This as-told-to essay is based on conversations with Renee Li, a 29-year-old analytics engineer in New York. It has been edited for length and clarity.
I’ve been in New York for about three years. Before that, I was fully nomadic in Asia, South America, and Europe, living out of a carry-on.
Most of my friends were in New York, and over time, I found myself spending a quarter to half the year here. Eventually, I got a remote analytics engineer job at a fintech company based in the city, and it gave me another reason to settle down here. I wanted a place to call home.
I make $250,000 a year as an analytics engineer, get equity, and invest in real estate. Plus, I play poker, which can go either way financially. Sometimes it’s income, sometimes it’s a loss.
New York is the most expensive place I’ve lived, by far. As much as I complain about the fees and late subways, New York is still hard to beat.
I pay $3,500 for a one-bedroom in Nolita, near SoHo in Manhattan
I moved near SoHo in a 400-square-foot apartment for the convenience of being steps from multiple subway lines, grocery stores, gyms, restaurants, and cafés.
Food and dining are another major expense. I spend about $650 a month on food, mostly eating out, with 20% on groceries. Shopping is usually around $600 to $800 a month, including clothes, skincare, furniture, and household items.
Transportation is about $300 a month, including rideshares, public transit, and biking. Fitness is another major category. Pilates is $360 a month, and I also pay $60 for ClassPass. In travel-heavy months, experiences and activities like tours and shopping become a major expense — I travel hack and often redeem points for flights.
Gas and water are included in my rent. My internet, electricity, and phone bills don’t amount to much.
I pay about $200 a month for healthcare after my employer’s contribution.
I refuse to buy anything full price in New York. I use apps, credit card points, and other hacks.
One of my biggest financial levers is that I graduated on a full-ride from my dream college, Rice University. Starting my career debt-free meant I didn’t have the mental burden of constantly thinking about student loans.
To make the most of living in New York, I’ve figured out hacks for almost every spending category — mostly cash back or points. For dining, I use apps like Seated and InKind, linking my credit card to earn cash back. For travel, I’m big on credit card points and travel hacking. I book most of my flights with points, which saves a lot.
I try not to spend too much in the city beyond my day-to-day expenses. I refuse to buy new clothes here. I’d much rather spend that $100 at a quality secondhand store or purchase clothing in Asia or Europe.
It’s the same with skincare and hair. I’ll stock up on skincare in Korea or other parts of Asia, and schedule hair and beauty appointments while overseas. In New York, those services can easily cost $300 to $600.
There are many ways to make the city more affordable
NYC is not as expensive as you think. It can be affordable to eat if you’re not eating at the trendy restaurants. For example, I get lunch in Chinatown for around $8.
The same goes for beauty and wellness. If you go farther out for haircuts, lashes, eyebrows, skincare, or massages, you can save a lot. In Chinatown, I can get a massage for around $50 an hour, compared to $300 in NoMad.
Working for a New York company also helps because salaries tend to be higher, which helps offset costs. I don’t feel much pressure to keep up appearances. I work in tech, which is pretty casual and laidback.
One thing that still shocks me about New York is the fees
It’s not just gratuity, but service fees, city tax, and state tax. I’d rather pay a higher upfront price than see one price on the menu and then have gratuity, tax, and other misc fees added at checkout.
Housing fees are frustrating, too.
Read more from Cost of the City
If you’re applying for a sought-after building, there might be administrative fees. If you don’t pay, other people are lined up for the unit. I don’t think I’ll stay in New York forever. If I ever had kids, my salary could feel stretched. Much of that income disappears once you add childcare or private school.
Still, I wouldn’t want to live in the suburbs because I hate driving. I also don’t want to deal with buying a house right now.
It’s easy to feel behind in New York, but I don’t feel financial pressure
I grew up low-income with a single parent, and as the oldest child, I felt a lot of that burden. My childhood gives me a greater appreciation for things that were once luxuries and are now part of my day-to-day life.
In the New York bubble, it’s easy to feel behind. There are people with trust funds or making $750,000 in hedge funds. Once I zoom out to include the rest of the world, I realize I’m actually doing really well, especially compared with where I grew up.
I’ve lived in DC and San Francisco, but New York feels unmatched for career opportunities and diversity of industries and people. It’s an incredible place to be in your 20s if you can make it work.
The biggest advantage of being in New York is the serendipity and opportunity. You can meet future partners, business partners, or best friends by being out and about.
Do you want to share your cost of living with Business Insider? Email editor Manseen Logan at mlogan@businessinsider.com.
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