New York City residents are more likely to live paycheck to paycheck: Report

Person’s Hand Removing Paycheck From The Envelope
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A recent report sought to find out which cities in the United States are really living paycheck to paycheck.

A new report from Clever took a look at bi-weekly wages in America’s major cities to determine which areas were the best and worst for saving money. According to their findings, the average American with a bi-weekly pay has less than $140 left over after each paycheck.

One of the cities that was has many people living paycheck to paycheck is New York City. According to the study, the average New Yorker does not earn enough to cover all of their expenses.

The average New Yorker earns an average of $2,949.27 bi-weekly, and after income tax that number goes down to $2,721.79. After paying off what they can with this income, the report found that New Yorkers would still owe an additional $109.44.

According to Clever’s analysis, the expenses in New York City are much higher compared to the national average. In the United States, $301.81 are allocated towards housing and utilities; in New York City, that price jumps up to $454.25 per paycheck. New Yorkers also spend the most per paycheck on transportation, paying $160.76 compared to the United States as a whole, which pays $115.66.

While New York City is pretty close to the national average for biweekly grocery money (spending $126.47 compared to the national average of $117.96), the city was also among the highest spenders for non-recreational goods and services, such as clothing, shoes, and personal care products. The city puts up a whopping $1,157.24 biweekly to meet these needs. Bi-weekly healthcare expenses for New Yorkers is also on the high side, with city residents paying $324.84 per paycheck compared to the country as a whole paying $276.58.

Read the full report at listwithclever.com.