This online calculator will tell you whether you’re overpaying to live in New York

<p>Living in NYC is glorious but it comes at a cost</p>

Living in NYC is glorious but it comes at a cost

Colton Duke/Unsplash

The grass is always greener on the other side, that much we all know.

But are your neighbours paying less than you to live in a similar set-up? And are you getting enough bang for your buck?

Helpfully for New Yorkers, a new online calculator lets you see whether you’re being charged fairly for your rent.

All you have to do is enter the neighbourhood in which you live, the number of bedrooms in your apartment and the price you currently pay.

The tool, created by Open Igloo, then lets you know how much you’re forking out compared to similar homes in the vicinity, taking into account the average cost of rent and using pricing data from new 2020 leases.

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Let’s say, for example, you were paying $3,200 to live in a one-bed in Williamsburg.

You’d discover that you’re paying $230 more than the average for that property type in the area. So get on the phone to your landlord and demand answers.

However, if you’re paying the same amount to live in a one-bed in Chelsea, give yourself a pat on the back for bagging a bargain.

The average cost there is $3,719 – a cool $500 less than you’re coughing up.

And if you’re paying $3,200 to live in Tribeca, well, you’ve really hit the jackpot. That’s $1,689 less than the average ($4,889).

No matter where you’re based in NYC this calculator makes one thing abundantly clear: living in the city is great but it sure doesn’t come cheap.

More: How I learned not to be over-consumed by a rigid routine

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