TL;DR
New York City is known to be one of the most expensive cities in which to live. Therefore, going on vacation there can be costly. This is why I decided to share my tips and tricks to help you save money when visiting New York.
In this article, I will provide detailed costs for the expenses I incurred during my recent trip to NYC. I will also offer pro tips for visiting New York on a budget and discuss the age-old debate of cash versus credit cards. Finally, I will address frequently asked questions about the money needed to visit New York City.
Note: all costs are per person.
NYC Daily Budget Guide: What to Spend in a Day
Below, I have listed the expenditures for my five-day trip to New York City.
- Food and Drinks: €50 - €110
- Transportation: €10 - €20
- Sightseeing and Entertainment: €30 - €60
- Accommodation: €30 - €120
On average, you can expect to spend between €120 and €310 per person per day in NYC. Remember that accommodation prices can vary significantly depending on location and the type of lodging.
Here is more context on the nature of my expenditures for my five-day trip to NYC: I chose a newly listed Airbnb to save money on accommodation. Additionally, I relied on public transportation (such as buses or the subway) for longer distances and walked for shorter distances. I visited museums and iconic buildings like the Empire State Building, in addition to many free activities. Regarding food, I prioritized quality and freshness but was willing to forgo fancy treatments or unique dining options.
Now that you know my spending habits when traveling, you can correctly view my estimate of the daily expenses for your NYC vacation.
New York City: The 7th Most Expensive City in the World
The cost of living in New York City is extraordinarily high. Housing expenses are 385% above the national average, with median home prices around $2.18 million. Groceries are about 35% more expensive than the national average, and transportation costs are 16% higher. These factors, along with high demand for housing and a booming economy, make New York one of the most costly cities globally.
To break the costs down further:
- Accommodation: Budget Airbnb options start around $30 per night per person. If you want to stay in Manhattan, expect prices closer to $120 or more per night.
- Food and Drinks: You can find affordable meals at local delis, food trucks, and budget restaurants. Breakfast usually costs around $15, lunch $20, and dinner $30. We often skipped lunch and bought snacks from local supermarkets to save money. Remember that prices in restaurants are usually quoted without VAT and tip.
- Sightseeing and Entertainment: Prioritize your must-see attractions and look for combination tickets or city passes (like the CityPASS) to save money. The Empire State Building, museums, and Broadway shows can add up quickly. Review city passes and the terms and conditions in detail before purchasing them. They can be a waste of time and money.
- Transportation: Public transport, such as the metro or buses (for the outskirts), is the fastest and most reliable way to get around, especially if you plan to use public transport frequently. A single bus or metro trip usually costs between $2.75 and $3.10.
Save Money on Transportation with OMNY
Use the same contactless card or device for all your rides within 7 days, and you’ll never spend more than $34. After 12 rides in a week, any additional rides are free. You can find OMNY readers across NYC’s public transportation system, including all subway stations and buses. Learn more about the OMNY weekly fare cap.
5 Practical Tips for Visiting New York on a Budget
- Visit free attractions like Central Park, the High Line, and the Staten Island Ferry to see the Statue of Liberty.
- Take advantage of the OMNY weekly fare cap to benefit from a $34 cap over seven days.
- Save money by dining at food trucks, delis, and local markets, or use my budget-friendly restaurant guide. Also, restaurant tap water is free, so you don’t need to pay for drinks. Avoid touristy areas with inflated prices.
- NYC offers many concerts, festivals, and cultural events. The New York Times has a comprehensive list of free NYC events annually.
- Newly listed Airbnb with three or fewer reviews often offers new listing discounts, significantly reducing your accommodation costs.
By planning your budget and taking advantage of these tips, you can enjoy your trip to New York City without breaking the bank. Safe travels!
Cash vs. Credit Cards in New York
When spending in New York, stick to your credit card. You can pay with a credit card everywhere, even at street markets. This means you don’t need to carry cash, which saves you from ATM fees and the hassle of handling money. Plus, using the same credit card on OMNY readers for public transport limits your spending to $34 within seven days.
Final Words
New York City is a beautiful but expensive city to visit. Every corner and shop invites you to spend your money. Knowing where to spend money and where to cut expenditures can bring you significant savings without compromising on the fun stuff.
There are two key points to remember:
- Accommodation and food are the two major expenses that can strain your budget.
- Be clear about your spending priorities before you travel.
Using the budget-friendly tips and tricks in this article, you can save even more money while still enjoying everything New York offers.
