December 28, 2015
The Average Income for Mid 20 Year Olds In New York
New York is a very competitive city to live in. Knowing how much you need to earn in order for you to live a comfortable life in New York City is essential. Being aware of your income and expenditures will give you an idea of how much you can save and how much you need in order to live a comfortable life. This is vital if you want to keep everything in balance so that you wouldn’t get over board and find yourself in debt.
The average income greatly depends on the career you choose. There are those that pay more than others in the beginning while there are those that gradually pay more as you grow in the industry. One example of those jobs that pay more is in the field of pharmacy. As a pharmacist, you will certainly earn more than other professions as you start. However, the chances of getting an increase through time is very minimal. A career in the field of law on the other hand provides better income as you gain more knowledge and experience.
New York is one of the cities with the highest wage per week. According to QCEW (Quarterly Census of Employment and Wages) since March 2015 the average weekly wage for New Yorkers is $2847, which ranks as the number one city with highest basic salary in the United States. The New York State ranks second highest basic weekly salary with $1463.
Frugal ways to make it in New York
Although NYC has the highest basic salary in the entire country, the cost of living in the area will certainly set you back a couple of notches. But if you can cut back on some of your expenses then you can save enough money so that you can accomplish your goals early on. One way of saving money is by sharing an apartment with a buddy or two. Sharing space is a great way of cutting down expenses because there would be more people to carry the load of paying for the monthly dues.
Eating in groups is also a good way of saving money. If each one could chip in on the bill then it would certainly be a lot cheaper. Buying stuff from thrift shops instead of buying them from premium shops will also help you cut back on your expenses. Living in New York City doesn’t mean that you need to be extravagant. On the other hand, the choice is entirely yours. You can either live your life like there is no tomorrow or you can plan and prepare for the future. Either way you choose, we wish you the best of luck on your journey.