U.S. Markets closed

How much it costs for a single person to live in 24 major US cities

Kathleen Elkins and Skye Gould
new york city

New York City comes with a hefty price tag.

Even if you're living on your own, expenses can add up — especially in a big city.

Single people residing in the New York City metro area, for example, might want to allocate $3,627 for monthly expenses, which amounts to over $40,000 a year.

That's according to the Economic Policy Institute's (EPI) 2015 Family Budget Calculator, which measures the annual cost of necessities for one adult to live a secure, yet modest, lifestyle by estimating the costs of housing, food, transportation, health care, other necessities, and taxes.

(Read the EPI's full methodology for the budget calculator.)

The EPI gathered data in 618 metro areas throughout the the US for several different family types. Here, we've highlighted the cost of living for a single person (one adult, zero children) in 24 major US cities.

Consider these monthly and annual costs if you're looking to start a city life, and remember, these estimates do not include savings or discretionary spending: 

BI_Graphics_Cost of single person in 24 cities

(Skye Gould/Business Insider)

NOW WATCH: How to clear out a ton of space on your iPhone superfast

More From Business Insider