New York City is one of the best cities in the world. To live in and work in. It is basically the epicenter of all happening in the US and beyond, especially when speaking about the business. On the other hand, New York City is everything but cheap. And it doesn’t matter if you are living in Brooklyn or Manhattan, you need a lot of money. That’s why many people want to know one particular thing before deciding to move to the Big Apple – what is the average salary in New York City? Important to realize is that there is not a simple answer to this question. There are so many factors affect the average salary in New York City. This figure varies depending on so many things such as the area of business, location, company, and so on and so forth. Here are some examples.
Everything is bigger in Manhattan
The most important thing you need to know is that salaries in NYC vary depending on the borough. For an example, the salary for the same position in Queens and Manhattan is different. Of course, this figure is way bigger in Manhattan, so is everything else. This applies even if the same company have branches in these two boroughs. Nothing can compare with Manhattan. If you look at the price of moving services NYC, you will find out that they are bigger than anywhere else in the NYC. Or prices of clothing. Or the average salary.
But there is the other side of the coin. Living costs are bigger as well. So, you need to know that the average salary in New York City is calculated for the entire city, and Manhattan is making them high. Therefore, before you start applying for the job in NYC once you read this article, make sure you double-check where the company is located.
The average salary in New York City for IT experts
One of the most common facts is that salaries in the IT industry are way bigger comparing any other business. Especially in the past few years. Even though the capital of the IT is Silicone Valley, IT experts earn a lot in the New York City as well. But before we tell you how much they actually earn, you need to realize that there are many IT positions such as:
- Software Architects
- Software Engineers
- Quality Assurance Engineers
- Graphic Designers
- IT Business Analysts
And many more. Even though all of them are working in the IT industry, their incomes vary a lot. But their position is not the only thing that determines their salary. Experience is very important as well. A junior software engineer earns up to ten times less than the senior one. Generally speaking, NYC average for this position is from $60k/year up to $200k/year. Quality Assurance experts earn $50k-$80k/year, and the average salary of graphic designers is around $60k/year. If we look at the salaries of all people working in the IT in NYC, the average would be $70k/year.
The average income of people working in the hospitality sector
Hospitality sector includes all waiters, chefs, receptionists, maids, hotel staff, and so on and so forth. And their average salary in New York City is somewhere between $10-$30/hour. But working in one of the best NYC restaurants is not the same as working in the affordable hostel. That is why the company for which person is working is probably the most important factor in determining its incomes.
Important to realize is that in this business total figure depends on tips as well. And these tips sometimes can be very big. That is why waiters have very small salary presented in their contract, but earn more than people with an extensive experience in finance for example.
Salary in the Financial and Bank institutions
People who are working in the financial sector are earning approximately $100k/year. Even though this is an average for the whole New York City, we must underline that this figure is bigger for Manhattan. Wall Street is the center of the world’s finance, hence it is not possible to calculate average earnings for people who are working there. Stock Exchange business is very relevant, thus it is not grateful speaking about figures of the financial center of the world.
An average salary in New York City of medical workers
Medical workers have by far the most responsible jobs. therefore, their salaries are very big. A doctor can earn anywhere between $100k up to $350k in the New York City. And if we speak about surgeons and other individuals with a high level of medical expertise, their incomes can be bigger than even $500k per year. But there are not so many of such experts in New York City. The biggest part of employees in the medicine are nurses and other medical staff. Their average salaries are around $70k per year. And the overall average for all medical workers in the New York City is around $100k per year.
As you can see, the average salary in New York City depends on many factors. This is why there is no universal formula that could determine this figure. On the other hand, you are probably not interested in how much money do people from other areas of business earn. You want to know what is the average figure for people of your expertise. We hope that you found such information here and that you are happy with what you learn. What we can conclude this article with is that salaries in New Yor City are actually bigger than the national average. And it doesn’t surprise knowing that living costs in the Big Apple are above average as well. Nothing is average in the capital of the world. Finally, if you are planning a job relocation, make sure you hire the best Capital City Movers NYC.