San Francisco vs New York: Cost of Living Comparison

Deciding to move from one city to another is pretty difficult with so many things to consider. If you are thinking about moving to San Francisco or New York, you may want to consider the cost of living for each place to give you a clear indication of which would be the best place for you. Consider costs like housing, incomes, transportation and food. Cost of living – rentals If you are looking to rent a 1 bedroom apartment you can expect to pay an average of $3,767 in San Francisco and $2,495 in New York City. Even though both may seem relatively high, New York City is cheaper. If you are bent on living in SF, there is an alternative like co-living spaces in San Francisco. This is relatively cheaper than renting a full apartment on your own but you would need to share the space with other people. This is a great option if you are new to the city as it will give you a chance to live with locals in a nice neighbourhood. If you want to buy a 1 bedroom home in SF you can expect to pay around $1,374, 800 and $999, 000 in New York City. Cost of living – Transportation Getting around in NYC will cost an average of $121 per month while it will cost around $78 per month in SF. There are many public transport options available in the Bay area for those people who will be travelling daily. BART Bay Area Rapid Transport and CalTrain run to the cities outside of SF like Oakland and Fremont. Depending on how far you are travelling in SF you could pay between $96 and $433 per month. In NYC commuters who rely on the subway everyday can expect to pay $121 for a Metro card which will let them use the subway every day. If you are planning on using the Long Island Rail Road then you can expect to pay between $140 and $500 every month. Cost of living – Income The median household income for people living in San Francisco is about $38 000 higher than the median household income in NYC. It is estimated that people with a Bachelor’s degree can expect a salary of $87,096 in SF and $69,418 in NYC. The difference is relatively small here. Commute time The time it took for people in NYC to travel and people in SF to travel was only a difference of five minutes. However it was noted that the travel time in both cities were above the national average of 26.1 minutes. Cost of food The price of food in SF can be quite costly as SF is known for their fancy restaurants and even have some of the best in the world. However even if you are not eating at a restaurant, the price is still relatively high. A meal for two can cost up to $80 which is almost double the national average price. Even if you are not eating out but decide to cook at home every day, you can expect to pay around $423.75. The cost of food in NYC is about $471.34 a month per person. However the average cost of food for the average US citizen is around $324.20. New York City is known for its restaurant scene and for those dining out often, the cost of food will definitely be much more. Tips for living in SF and NYC 1.       Living in SF and NYC would require a high income and a well thought out financial plan. You may need to enlist the help of a financial planner to help you manage your money well. 2.       One of the best ways of being financially stable in a new city is depositing money in a local bank account. Moving to a new city is stressful enough and the last thing you will want to worry about is how to access your money easily. Overall the cost of living in San Francisco is 4.3% higher than New York and utilities are about 35% cheaper in San Francisco. Ultimately the choice is yours as to where you would like to live, the differences aren’t that vast as both cities have a relatively higher cost of living than most places in the US. You will need to remember to budget every month so that you do not get carried away with the spending, and ensure that you always have money kept aside in the event of an emergency.