Salaries in New York City: What to Expect in 2023
Introduction
As one of the most populous cities in the United States, New York City is an attractive destination for people looking to move or start a career. The city is home to some of the world’s most iconic businesses, as well as a variety of opportunities for those looking to make a living. But what can you expect when it comes to salaries in New York City in 2023?
Average Salaries in New York City
According to the US Bureau of Labor Statistics, the average salary for all occupations in New York City was $85,510 in May 2020. This is significantly higher than the national average for all occupations, which was $46,440. As you might expect, salaries vary widely based on occupation. For example, the average salary for a computer systems analyst in New York City was $108,020, while the average salary for a restaurant cook was $32,160.
High-Paying Occupations in New York City
The highest-paying occupations in New York City are generally in the finance, legal, and medical fields. For example, the average salary for a lawyer in New York City was $167,860 in May 2020, while the average salary for a physician or surgeon was $229,320. Other high-paying occupations in the city include nurses, marketing managers, and software developers, with average salaries of $97,890, $124,420, and $116,160, respectively.
Low-Paying Occupations in New York City
On the other end of the spectrum, some occupations pay significantly lower wages. For example, the average salary for a retail salesperson in New York City was $30,370 in May 2020. Other low-paying jobs include janitors, home health aides, and restaurant cooks, with average salaries of $31,240, $27,620, and $32,160, respectively.
Factors That Affect Salaries in New York City
Several factors can affect salaries in New York City, including experience, education, location, and industry. For example, salaries tend to be higher in Manhattan than in other parts of the city. In addition, salaries tend to be higher in the finance and legal industries, as well as in fields that require specialized knowledge or skills.
Cost of Living in New York City
It’s important to keep in mind that the cost of living in New York City is significantly higher than the national average. According to the Numbeo Cost of Living Index, the cost of living in New York City is nearly 60% higher than the national average. This means that while salaries may be higher in New York, it may be more difficult to save or invest your money.
Conclusion
The salaries in New York City in 2023 will depend on a variety of factors, including experience, education, industry, and location. Generally speaking, salaries tend to be higher in the finance, legal, and medical fields, and lower in retail, restaurant, and janitorial jobs. It’s also important to keep in mind that the cost of living in New York City is significantly higher than the national average, which can make it difficult to save or invest your money.