By: Mahmuda Afreen / Read more about us.
Even though living in New York City will be a tough job because of the living cost. But this city is one of the best to have a highly paid job with comparatively less income tax. The median salary there will be only 6% less than the national average.
Moreover, this city ranked 9th in the 51 cities in the United States for a fair and good salary. So, a person even doing odd jobs will earn well. Furthermore, one needs to look below to know more about a good salary in New York City to live on in.
With the $15 minimum wage rate per hour, NYC is one of the highly paid cities for its employees. Moreover, the average weekly wage will be $3,967. Furthermore, the highly paid job sector is the financial activities with a weekly range of $11,283. On the other hand, the lowest wage area is hospitality such as waiter and bartender with a wage range of $1,055 weekly.
A good salary in New York City
It is to keep in mind that the City of New York is the most expensive one in the USA. This means that the more you look for comfort and happiness, the less you will be left with your accounts. Therefore, it requires getting a good digit of salary to make a better living.
NY provides a higher scale of salaries to make sure employees remain in their pods. Otherwise, the growing, burning cost will affect the lives in the city life, resulting in NY losing its manpower.
To say, a good salary is expected from a higher post. Usually, you are offered with above-average payment mark with those posts. Yet to live on without any debt, the median salary is enough to stay in the city.
Today, we will be discussing the salaries good enough and sufficient to live in America’s one of the most lively cities. Let’s find out what our experts say.
Minimum Wage rate in New York City
According to the governance of New York, the minimum wage of a person will depend on different criteria. However, the average state minimum wage was set o $15 per hour. Individual areas and employers will have different but not below the minimum range of wage.
Article 19 of the New York State Labor Law stated that all employees of New York State receive at least $13.20 per hour as of December 2021. Let’s see the minimum wage for NYC in recent times compared to others.
|NYC – Big Employers||$13.00||$15.00|
|NYC – Small Employers||$12.00||$13.50||$15.00|
|Long Island & Westchester||$11.00||$12.00||$13.00||$14.00||$15.00|
|The remainder of the New York State Workers||$10.40||$11.10||$11.80||$12.50||$13.20*|
Moreover, if one is working overtime or working on the holidays then there will be an increase in the minimum wage. As of state law, the minimum wage may increase at least 1 ½ times compare to the regular rate per hour with a minimum of $2 tip for overtime and more for working on holidays.
|Location||Minimum Wage as of 12/31/2021||Tipped Service Employees||Tipped Food Service Workers|
|New York City||$15.00||$12.50 Cash Wage|
$2.50 Tip Credit
|$10.00 Cash Wage|
$5.00 Tip Credit
|Long Island & Westchester||$15.00||$12.50 Cash Wage|
$2.50 Tip Credit
|$10.00 Cash Wage|
$5.00 Tip Credit
|The remainder of New York State||$13.20*||$11.00 Cash Wage|
$2.20 Tip Credit
|$8.80 Cash Wage|
$4.40 Tip Credit
Average Weekly wage range for different employment in New York City
US Bauru of Labor Statistics stated that the minimum weekly increase this year compared to previous years. The reason for this can be a huge decline in the employee which is 14% in NYC. Covering that fact the government has increased the lawsuit of minimum wage by more than 20%.
|Area||Employment||Average Weekly wage|
|New York, NY||2,125.3||$3,967|
|Natural resources and mining||0.3||$2,827|
|Trade, transportation, and utilities||191.9||$1,863|
|Professional and business services||530.1||$3,282|
|Education and health services||344.1||$1,527|
|Leisure and hospitality||135.4||$1,055|
|Farming, Fishing, & Forestry||$1152|
According to the given data, the total employment rate in NY will be 2125.3 and the weekly average salary rate is $3967. Moreover, the highest rate of employment will be in the Private industry which is $1901.5 with an average weekly salary of $4248. Besides, the lowest rate of employment and weekly wage will be in Natural resources and mining. Specifically, the employment rate will be only 0.3 and the salary range is $2,827. Significantly, the highest weekly wage or salary rate will be in the financial activities with a $11283 weekly salary.
The average wage of different employment in New York City
|Occupation title||Median hourly wage||Mean hourly wage||Annual mean wage|
|Human Resources Managers||$78.54||$86.72||$180,380|
|Information Security Analysts||$61.34||$64.04||$133,210|
|Computer and Information Research Scientists||$61.80||$64.26||$133,660|
|Computer Network Architects||$61.36||$61.65||$128,230|
|Network and Computer Systems Administrators||$47.44||$49.27||$102,480|
|Architects, Except Landscape and Naval||$47.11||$49.68||$103,340|
|Bioengineers and Biomedical Engineers||$48.84||$51.29||$106,690|
|Computer Hardware Engineers||$56.76||$57.84||$120,320|
|Mining and Geological Engineers||$37.77||$43.89||$91,300|
|Aerospace Engineering a||$29.88||$30.51||$63,450|
|Oral and Maxillofacial Surgeons||$146.64||$305,020|
In the above table, we have estimated some common and desired jobs salary in New York using the database of BLS. However, they stated that the salary will have differences according to the employer, region, and for some other things like experience and educational qualification of the employee.
In this city, one of the highest paid jobs is Dermatologist with a $249,450 average annual salary. In the medical sector, the neurologist, cardiologist, Dentist, oral surgeon, and all the other surgeons get the highest salary. Moreover, a registered nurse will get $93,320 annually and a Physician assistant will get around $131,810.
One of the important posts for a city is the City mayor and he or she will get $258,000 annually or even more with all the other facilities from the government. Also, the other important job is teaching, the salary will vary according to the schooling level, experience, education of the person, and so on. However, a teacher will get a minimum of $77,270.
With the development of technological practice in every sector of the world, the job market in the digital sector is increasing in NYC. Specifically, a data Scientist will get $122,540, an information security analyst, and a software developer will get around $133,210. All the jobs in this sector have a high demand with a high salary.
Highest salary range in NY
Since the city is offering some good salary jobs in the states it costs more to live apparently. Thus, a good amount of earnings is required if you are with your family.
The highest range of salary in NY is considered to start at $125,000 up to $300,000. With skill, experience, and degree more than $300,000/year is possible to earn as an annual wage for a person.
The least the people are acquired with the highest amount of salaries in NY. Whilst, the majority is gaining a live-able good amount paid by their employee. We have given some salaries dealing with the highest paying amount.
|Job Title||Entry level salary||Average Salary|
|Computer hardware engineer||$93,090||$130,970|
Many more high-end paying jobs are available in NY but require education, skill, and experience. Therefore, these posts are limited only to big guns. As a matter of fact, the average annual wage in NYC is considered a good amount to spend for a family of more than one.
The lowest salary range in the city of New York is around $22,000. And this excludes taxes. The annual minimal wage is somehow manageable for a single person to stay. But to ensure a better and more reliable healthy life a person needs to earn above $30,000. The monthly tax and payment for a person should not be included in this amount of compensation.
$12 hourly pay is the minimum wage for a worker paying in New York City as of July 2022. After the greater global pandemic, the economic statistic of the USA is gaining its path and with that, the employees are getting a good chance of making a fair amount of monthly and annual income on their own.
Below, the table shows the range of low and highest range of minimum salaries in NYC.
|Job title||Entry level salary||Average Salary|
|Parking lot attendants||$21, 780||$26,220|
|Waiters and waitresses||$21,640||$34,460|
|Couriers and messengers||$21,650||$33,620|
|Motor vehicle operators||$22,100||$33,760|
Various job opportunities are available with a minimum $20,000 to $35,000 range salary. The minimum average for a person is enough to live in NY with basic necessities confirmed.
The salary demography
This demography only shows the percentage of salary paid in NY by July 2022. All the data are collected from authentic sources and are updated.
The chart shows the majority of the people are earning a healthy average salary that ranges between $70,000 and $85,000. There are a noticeable number of people going with low to high median wages. And a few of them occupy the top-rated salaries in the city.
What is considered a good salary?
We have seen the salary range so far. And the percentage of the average earners is the majority of the population. So, how much is considered to be a good amount of wage for a person to live in NY?
See, the standard of living bumps up the cost. That is why you need to pay more than other territories here. Though jobs in NY are well paying and the average wage is considered to be higher than average payouts in other cities.
Here, an annual payment of $75,000 is considered to be the most suitable salary for a single person who wants to get his own residence. And $130,000 is considered a healthy amount for a family with a couple of kids.
Since your income tax will be deducted in time, you can only get the net pay after that. Therefore, a $100,000 salary will only provide you with nothing more than $85,000. Considering the annual cost of living and other stuff like that it would be wise to make sure for a person to earn the estimated amount provided by our experts.
Which job can earn you a better amount?
In NYC, certain jobs are beneficial when you are worth it. These jobs are usually well paid and offer you an annual bonus of a mighty amount.
Here, the most wanted jobs are,
- Financial manager
- Family medicine physician
- Sales manager
- Computer and info system service manager
- Orthodontist etc.
These highly paid jobs are not available at all times. And these posts require fulfillment of certain criteria. Thus, with experience, skill, and expertise, anyone can get a hand in these highly paid jobs.
These days, you will find a bunch of companies and organizations paying a decent amount of wages to ensure their employee’s comfort and just.
Top companies to pay the most
In NY, a number of established companies are paying a good amount of wages to their employees. Workers are making their daily life without any hassle. A major post can earn you more than your living expenses.
We have mentioned some of the well-known companies and institutes paying good wages to workers.
|Company||Minimum Salary||Maximum Salary|
|Tata Consultancy Service||$45,000||$190,000|
Part-time job salary in New York
In New York, many migrant and international students come searching for their fortune. The beginning in a restaurant or a bar is the most common in public.
Here, people get a chance to do subsidiaries with their main earning source. It can be the inhabitants or migrants, anyone can get a part-time job to add some to their annual income. The average part-time salary in New York City is $27,627. We have provided a chart of these part-time jobs’ annual salaries.
It is noteworthy that the amount of salary given here can vary with the agreement and the skill of the employees.
|Job title||Average salary (typical range)|
|Weekend casting assistant||$37.5K/year|
|Data entry specialist||$25K/year|
Many more part-time jobs are available in NY and they are highly recommendable for their rich payment within the shortest time.
Income tax NY
As a resident of NYC, you must pay your income tax in time. States all across the USA are fixed to pay a percentage of wages a person earns. A percentage of your annual income is paid for the welfare of your living. In NY, the income tax rate is valued by the annual income of a person. A higher paid salary needs to pay extra as income tax.
In NY the marginal tax is 22% and the effective tax payment is 11.98%. Remember the annual wage is paid in net pay after the tax is cut from the account. We have given the calculated amount of probable tax to pay regarding your salary per year.
Tax calculator in NY
In case you look forward to making the calculation of your tax, we have included some of the calculated amounts of wages you are to pay. Here the tax is calculated by the percentage given with your annual wages. And this amount is fixed by the state laws of income tax.
Income Tax compare to the income
According to the law of the government, the income tax for personal salary will be deducted in two ways. For a single person and a married couple filed jointly. Let’s have a look at the tables for more information.
|Taxable Income||Tax Rate|
|Over $0 but not over $8,500.00||4.00%|
|Over $8,500.00 but not over $11,700.00||4.50%|
|Over $11,700.00 but not over $13,900.00||5.25%|
|Over $13,900.00 but not over $80,650.00||5.85%|
|Over $80,650.00 but not over $96,800.00||6.25%|
|Over $96,800.00 but not over $107,650.00||7.32%|
|Over $107,650.00 but not over $157,650.00||7.82%|
|Over $157,650.00 but not over $215,400.00||6.75%|
|Over $215,400.00 but not over $265,400.00||9.94%|
|Over $265,400.00 but not over $1,077,549.99||7.35%|
|Over $1,077,549.99 but not over $4,999,999.99||10.45%|
|Over $4,999,999.99 but not over $24,999,999.99||11.10%|
National Finance Center System and Processing Bulletin7 announced the income tax rate illustrated above. So, the lowest rate of income tax for a single person will be 4% and the income will range below $8500. Moreover, the highest rate of income tax will be 11.7% with an income of over $24,999,999.99.
How much to live on in NY?
We have mentioned several times the City of New York is a costly one. Now, we are about to disclose the matter of raising too many payouts in NY and the higher rate of expenses.
The living cost in NY is higher for a time now. People have seen the excess expenses of food and utilities, living, and everything you need to live a daily life.
Now that pandemic has hit the ground, people have made their way home. Nowadays, NY is affordable for most average-paid employees. Rental prices, bills, and other daily expenses dropped down due to the hit. But expenses like food and some other mandatory objects are still high enough to pay more.
There is an estimated cost table by our experts that will allow our reader to have a clear glance over the living cost in New York.
Rental cost – (in the city) 1 bedroom $3,562
3 bedroom $7,127
Food cost Meal – (average restaurant) $25
Utilities Electricity, cooling, heating, garbage $161.97
Transportation One way ticket $2.75
Taxi 1 km (normal tariff) $1.86
Clothing A pair of good jeans for $61.13
A pair of summer dresses $58.58
Casual shoes $94.28
Business shoes $150.95
Most of your income is to pay for the rent of your residence. The cost of living depends on a few other things like food, transportation, electric and communication bills, and so on.
And you have to pay the tax along with all other expenses. To keep in mind, the rental cost is the major expense to bear. Relatively, you could save some extra expenditure with a basic family cost per month.
How to earn some extra bucks?
Doing the same business only will bring you a fixed amount of income. This may not be sufficient in many ways. Therefore, to earn a little more out of the city, you must overtime in your job. We believe having another part-time job would bring some more sweetness.
- In NYC, it is good if you can do extra time in your current working destination. They might pay you a fair amount of that. But, if not available, choose a secondary job that will support you financially as well as will gather experience.
- Aside from finding a side hustle, you can change the habit of extra paying on online shopping and activities. That can trim up the annual cost by a good percentage overall.
- Stop paying extra cash for insurance and other unnecessary utilities.
The average salary in the other cities
In the USA, some cities are really expensive to live on within the monthly or annual wage paid to its residents. While others offer a standard living within a budget. The periodic wage is to blame for the standard of living and you are going to need a healthy budget to stay in a good environment.
We have included the average salary respecting the big cities across the USA. Now you can learn the economical properties before leaving for dwelling in any of these metropolises.
|City||Average salary ‘22|
Salaries are taken from the latest data collection on the web and are of July 2022. Salaries may differ with terms and conditions and the annual earnings also can vary depending on the jobs taken by a person.
Salary comparison with popular towns of the world
At this point after learning about the cost and salaries in NYC and the average salary of major cities around the nation, now we are including the salary/average salary assumption with some major cities all around the world.
We believe this table of information would help those who might be thinking about migrating to other countries.
|City name||Average annual salary ($)|
|Tokyo||$43, 800 (converted)|
|Toronto||$50,053 (without tax)|
*Several amounts are converted from the original currency to USD. This may make some difference from the actual value of the annual wage.
So, NYC is not a playground for all. You need to be more hard-working and have to have multiple work abilities to cut a better wage. Comparing other counties in the US and their capitals, NY is considerably expensive with a higher range of salary. It takes a person to work hard and afford multiple jobs to earn a good amount of wage end of the year.
A person is to consider and keep the other bills and costs minimal if not paid the least amount of the average. Moving to NY is all about knowing that working real hard would make you live here financially strong. A better post in any institution would get you the desired lifestyle. Otherwise, it takes your sleep at night said some struggling individuals here.