Real New York City local data included.
Vanderflip Financial is an independent publisher. Local data from MIT Living Wage Calculator, BLS, and Zillow. See our Editorial Policy.
With average 1-bedroom rents of $3,800/month in New York City, security deposits represent a significant upfront cost for renters. New York law governs maximum deposit amounts and return timelines.
Use New York Security Deposit Calculator →| Data Point | New York City | US Average |
|---|---|---|
| MIT Living Wage | $38.42/hr | $21.50/hr |
| Avg 1BR Rent | $3,800/mo | $1,500/mo |
| Cost of Living | 98% above average | Baseline |
| Minimum Wage | $16.5/hr | $7.25 federal |
| State Income Tax | 10.9% | 5.1% avg |
New York Income Tax 2026 • New York Savings Calculator • Calculators