One of the World’s Most Expensive Cities, Costs in the Big Apple Continue to Rise

Although New York City’s high apartment rents are among one of the top items of residents’ concerns, two new increases will be adding to the strain on New Yorkers’ wallets. Before the end of August, subway and bus fares will increase 15 cents — the Metropolitan Transportation Authority’s first increase since 2015; the average cost of electricity will be increasing by 9.1% in August, equating to an estimated $15 per month on average, with additional rate increases slated for early 2024 and 2025 to enable Con Edison to meet higher costs and improve operations. Also, for those who enjoy regularly eating out, the cost of dining out rose 7% year-over-year in June according to the Bureau of Labor Statistics (BLS).