The most expensive American city to live in is Manhattan, NY…how many of my followers knew that?

🌆Breaking down what exactly makes Manhattan so expensive and how my brand new Notion template can significantly help track city living expenses.

📊 Poll Results - 46% of my followers correctly answered that Manhattan is currently the most expensive city to live in

🔔To join in on the LinkedIn polling, find them HERE. I post polls each weekday about what my followers are interested in! Read on to see why Manhattan living is so expensive and what people can do about it.

🚨 Problem - Manhattan's high cost of living is due to several key factors

1. 🏠 High Real Estate Prices: Manhattan is known for its sky-high real estate prices. The demand for housing in this densely populated area drives up costs significantly. According to a report by the New York Times, Hudson Yards had the highest median sale price in the city for Q2 2024 at $7.5 million. That figure is more than twice the median price of the city’s second most expensive neighborhood, SoHo, at $3.1 million.

   1. 📊Why it matters: High real estate prices in Manhattan mean that many residents may struggle to find affordable housing. This often leads to people spending a significant portion of their income on rent or mortgage payments, leaving less money for other necessities and savings. Additionally, the competitive housing market can make it difficult for individuals to secure a desirable living space, sometimes forcing them to settle for less suitable accommodations.

      

      Source: NYT

2. 💸Cost of Living: The overall cost of living in Manhattan is among the highest in the United States. This includes expenses such as groceries, transportation, healthcare, and utilities. RentCafe reports that the cost of living in Manhattan is 78% higher than the state average and 126% higher than the national average. Specifically, monthly utilities average around $400/month and the median annual household income is $127,919.

   1. 📊Why it matters: The high cost of living in Manhattan means that residents must allocate a larger portion of their income to cover basic expenses. This can limit disposable income and savings, making it more challenging to achieve financial goals such as buying a home, investing, or planning for retirement. Additionally, the elevated cost of living can lead to financial stress.

      

      Source: RentCafe

3. 📈 High Taxes: New York City has some of the highest taxes in the country, including state and city income taxes, property taxes, and sales taxes. FOX reported that in 2024, New York has the highest tax burden out of all 50 states, reaching 12.02%. A tax burden is the “proportion of total personal income that residents pay towards state and local taxes.” 2nd and 3rd were Hawaii and Vermont respectively.

   1. 📊Why it matters: High taxes in Manhattan reduce the amount of take-home pay for residents, making it more difficult to afford the already high cost of living. This situation can lead to financial strain, especially for middle and lower-income households.

      

      Interactive infographic is HERE

💡 A Solution - My brand new Notion template - “✅To Do List”

1. 💰 Budget Tracking: The to-do list template can include sections for tracking expenses, which helps users create and stick to a budget. By monitoring spending habits, individuals can identify areas where they can cut costs, thereby managing their finances more effectively in an expensive city like Manhattan.

2. ⏰ Time Management: Efficient time management can lead to better productivity and potentially more income. The to-do list template allows users to prioritize tasks and manage their time efficiently, helping them balance work and personal life, which is crucial in a high-paced environment.

3. 🛒 Resource Optimization: The template can feature reminders and checklists for finding the best deals on groceries, utilities, and other essentials. By planning purchases and utilizing discounts, users can save money on everyday expenses, making the high cost of living more manageable.

Get the template HERE (features included: Notion AI, Notion Formulas, Notion Charts)

🔜 Coming up - the next Notion template

📢 Friendly reminder that I am committed to releasing a new Notion template each week based on demand! Tuesday’s 8 PM Substack post will include the next four potential Notion templates so don’t forget to vote!

🙏 Thanks for being here, see you next time.

-Sam