Brooklyn Cost of Living: A Comprehensive Guide for 2024
Brooklyn, a New York City municipality, has gradually developed into a culturally significant and attractive area, where people eagerly seek accommodation. Still, the cost of living in Brooklyn is high due to high house rentals, above-average cost of transportation, and high cost of groceries. This metro comes in at 54th out of 273 cities on the cost of living index.
Brooklyn Real Estate Landscape
Cost of Housing
The cost of housing in Brooklyn will likely take the biggest chunk of your income. Brooklyn's rentals are 57% higher than the state average and 183% higher than the national average housing costs. Transportation, food, and healthcare are also 10% to 15% higher than the national average.
Statistics show that in Brooklyn, a one-bedroom apartment will cost you between $2700 and $3000 per month. In areas like Williamsburg and DUMBO, you could pay $4,000 or more for a one-bedroomed apartment.For Travellers Rent prices may be slightly lower in Bushwick or Bedford-Stuyvesant, but you’ll still pay $2,500 or more to rent accommodation.
The situation is no better if you're buying in the property market. The median price for a single-family house in Brooklyn is around nine hundred thousand dollars. Factor in property taxes when doing your financial planning or budgeting. The average property tax in Brooklyn is 0.88%.
Cost of Utilities
Utilities include electricity, heating/cooling, water, and garbage. Brooklyn’s residents spend on average $175 monthly on utilities. This cost depends on the size of the apartment and the time of the year. You should find cable/ internet costs around $70 and a mobile phone contract around $60.
Transportation Expenses
Brooklyn enjoys an efficient public transportation system so you can quickly get to other parts of New York City from Brooklyn. The Metropolitan Transportation Authority (MTA) subway and bus services transport residents from Brooklyn to Manhattan and neighboring regions. A monthly unlimited MetroCard for subway and bus use is $127. If you're careful, this could cover your all your transportation expenses for the month.
Whole Foods | Williamsburg, Brooklyn
Groceries and Dining Out
The cost of groceries in Brooklyn is as expensive as in other metropolitan cities across the country. You can safely estimate a monthly basic expense of between $400 and $500. The amount you spend will depend on your diet and the shops you use. It may be cheaper to buy food at the markets and dollar stores.
Dining out in Brooklyn is quite an experience. The cultural influences of the many immigrants that have come to the city over the years have left an indelible mark on the cuisine. Still, as you might expect, dining out can be pricy. The cost will depend on whether you grab a meal at a street truck or indulge in a night out, dining in style. A meal from one of the cheaper diners might cost you $15 to $20, whereas a three-course meal for two at a mid-price restaurant will set you back by $80 to $100.
Entertainment Costs
There are plenty of things to do and places to experience in Brooklyn. This is one of the most culturally active boroughs of New York. Control your entertainment costs by budgeting and choosing what to spend on. A gym membership in Brooklyn will set you back by $60 to $100 monthly. Movie tickets cost around $15 each, and theater or concert tickets start at $50 and could cost several hundred dollars depending on the event and the stars.
If you like going for a night out, you could spend a fortune at a bar or a club. Bar beverages range from $10 to $15 and the clubs charge between $20 to $50. If the month runs out before the money, free pastimes are available in Brooklyn's many parks, and museums. The cost of entertainment is completely in your hands.
Brooklyn Paramount, Music Venue
Cost of Health Care
Your health care is an essential expense wherever you may live. Medical health insurance costs depend on the coverage offered and whether your employer has group insurance. Self-employed people should brace for a monthly amount of between $400 and $600. Without medical insurance, you must ensure your savings cover your medical costs.
Education and Childcare Costs
If you have children, childcare and education expenses form a major part of your monthly costs. While education in Brooklyn is free for all students with no mandatory fees charged at Brooklyn schools, many parents prefer to put their children into private /charter schools which are very costly. In Brooklyn, the yearly tuition at these private schools could cost between $20, 000 and $50, 000. Expect expenses for other school activities and stationery.
Childcare expenses in New York are exorbitant and will set you back by at least $2,000 monthly. For this reason, families with small children may battle to make ends meet, an issue that concerns the city authorities. For this reason, childcare expenses may attract city subsidies in the future.
Dumbo
Miscellaneous Expenses
Other expenses apart from the major categories also affect the day-to-day lives of Brooklyn’s inhabitants. These include apparel, grooming and toiletry products, and general services to keep the household running smoothly. You should probably budget between $100 to $200 per month for these general expenses.
How Does the Brooklyn Cost of Living Compare to Manhattan?
Brooklyn is generally less expensive than Manhattan, but the difference has reduced over the last few years. In some areas of Brooklyn, like Williamsburg and DUMBO, the rents and property rates Manhattan. Still, districts like Bedford-Stuyvesant and Bushwick are more affordable. Other monthly expenses, like dining out and entertainment, are often a little cheaper in Brooklyn than in Manhattan.
Manhattan, borough of New York City, coextensive with New York county
The Exciting Brooklyn Lifestyle Makes the Expense Worthwhile
Staying in Brooklyn has some drawbacks, but the area is filled with life, color, culture, and opportunities to enjoy the New York sights and lifestyle. The largest cost factor in Brooklyn is the cost of shelter, while other areas include transport, food, eating out, and leisure time. Identify and budget for all these costs to prepare for life in this constantly changing New York City borough. All the lifestyle facilities you need are present in Brooklyn and the cost of living index shows that this is far from being the most expensive US neighborhood. Careful budgeting and entertainment cost planning can help you manage expenses and enjoy the vibrant Brooklyn lifestyle. Live life to the full in Brooklyn New York.
Discover hidden gems and local favorites with our guides to non-touristy things to do in NYC and Brooklyn. Instead of hitting the usual crowded spots, explore charming neighborhoods, cultural hotspots, and unique dining spots for a true taste of the city. Uncover the best-kept secrets and experience the unique charm of New York City and Brooklyn just like a local.