming streets and discovering new culinary delights at the various restaurants, cozy cafes, and an array of shops that cater to every budget and taste, including numerous vintage boutiques. And if shopping is your passion, then SoHo is a haven for fashion enthusiasts, boasting an abundance of chic boutiques that are sure to captivate your style senses.
(3) East Village –
East Village is a unique area in New York City. It is a mixture of old culture and modern culture which makes it special in all aspects. It has several energetic areas that can amaze visitors. It can provide an overall vibe as it has old school as well as new school. East Village Hotel can provide visitors with all kinds of facilities along with clean rooms.
(4) Greenwich Village and Chelsea –
Chelsea and Greenwich Village, encompassing popular areas like the Meatpacking District and West Village, offer fantastic, relaxed options for accommodation in New York City, especially if you’ve thoroughly explored Midtown and crave a more authentic city experience. Noteworthy attractions in this area include the iconic Flatiron Building, the vibrant Chelsea Piers, the bustling Union Square Market, and the eclectic Chelsea Market.
However, it’s worth noting that staying in Chelsea and Greenwich Village does mean relying on public transportation to access major Midtown attractions like Times Square. On the flip side, you’ll find yourself in closer proximity to intriguing southern cities sights such as the Brooklyn Bridge, the Statue of Liberty, and Wall Street (which is primarily relevant for business travelers).
(5) Upper East Side –
The Upper East Side is one of the affluent sides and the famous neighborhood of Manhattan. If you want to spend a luxurious time in New York this side is an appropriate one. The place is traditionally known as the “Wealthy Enclave”.
A portion of 5th Avenue runs through this district, aptly named the Museum Mile. It’s a paradise for art and museum enthusiasts, with an abundance of world-class institutions to explore, including the Guggenheim Museum, the Jewish Museum, the Neue Galerie, the Frick Collection, and the Metropolitan Museum of Art (the Met), among many others, all conveniently nestled within this cultural hub.
(6) Long Island City –
Our next destination takes us to Queens, and more precisely, Long Island City (LIC). This neighborhood possesses a distinct coolness factor and remains somewhat under the radar in the context of New York City. It makes it an excellent choice if you’re on the hunt for affordable accommodation in the Big Apple.
What sets LIC apart is its close proximity to Midtown, situated just across the East River. Long Island City is one of the nearest zones to Times Square by public transportation. It is the nearest place from where one can enjoy all the attractions in the city as it is the most convenient way.
Why New York is Considered as an Expensive City?
New York City often tops the list as one of the most exhilarating and dynamic cities globally, drawing people from all walks of life. However, its magnetic allure comes at a steep price. Let’s discuss a few key reasons behind the soaring costs in NYC. From housing costs, taxes, education, food, and entertainment, we see many factors that contribute to the high expenses of New York City –
Within the city’s competitive housing landscape, affordability is a rare commodity. As a result of the limited availability of reasonably priced housing, residents find themselves locked in fierce competition, resulting in soaring rental rates that strain the average budget. Gentrification also plays a pivotal role in the escalating housing costs across the city. The influx of wealthier individuals into formerly more affordable neighborhoods prompts an uptick in property values. Landlords often seize this opportunity to refurbish buildings and command higher rents, further squeezing housing affordability.
The financial aspect of transportation in New York City is a substantial concern for its inhabitants. The city boasts a comprehensive public transit infrastructure, encompassing buses, subways, and trains. However, the cumulative expenses associated with utilizing these services can swiftly accumulate. As of the year 2023, partaking in a single subway or bus journey in New York City incurs a fare of $2.75.
Meanwhile, opting for a monthly unlimited MetroCard, which grants commuters the privilege of unlimited subway and bus rides, necessitates a substantial outlay of $127.00. This cost component frequently represents a substantial portion of the monthly budget for numerous residents, adding to the overall financial demands of living in the city. Beyond public transportation, possessing a car within the city can prove to be an excessively costly endeavor. The expenses associated with car ownership are formidable, with steep costs for parking and notably elevated car insurance rates.
New York City boasts an extensive public school system, yet numerous families in the city opt for private or parochial education, albeit at a significant expense. The price tags attached to private schools in New York City exhibit a wide spectrum, with annual tuition spanning from a few thousand dollars to surpassing the formidable mark of $50,000.
Many private schools impose supplementary fees for necessities like textbooks, uniforms, and extracurricular activities, resulting in a substantial financial commitment. Higher education costs within the city can also be notably steep. Several premier colleges and universities are situated in New York. If you attend Columbia University, you need to pay $80,000 per year. These formidable educational expenses underscore the financial challenges faced by both families and individuals seeking quality education in the city.
The city imposes a 4% hotel tax and a 6% occupancy tax on temporary lodging arrangements like those found on Airbnb. These tax burdens collectively contribute to the city’s reputation for its high cost of living.
New York City comes with high taxes such as 0.55/5 to 1.925% of property tax. When it comes to income tax, New York City has the highest tax charges in the United States. Depending on an individual’s income, one needs to pay between 3.078% to 3.876% tax. High taxation can erode residents’ disposable income, creating challenges in saving and affording essential necessities such as housing, groceries, and healthcare.
Food and Entertainment:-
Food and entertainment are important factors that also contribute to the high costs while you are living in New York City. The city is home to multiple best restaurants and entertainment venues. If you look properly, the dining cost in New York can be higher than other cities in the United States. The dining costs are very expensive, running into the hundreds of dollars for one person.
The entertainment costs are also high in New York City. Cultural attractions such as museums and concerts can demand a significant investment. Even everyday leisure activities like going to the movies or attending sporting events can prove notably more expensive in New York City when compared to other regions of the country. These higher entertainment costs contribute to the overall financial considerations that residents and visitors must bear in mind in the city.
Many New York City residents grapple with the substantial financial burden of healthcare expenses. Despite the city’s abundance of healthcare providers and facilities, the price of obtaining medical care can reach daunting heights.
For individuals lacking health insurance, healthcare costs can pose insurmountable challenges. A solitary visit to a doctor or a hospital stay may accumulate into thousands of dollars in expenses, rendering these vital services financially out of reach for numerous lower-income residents. The expense associated with prescription medications can be notably steep, especially in the case of newer or specialized drugs.
Most Famous Hotels to Stay in New York City –
• Four Seasons Hotel:-
Nestled in the vibrant heart of TriBeCa, Four Seasons Hotel New York Downtown offers a luxurious escape in Downtown Manhattan. Each room features a flat-screen TV and a private bathroom, with additional indulgences like plush bathrobes and complimentary toiletries to enhance your stay.
This Four Seasons Hotel provides an array of exceptional amenities, including a lap pool, a rejuvenating spa, and a well-equipped gym for your wellness needs. For dining experiences, the hotel boasts the renowned onsite restaurant, Cut by Wolfgang Puck, serving delectable options for breakfast, lunch, and dinner. Moreover, guests can savor the convenience of private and in-room dining choices during their stay.
The guest rooms here offer captivating vistas, with the choice of either Central Park’s natural splendor or the dynamic city skyline. Guests can unwind in the exclusive La Prairie Spa, where they can revitalize with an array of pampering treatments, including massages, facials, and access to a rejuvenating sauna. Additionally, the hotel features a cutting-edge fitness center for those seeking to maintain their wellness routine during their stay.
• The Mark Hotel:-
The Mark Hotel is located just a little away from Central Park which is heaven for discerning travelers. The Mark Hotel stands out with its distinctive artistic design and offers an array of amenities, including the renowned Mark Restaurant.
This boutique gem boasts generously sized guest rooms, each thoughtfully equipped with modern conveniences such as complimentary Wi-Fi, an iPod docking station, and a 32-inch flat-screen TV. The luxurious marble bathrooms are a highlight, featuring a spacious soaking tub and a mini flat-screen TV for added indulgence. The rooms are elegantly appointed with furnishings in ebony and sycamore, creating a sophisticated ambiance.
• Hotel Brooklyn Bridge:-
Set along the waterfront, the 1 Hotel Brooklyn Bridge rises majestically over 10 stories, offering an exceptional location just 2113 feet from the Brooklyn Bridge Promenade and a mere 1056 feet from the banks of the East River.
Every room in this eco-conscious establishment is thoughtfully appointed, featuring a coffee machine complete with recyclable pods, mattresses filled with a sustainable hemp blend, and sheets crafted from organic cotton. Staying connected is a breeze with digital newspapers accessible via the Press Reader on the in-room device, and it can also be downloaded onto personal devices for your convenience.
The property excels in providing communal spaces, offering versatile areas for work or relaxation. Guests can enjoy round-the-clock access to the Fieldhouse fitness center, unwind in the 50-person screening room, or opt for a quick bite from the grab-and-go café, which showcases a menu brimming with locally sourced delicacies.
• Nine Orchard:-
Nine Orchard occupies a prime position at the intersection of Orchard and Canal Street, enveloped by a tapestry of cultural landmarks and an enticing array of the city’s boutique shops and dining establishments.
Within the hotel, culinary delights await with options that encompass a charming bistro located on the ground floor and an elegant cocktail lounge.
Every room and suite at Nine Orchard is designed for your comfort, featuring expansive windows that invite natural light and equipped with smart TVs for your entertainment. Additionally, select accommodations offer the added luxury of private terraces, enhancing your stay experience.
Best Time to Visit New York City –
New York City presents a wealth of attractions and activities year-round. The timing of your visit should be aligned with your individual priorities and inclinations, affording you the opportunity to customize your exploration of the Big Apple for the utmost enjoyment.
New York City’s climate can be variable, but the months of September and May reliably offer pleasant and comfortable conditions. During these periods, Central Park becomes a vibrant display of colorful foliage and blossoming trees and flowers, all enhanced by the mild and agreeable weather.
For budget-conscious travelers, the most economical period to explore New York City falls in early January and February. These months present an excellent opportunity to secure cost-effective deals and savings. This is primarily due to a decline in tourism immediately following the holiday season, and it continues through the chilly winter months. Additionally, you’ll steer clear of the bustling tourist crowds typically found in midtown Manhattan during this time.
Exploring New York City with children offers a fresh perspective on the city’s wonders. Similar to numerous destinations, the most family-friendly time to visit NYC coincides with the warmer summer months.
If you are planning to visit New York City in the summer, you can see various family-related events. You can indulge in various family-friendly activities, such as a trip to The Bronx Zoo, delightful boat tours, delightful playground explorations, and engaging music classes and outdoor concerts hosted in numerous city parks. As the summer progresses into late August, it’s essential to remain well-hydrated and have an ample supply of sunscreen on hand, as temperatures can soar into the triple digits.
What are the Required Dollars to Stay in New York?
“New York City Rent”: Approx. $900/Month:-
Finding affordable housing in a city that never sleeps doesn’t mean sacrificing comfort. If you want to secure your room under $1,000 then you are getting a spacious apartment in the city. You can also get budget-friendly options in this place. It has neighborhoods such as Washington Heights, Long Island City, Union City, Astoria, and Inland.
“Renter’s Insurance”: Approx. $10/Month:-
Renter’s insurance is a good investment if you are a newcomer as it protects you along with all your belongings. It is a small amount that one needs to pay to secure all the belongings.
“Utilities”: Approx. $50/Month:-
Most NYC rent includes heat and hot water, leaving you with gas and electric bills. Sharing your living space with roommates can significantly cut down on these costs. Even with some air conditioning use in the summer, budgeting around $50 per month per person should suffice.
“Internet”: Approx. $30/Month:-
Collaborating with a roommate and opting for internet-only service rather than a premium cable package helps keep this expense low without sacrificing connectivity. Streaming services like Netflix offer plenty of entertainment options.
“Cell Phone”: Approx. $75/Month:-
The national average cell phone bill hovers around $73 per month, but there are opportunities for substantial savings. Consider a family plan or explore options that match your usage patterns.
“Transportation”: Approx. $116.50/Month:-
For around $116.50 per month, you can enjoy unlimited access to the city’s extensive subway system with a monthly MetroCard (as of 2016).
“Groceries”: Approx. $300/Month:-
The grocery bill depends on personal choices and food habits but you need to pay $300 for groceries. Trader Joe’s might be the best budget-friendly store where a newcomer can visit to save a little bit of money.
“Laundry”: Approx. $15/Month:-
Many New Yorkers lack access to in-home laundry facilities. Stretching your visits to the laundromat to once every 3-4 weeks can reduce this cost. Stocking up on socks and underwear can help extend the time between trips.
“Health Insurance”: Approx. $328/Month:-
Health insurance is one of the most essential factors in New York County that must be covered. One has to spend approx. $326 in a month but one can pay in a year based on the health plan.
“Personal Care/Cleaning Products”: Approx. $50/Month:-
Budgeting around $50 per month for personal care and cleaning supplies, including contact solutions, razors, deodorant, makeup, toilet paper, and more, should suffice. One can explore cashback facilities as the Ebates shopping portal provides an opportunity to save you additional money on online orders.
“Miscellaneous/Discretionary”: Approx. $200/Month:-
$200 per month is approx. amount for miscellaneous expenses such as classes, business costs, clothing, postage, gifts, dental cleanings, and prescriptions.
“Entertainment/Play”: Approx. $100/Month:-
Set aside $100 per month for entertainment, including happy hours, dining out, theatre outings, social gatherings, Netflix subscriptions, and more. Staying within this budget ensures you can enjoy the city’s offerings without breaking the bank.
“Short-Term Savings Goals”: Approx. $100/Month:-
Allocate $100 per month toward short-term savings goals and building an emergency fund. This financial cushion provides security for unexpected expenses.
“Long-Term Savings/Debt Payoff”: Approx. $250/Month:-
Allocate $250 per month to long-term savings goals, including retirement contributions and debt repayment.
New York City is a famous city and it is also the most expensive city in the world. It has a number of attractions and a newcomer has to spend $325 on a day. It has some rules that include renter’s insurance, health insurance, and entertainment. Moxy NYC Times Square, The Peninsula New York Sanctuary Hotel New York, Belvedere Hotel, and East Village are some famous hotels to stay in New York.
Ques: What is the appropriate time to travel to New York City?
Ans: If this is the first time you to travel New York City, you should visit ”June to September ”.
Ques: What is the approximate budget to stay in New York?
Ans: $325/day is the minimum cost that one has to spend to stay in New York City.
Ques: What are the famous hotels in the city?
Ans: Some hotels to stay in New York include Moxy NYC Times Square, The Peninsula New York Sanctuary Hotel New York, Belvedere Hotel and East Village are some famous hotels.
Ques: Which side of New York City is famous?
Ans: Manhattan is believed to be the best and most famous part of the city.
Ques: Is New York cheaper than India?
Ans: The expenses in New York City are approx. 355% higher than India.
Ques: How many dollars that one has to spend to stay in New York?
Ans: One has to be capable of spending approx. $2524.50 in a month to stay in New York City.