Yahoo Finance How Much Apartment Can You Afford in New York vs. Los Angeles
New York and Los Angeles. These two major metropolises don’t have terribly much in common when you consider some key characteristics. They’re on opposite sides of the country, for one, with totally different climates. New York is famous for its nonstop hustle and bustle lifestyle, one-of-a-kind bagels and towering skyscrapers. Los Angeles, on the other hand, fosters a fairly laid-back mentality. You may go for a morning hike before enjoying a vegan smoothie with tons of fresh, locally sourced avocado.
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Though there is no shortage of differences between Los Angeles and NYC, they do have some things in common. Both are liberal cities that value cultural diversity, a vibrant arts and nightlife scene and have booming economies. Oh, and another thing they have in common: sky-high costs of living. In NYC, the cost of living is 128% higher than the national average, according to Payscale; housing is 385% higher. In Los Angeles, the cost of living is 51% higher than the national average, and the cost of housing is 140% higher.
Surely, neither NYC nor Los Angeles is an ideal place to live for those who aren’t particularly wealthy, but that doesn’t seem to matter to the droves of people who move to these popular cities, often from much cheaper places, every year. Now, we know Los Angeles is a bit less expensive than NYC, but how does this all shake out when talking about apartments? In other words, how big of a place and in what kind of neighborhood can you get in Los Angeles versus NYC?
GOBankingRates analyzed the cities of New York and Los Angeles to find how much apartment you can afford in each city. First, GOBankingRates found the total population, total households and median household income, all sourced from the U.S. Census American Community Survey. GOBankingRates also found the average rent for overall apartments, average rent for 1-bedroom apartments and average rent for 2-bedroom apartments, all sourced from ApartmentList.com. We sourced the livability index as sourced from AreaVibes, the cost of living indexes as sourced from Sperlings BestPlaces, and the average expenditure costs for all residents as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey for all residents.
So, let’s see what kind of apartment you could rent in New York versus Los Angeles.
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New York City
Population: 8,622,467
Households: 3,282,804
Household median income: $76,607
Livability index: 75
Average monthly expenditure cost: $2,682
Average monthly rent overall: $2,302
Total average monthly cost of living overall: $4,984
Average one-bedroom apartment monthly rent: $2,197
Total average monthly cost of living in a one-bedroom apartment: $4,879
Average two-bedroom apartment monthly rent: $2,317
Total average monthly cost of living in a one-bedroom apartment: $4,999
Apartments in NYC are not exactly known for their spaciousness. The average apartment in the five boroughs is 866 square feet, according to studies cited by Rent Own Sell New York. But this is just the average, and you could end up paying more for less space, especially if you want to live in Manhattan.
Available to rent starting June 7 is a 681-square-foot, one-bedroom/one-bathroom apartment on Dutch Street, in lower Manhattan. According to the Zillow listing, the rent for this unit is $5,505 per month. You could get a bigger place in certain parts of Brooklyn for less. For example, in the Midwood area of Brooklyn, there’s a Zillow listing for a 900-square-foot, one-bedroom/one-bathroom apartment for $2,400. You may also find more affordable housing in parts of Queens, Staten Island or the Bronx.
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Los Angeles
Population: 3,881,041
Households: 1,399,442
Household median income: $76,244
Livability index: 67
Average monthly expenditure cost: $2,199
Average monthly rent overall: $2,089
Total average monthly cost of living overall: $4,288
Average one-bedroom apartment monthly rent: $1,868
Total average monthly cost of living in a one-bedroom apartment: $4,067
Average two-bedroom apartment monthly rent: $2,383
Total average monthly cost of living in a one-bedroom apartment: $4,582
If you’re deciding between a move to New York or Los Angeles and you want more space, you’ll probably be happier in Los Angeles. But again, it depends on which part of the city you choose. If you want to live in Silverlake, a trendy and increasingly expensive neighborhood in the East Central region of Los Angeles, you’ll likely be hit with extra high rent.
For example, on Zillow, there’s a listing for a unit in the Silverlake Towers on Sunset Blvd. The apartment sports one bedroom, one bathroom and spans 741 square feet; so, still a tight squeeze for some, but for a lower price ($1,825/month) than what you’d get in the most sought-after parts of New York City. Your budget will go further if you consider being further away from the center of all the action. North Hollywood, only 6 miles away from Hollywood, you can rent a nice two-bedroom/one-bathroom apartment that covers 861 square feet for just under $2,000 a month.
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