New York Salaries 2025
Wall Street finance hub with global industry concentration
Median Household Income (Statewide)
New York Salary Overview 2025
New York State presents a tale of two economies: New York City's astronomical salaries in finance, media, and tech contrast sharply with upstate regions where wages align more closely with national averages. The statewide median household income of $75,000 masks this dramatic variation—Manhattan professionals routinely earn $150,000–$500,000+ while Buffalo residents earn closer to the national median.
New York City remains the undisputed capital of American finance. Wall Street investment banks, hedge funds, and private equity firms pay compensation packages that dwarf most other industries and locations. First-year investment banking analysts earn $110,000+ base salary plus $50,000–$150,000 bonuses. Managing directors routinely exceed $1 million in total compensation. This financial concentration creates spillover effects—NYC lawyers, accountants, and consultants serving finance also command premium rates.
2025 sees continued strength in finance despite periodic banking layoffs, growing tech presence competing with Bay Area, and media industry evolution. New York's high taxes (state + NYC combined up to 14.8% marginal rate) remain a consideration, though the career opportunities and cultural offerings attract talent regardless. For broader context, see salary trends 2025 and average US salary.
New York Salary Snapshot
| Metric | New York State | NYC Metro | National |
|---|---|---|---|
| Median Household Income | $75,000 | $70,000 | $74,580 |
| Mean Household Income | $105,000 | $115,000 | $97,300 |
| Per Capita Income | $42,000 | $45,000 | $37,638 |
| Minimum Wage | $15.00–$16.00 | $16.00 | $7.25 (fed) |
| State Income Tax (top) | 10.9% | +3.9% NYC | Varies |
| Cost of Living Index | 120 | 187 (NYC) | 100 |
NYC's paradox: median income below state average despite highest salaries because extreme inequality (billionaires and minimum-wage workers coexist) and high living costs push middle-class families to suburbs. Use our salary calculator for conversions.
New York Salaries by Region
| Region | Median Household | COL Index | Key Industries |
|---|---|---|---|
| Manhattan | $95,000 | 235 | Finance, media, tech, law |
| Brooklyn/Queens | $65,000 | 165 | Diverse, creative |
| Long Island (Nassau/Suffolk) | $115,000 | 145 | Healthcare, finance, retail |
| Westchester County | $100,000 | 140 | Corporate HQs, healthcare |
| Albany (Capital Region) | $72,000 | 95 | Government, education, tech |
| Buffalo-Niagara | $58,000 | 85 | Healthcare, education, manufacturing |
| Rochester | $55,000 | 85 | Healthcare, optics, education |
| Syracuse | $52,000 | 88 | Education, healthcare |
Manhattan
Median Household Income: $95,000 (skewed by extreme inequality)
Global financial capital hosting Goldman Sachs, JPMorgan, Morgan Stanley, Blackstone, and thousands of hedge funds and private equity firms. Entry-level finance: $110,000–$200,000 total compensation. Senior finance: $300,000–$1,000,000+. Partners at top firms: $2M–$20M+. Tech presence growing—Google, Meta, Amazon have major NYC offices with salaries approaching Bay Area levels. Media (NYT, Condé Nast, networks), advertising, fashion, and Big Law complete the premium salary landscape.
Brooklyn and Queens
Median Household Income: $65,000
More diverse economy than Manhattan with creative industries, healthcare, and small business. Brooklyn has become a tech startup hub, particularly in DUMBO and Williamsburg. Many Manhattan workers live in these boroughs for (relatively) lower housing costs while earning Manhattan salaries. Significant income inequality mirrors Manhattan.
Long Island (Nassau & Suffolk Counties)
Median Household Income: $115,000
New York's highest median household income—suburban families with NYC commuters plus strong local healthcare, education, and retail sectors. Northwell Health is a major employer. High property taxes ($15,000–$25,000+ annually) offset income advantages. Strong school districts attract families despite costs.
Upstate New York (Buffalo, Rochester, Syracuse, Albany)
Median Household Income: $52,000–$72,000
Dramatically different economy from NYC. Healthcare and education dominate (major hospital systems, universities). Manufacturing legacy has declined but technology growing in Albany (GlobalFoundries chip fab) and Rochester (optics industry). Cost of living 10–15% below national average makes moderate salaries comfortable. Buffalo experiencing modest revival with growing tech scene.
New York Salaries by Industry
| Industry | NYC Average | Top Earners |
|---|---|---|
| Investment Banking | $150,000–$300,000 | MD $500K–$2M+ |
| Private Equity/Hedge Fund | $200,000–$500,000 | Partners $1M–$20M+ |
| Big Law (Corporate) | $215,000–$400,000 | Partner $500K–$5M+ |
| Technology (Software) | $130,000–$220,000 | Staff $250K–$400K TC |
| Media/Advertising | $70,000–$150,000 | Executive $200K–$500K |
| Healthcare (MD) | $250,000–$450,000 | Specialist $500K–$1M+ |
| Consulting (MBB) | $180,000–$350,000 | Partner $500K–$2M+ |
| Real Estate | $80,000–$200,000 | Top Broker $500K–$2M+ |
Finance Dominance
Wall Street sets the tone for NYC compensation. Investment banking analysts (first year) earn $110,000 base + $50,000–$150,000 bonus. Associates: $175,000 base + $100,000–$300,000 bonus. Vice Presidents: $250,000 base + $200,000–$500,000 bonus. Managing Directors: $400,000+ base + $500,000–$2,000,000+ bonus. Hedge fund and private equity compensation can exceed these levels significantly. See our highest paying jobs guide.
Big Law
NYC hosts the most lucrative legal market globally. First-year associates at elite firms (Cravath scale) earn $215,000 base + $20,000–$115,000 bonus. Partners at top firms earn $1M–$5M+. The legal market is highly stratified—Big Law pays extraordinarily well while smaller firms and public interest positions pay far less.
Technology Growth
NYC tech has matured significantly, with Google, Meta, Amazon, and numerous startups establishing substantial presence. Software engineer salaries: $130,000–$200,000 base, with total compensation at FAANG reaching $250,000–$400,000+ for senior roles. The city competes with Bay Area for talent, typically offering 10–15% lower compensation but unmatched urban lifestyle. See our software engineer salary guide.
New York State and City Taxes
| Income Level | State Tax | NYC Tax | Combined State/Local |
|---|---|---|---|
| $50,000 | ~$2,500 (5.0%) | ~$1,500 (3.0%) | ~$4,000 (8.0%) |
| $100,000 | ~$5,500 (5.5%) | ~$3,400 (3.4%) | ~$8,900 (8.9%) |
| $150,000 | ~$9,000 (6.0%) | ~$5,300 (3.5%) | ~$14,300 (9.5%) |
| $200,000 | ~$13,000 (6.5%) | ~$7,200 (3.6%) | ~$20,200 (10.1%) |
| $500,000 | ~$43,000 (8.6%) | ~$19,000 (3.8%) | ~$62,000 (12.4%) |
| $1,000,000 | ~$100,000 (10.0%) | ~$38,000 (3.8%) | ~$138,000 (13.8%) |
The NYC Triple Tax
NYC residents face a unique triple tax: federal + New York State + New York City. Combined marginal rates can reach 50%+ for high earners (37% federal + 10.9% state + 3.9% city). This creates significant incentive to live outside city limits (Connecticut, New Jersey, Westchester) while working in NYC—though commute costs and quality of life tradeoffs apply.
Comparison with No-Tax States
A $300,000 earner in NYC pays approximately $35,000–$40,000 in combined state and city income tax. The same earner in Texas, Florida, or Washington pays $0 state income tax. This $35,000+ annual difference drives some high earners to relocate, particularly remote workers who can maintain NYC-level salaries while living elsewhere.
New York Cost of Living Analysis
| Expense | Manhattan | Brooklyn | Long Island | Buffalo |
|---|---|---|---|---|
| 1BR Apartment | $3,500–$5,000+ | $2,500–$3,500 | $1,800–$2,500 | $1,000–$1,400 |
| Studio Apartment | $2,800–$3,800 | $2,000–$2,800 | $1,500–$2,000 | $800–$1,100 |
| Median Home Price | $1.2M+ (condo) | $800K+ | $600K+ | $200K |
| Monthly Transit | $132 (unlimited) | $132 | Car required | Car required |
Manhattan's Premium
Manhattan housing costs rank among the world's highest. A modest one-bedroom apartment rents for $3,500–$5,000/month, with desirable neighborhoods exceeding $6,000–$8,000. Purchasing requires median income multiples far exceeding typical lending standards—$1M+ for a small condo is normal. Many professionals earning $150,000–$200,000 share apartments or live with long commutes.
Purchasing Power Comparison
To maintain equivalent purchasing power to $100,000 in average US city:
Manhattan: $185,000–$200,000 needed
Brooklyn: $150,000–$165,000 needed
Long Island: $130,000–$140,000 needed
Buffalo/Upstate: $85,000–$90,000 needed
Highest Paying Jobs in New York 2025
| Occupation | NYC Average | Top Earners |
|---|---|---|
| Hedge Fund PM | $500,000+ | $5M–$50M+ |
| Investment Banking MD | $500,000 | $1M–$3M+ |
| Private Equity Partner | $600,000+ | $2M–$20M+ |
| Big Law Partner | $500,000 | $1M–$5M+ |
| Surgeon (NYC) | $400,000 | $700,000+ |
| Tech Executive (VP+) | $350,000 | $500K–$1M+ TC |
| Management Consultant (Partner) | $400,000 | $800K–$2M+ |
| Real Estate Developer | $300,000 | $1M–$10M+ |
New York's concentration of finance and professional services creates the nation's highest density of million-dollar earners. For comprehensive lists, see jobs that pay $100K.
New York Minimum Wage 2025
| Location | Minimum Wage | Annual (40 hrs) |
|---|---|---|
| New York City | $16.00/hr | $33,280 |
| Long Island & Westchester | $16.00/hr | $33,280 |
| Rest of New York State | $15.00/hr | $31,200 |
| Fast Food (NYC) | $16.00/hr | $33,280 |
New York's tiered minimum wage reflects cost-of-living differences between NYC metro and upstate. The $16.00 NYC minimum remains among the highest in the nation, though it still provides limited purchasing power given Manhattan's costs—a $33,280 annual income cannot support independent living in the city.
Frequently Asked Questions
What salary do I need to live comfortably in NYC?
Single person, no roommates: $100,000–$130,000 minimum for modest comfort (studio/1BR in outer borough, limited dining out). Manhattan lifestyle with own apartment: $150,000–$200,000+. Family with children: $250,000+ household income for middle-class lifestyle. These figures assume renting—home ownership requires significantly more.
Is New York worth the high taxes?
Depends on career field and priorities. For finance, media, advertising, fashion, and increasingly tech—NYC offers unmatched opportunities, networking, and career acceleration that often justify the tax burden. The cultural offerings, diversity, and urban lifestyle also factor into quality-of-life calculations beyond pure economics.
Should I live in NYC or commute?
Trade-offs: NYC residents pay city income tax (~3.5%) but save commute time/cost. Suburban residents (Westchester, Long Island, NJ, CT) avoid city tax but face 1–2 hour commutes and car/train costs ($400–$800/month). Many families choose suburbs for schools and space despite commute burden.
How do NYC salaries compare to Bay Area?
Finance: NYC significantly higher (Wall Street dominates). Tech: Bay Area 10–20% higher, though NYC closing gap. Cost of living: Comparable in premium areas (Manhattan vs SF similar). NYC advantages: more diverse economy, no car needed, cultural offerings. Bay Area advantages: tech career ceiling higher, weather, more outdoor activities.
Is upstate New York a good alternative?
For those not tied to NYC industries, upstate offers dramatically lower costs with decent job markets in healthcare, education, and growing tech sectors. Remote workers earning NYC salaries while living in Buffalo or Albany achieve excellent purchasing power. Quality of life depends on preferences—upstate offers nature, affordability, and smaller-city lifestyle versus NYC's urban intensity.