New York average salary, minimum and maximum wages

2024 Author: Henry Conors | [email protected]. Last modified: 2024-02-12 02:55

New York is the largest city in the US, forming a huge agglomeration. It is located on the west coast of the Atlantic Ocean, in the state of New York. This city appeared on the map at the beginning of the 17th century and was first called New Amsterdam. In the article we will give an answer to the question: what is the average salary in New York? And also consider the maximum and minimum wage levels.

The population of New York itself is 8 million 405 thousand 837 people. In total, 20.6 million inhabitants live in the agglomeration. The city has 5 administrative districts. A large number of financial institutions, economic, cultural and sightseeing objects are concentrated here. Politically, New York is inferior to Washington.

The average salary in New York is about 60 thousand dollars a year.

New Yorkers

The population of this metropolis grew exponentially until 1940, whenamounted to 9 and a half million people. Then it fluctuated, and in recent decades it slowly increased, but it never reached the peak of 1940. The population density of the city is 10.2 thousand people/km2. White residents in this metropolis are 44.7% of their total number. In second place in terms of prevalence are representatives of African descent, and in third place - from Asia.

The median American household has an income of $41,887, men $37,435, women $32,949, and a per capita income of $22,402 per year. One fifth of the population is below the city's poverty line. Nearly a third of the poor are under the age of 18.

New York Economy

New York is considered one of the most important economic centers in the US and the world as a whole. Its gross domestic product exceeds a trillion dollars a year. The headquarters of financial and non-financial organizations and corporations are concentrated here.

A significant role in the economy belongs to industrial activity. Although this role is gradually decreasing. The city has developed chemical, textile, food and engineering industries. Construction is of great importance. Computer technology and biotechnology are developing rapidly.

Crime rate

Living in New York has become safer than in any of the 25 largest cities in the United States. From the early 1990s to the mid-2000s, violent crime rates dropped sharply. The reasons for this drop are not exactly known.

Average salary in the US

Wages in the US are very different, and if you calculate the average betweenthem, you get 30-40 thousand dollars a year (before taxes). Lawyers, doctors, programmers, airline employees, and those involved in oil and gas production receive the most.

Life in New York

Wages in New York (like prices) are well above the national average. However, they are far from the highest in the world. Even in the USA there are cities with a higher standard of living (Chicago, Boston, San Francisco). Even higher median incomes are found in cities in Canada, and the highest in cities in Western Europe.

The specifics of life in New York has much in common with life in the Russian capital. There are also acute transport problems, the high cost of renting housing. The highest salaries in Manhattan, but there are the highest cost of housing, and there are also transport difficulties. There are no ideal modes of transport in New York. Taxis are very expensive ($12 per kilometer), the metro is overcrowded, and the car can get stuck in traffic. Real estate in New York is much more expensive than in Moscow.

The minimum wage in New York is $8.75 an hour (as of 2016).

Unlike the cities of Russia and other CIS countries, in New York the share of funds spent on food is very small.

Compared to the high difference in the standard of living between Moscow and the regions of the Russian Federation, the difference between New York and other US cities is not so pronounced, but still significant. In addition, in the United States there are many large cities with a high level of development, while in our country Moscow is sharplystands out from almost everyone else.

Minimum wage in the metropolis

The minimum wage for employees in New York is $10.4 an hour. A year earlier, it was $0.7 lower. And by 2021, the minimum wage could reach $15 an hour. As for medium and large employers, they must pay their employees at least $13 an hour. For small companies, the amount is $12. The minimum wage rates partly depend on the type of profession.

If there is overtime at work, the minimum wage must be higher, for example, at least $14.05 per hour.

All of these numbers are well above the federal minimum wage of just $7.25 an hour.

If the employer does not comply with the standards established by law and pays the employee less, then he may face a fine of 200% of the amount of the underpaid amount, and sometimes criminal liability.

Average salaries in New York by profession

Unlike in Russia, in America taxes are paid not by the employer, but by the employee. Therefore, speaking about the size of the average salary, it must be borne in mind that in fact a person will receive a smaller amount, since he will be forced to give a certain percentage of it to official structures. The higher the salary, the higher the tax rate. In Russia, there is no such difference. As a result of this smoothing effect in the United States, there are no such large disparities in income as in our country. However, even so, there are still a considerable number of very poor and very rich people.

In 2018, the average salary in New York was $60.1 thousand per year (or $5,000 per month). An hourly employee earns $28.9.

In the US, and in New York in particular, there is a rather unusual distribution of salaries by profession. It is very different from ours. If we have the richest - these are officials and leaders, then, oddly enough, there are doctors. The matter is that in the USA, by tradition, very expensive medicine. Therefore, a good qualified doctor is a very we althy person who can afford a rather luxurious life.

According to 2017 data, an anesthetist earns the most among physicians at $271,510 per year. Next comes the surgeon (239690). In third place is an orthodontist (234900).

Executives in New York earn slightly less than doctors, but more than in other parts of the US. After all, the offices of many prestigious companies are concentrated here. The average salary in New York for an executive is $217,650 and for a financial manager is $205,500.

Attorneys earn a lot ($165,260 a year), air traffic controllers ($129,460), pharmacists (120,440), pilots (114,440).

Who earns the least?

At the other end of the list are service workers. The lowest average salary in New York for a cashier is $23,850 per year. By Russian standards, this is of course a very large figure (about 130 thousand rubles per month), but not for New York. The seller gets a little more - $ 28,110 a year. Almost the same number is a cook (28740). Waiters and bartenders receive 31.3 and 31.5 thousand dollars, respectively. The average salary of a hairdresser is 32.74 thousand dollars a year. The guard has 34,39 thousand.

In the middle of the list are teachers ($80,940), police officers ($73,000), firefighters ($70,560), construction workers (49,440), flight attendants (44,270) and many other workers.

How much does a taxi driver earn in New York? Fifty thousand dollars a year.

Thus, average salaries in New York are very high, even in the lowest paid professions.

Wages in New York for Russians and other migrants depend on their compliance with US laws, including immigration. In this case, in theory, there should not be any difference in salaries from the figures indicated above. In the US, the laws are the same for everyone, and it is customary to follow them.

Progressive tax rate

In order to understand how much an employee in New York earns in reality, it is not enough just to know the average salary. Indeed, in America, tax payments are quite high, and their amount depends on the income itself and is paid after the salary is paid.

If the salary is 9 and a half thousand dollars a year, then the income tax rate is only 10%. If the income is equal to 500 thousand dollars, then the rate is already equal to 37%. Thus, in relation to small (by American standards) salaries, income taxthere even lower than ours.

In the US, paying taxes is mandatory and tightly controlled. The same applies to filing income tax returns. The citizens of the country are quite law-abiding in this regard.

Comparison with other US cities

Wages in New York are high, but in terms of income, it is only in fifth place in the list of the richest cities in this country. The highest average salary is noted in the city of San Jose - 75,770 dollars. In second place is San Francisco ($64,990). On the third - Washington (64930 dollars). In fourth place is Boston ($60,540).

The salary in New York according to this publication is $59,060.

The cost of real estate and many services in New York is higher than in other US cities. This is also important to consider.

Relatively low prices, for example, in San Diego and Seattle. At the same time, the average salary in Seattle is $57,370, and in San Diego it is $53,020. Thus, it is possible that living in these cities will be even better than in New York.

As for specific professions, in New York and Boston, law, finance and insurance are especially highly valued. A trucker is welcome in Seattle. And in California, doctors and psychologists, as well as IT specialists and biologists, are best provided.

Thus, we answered the question of how much they earn in New York.