New York City vs Vancouver comparison: Cost of Living (2024)

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New York City vs Vancouver comparison: Cost of Living? ›

Cost of Living Comparison Between Vancouver and New York, NY

The verdict

All things considered, it's cheaper, on average, to live in Canada than it is to live in the US. If you can wrap your head around the currency and unit conversions that go into comparing the cost of living between the two countries, most things, from rental costs to car insurance, are cheaper in Canada.

The cost of living in New York is 27% higher than the national average. Housing is 80% higher than the national average, while utilities are 4% higher. When it comes to basic necessities such as food and clothing, groceries are around 9% higher than in the rest of the country, while clothing costs 9% higher.

Meanwhile, Vancouver has the highest cost of living index. “Vancouver is the most expensive city, with a cost-of-living index of 121.3. Hence, its cost of living is 21.3 per cent more than the nationwide average,” the analysis found.

A single adult living in New York City would need to make $138,570 a year in order to live comfortably, according to the study. That equates to an hourly wage of $66.62. To cover the cost of just necessities as a single person in New York City, you would need to make an estimated $70,000, according to SmartAsset.

The price of rent in the United States is expensive, too. As of June 2022, the average median rent for a one-bedroom apartment in a metropolitan area in the United States is $1,876. However, if you want to move to a smaller town in Canada, you can expect to pay around $1,000 per month.

The IRS taxes the richest Americans at 37%, whereas the top federal tax rate in Canada is 33%. Wealthy Americans have access to many tax deductions that Canada's Alternative Minimum Tax does not allow.

What Are the 3 Most Expensive Cities in the United States? The American three cities where you can expect to fork out the most money to live include New York City's Manhattan borough, Honolulu, and San Francisco, according to the Council for Community and Economic Research.

New York, Los Angeles and San Francisco are among the top 10 most expensive cities on the planet to live in, according to the Economist Intelligence Unit's Worldwide Cost of Living 2023 report. Last year, New York City tied with Singapore as the most expensive city in the world.

Overall, Massachusetts is the most expensive state to live comfortably, according to the SmartAsset study. A single working adult must make $116,022 per year or $55.78 per hour. A household of two working adults and two children must make $301,184 to experience the same comfort.

Is Vancouver the most unaffordable city? ›

Vancouver is now the third least-affordable city in the world after Hong Kong and Sydney, according to a new survey that compared housing unaffordability by examining median home prices and household incomes in key markets.

In order to live comfortably in Vancouver and not have to worry about the high cost of living, you should make at least $40000 per year.

Vancouver has been ranked 41st in the world for cities of the super wealthy, according to a report by advisory firm Henley & Partners.

New York City ranks first overall, requiring an income of $138,570 for a single person to live comfortably. In contrast, single people in Houston need to earn $75,088 — the lowest amount of all major U.S. cities examined. Other large coastal cities follow NYC in the rankings.

A good salary in New York City is at least $5,000 per month or $80,000 a year. Based on minimum wage, the average starting salary in New York City is $3,240 per month.

To meet your living needs in New York, you will need an annual income of between $40,000 and $100,000 after taxes. Obviously, these numbers can vary depending on your housing costs, family composition (if you have children), and other monthly expenses related to entertainment, health insurance, and transportation.

Conclusion. Overall, both Canada and the US are fairly expensive to live in. Canada has much higher housing costs but healthcare costs are much more expensive in the US. While US salaries are slightly higher, Canadians have a much easier time making a higher salary with less education.

What Is the Exchange Rate for the Canadian Dollar and U.S. Dollar? As of July 2023, one Canadian dollar (CAD) would get you about 0.76 U.S. dollars. Looking at it the other way around, if you'll be traveling to Canada and need some local currency, you'd be able to get 1.32 Canadian dollars for just 1 U.S. dollar.

In 2022, a year when home prices in both nations reached record highs, the average home price in Canada was still over $30,000 higher than in the US, even though Canadians had a median income that was $20,000 lower.

If you are a skilled worker, America hands down. In Canada is extremely difficult to find a job, employers look for “Canadian experience”. So chicken and egg dilemma. Companies won't hire you unless you have previous Canadian experience.