Salary and Cost of Living in New York , USA for a Pharmacist

In the USA, the average cost of living for a pharmacist, considering their median salary of around $136,030, allows for a comfortable lifestyle, though expenses can vary significantly based on location and lifestyle choices. 

Average annual wage for pharmacists was $136,030 in May 2023. 

Cost of Living:

Housing: Housing costs, including rent or mortgage payments, are a major expense, and vary widely depending on location (e.g., cities like San Francisco (Average Rent $4,000) or New York ($4,500 1 BHK) are significantly more expensive than smaller towns or rural areas). 

Utilities: Utilities like electricity, gas, water, and internet are also a significant expense, especially in colder climates. 

·         Basic Utilities (Electricity, Heating, Cooling, Water, Garbage): Expect to pay around $150-$250 per month. In New York City, the average monthly electric bill for residential customers is around $316 ($3,792 per yr), which translates to about 31 cents per kilowatt-hour (kWh).

Electricity bills can vary depending on usage and season, with summer AC use significantly increasing costs. 

·         Internet: A monthly internet plan (60 Mbps or more, unlimited data, cable/ADSL) can cost around

$60-$70 ($840/yr). 

·         Cell Phone: A mobile phone plan with calls and data can cost around $60-$70 per month ($840/yr). .

·         Water and Heating: These are often included in your rent. 

·         Natural Gas: Natural gas costs typically range from $40 to $80, depending on winter heating needs ($960/yr). 

·         Laundromat: If you don't have an in-unit washer/dryer, expect to pay around $1 per 10 pounds of washing. 

Healthcare: While pharmacists have access to healthcare, out-of-pocket costs for prescriptions, co-pays, and other medical expenses can add up. Most Americans obtain health insurance through their employers, or purchase it privately.

The government does offer healthcare programs like Medicare (for seniors) and Medicaid (for low-income individuals and families). 

Healthcare costs in the United States are among the highest in the world, and many people struggle to afford medical care, even with insurance. A significant number of Americans accumulate medical debt due to high costs and insurance issues. A broken leg could cost $7,500, and a three-day hospital stay could cost $30,000. 

Average annual costs would be $9,000 per person or $36,000/yr.

Transportation: Depending on whether you own a car or rely on public transportation, this can be a considerable expense. New Camry car $ 35,000 & New Toyota Land Cruiser is $56,000.

Food: Food costs can vary depending on whether you eat out frequently, shop for groceries, or prefer to cook at home. 

Fuel Cost for Car in New York: Camry $120 ($1,440/yr) or $252 ($3,024/yr).

So expenses would add up to 3,792+840+840+960 +36,000+252 = $42,684

Other expenses: Entertainment, clothing, personal care, and other miscellaneous expenses will also factor into your overall cost of living. 

So if you deduct the expenses it would be 136,000 - say 50,000. You could end up saving $86,000/yr.

This is good considering it will be almost double your expenses.