Mamdani Says ‘True Cost of Living’ in NYC Is $159,000 for Families

The True Cost of Living report says more than half of New Yorkers don’t make enough to cover child care, food, and other essentials.

New York Mayor Zohran Mamdani releases his Preliminary Citywide Racial Equity Plan (REP) and the inaugural NYC True Cost of Living (TCOL) Measure from Medgar Evers College in Brooklyn, N.Y., on April 6, 2026. Ed Reed/Mayoral Photography Office

New York City Mayor Zohran Mamdani released a report on April 6 stating that about 5 million New Yorkers, or 62 percent of the city’s residents, do not earn enough to cover basic necessities and fully participate in the economy.

The figures came from his inaugural “True Cost of Living” report, which found an average resource gap of $39,603 for New York families. For the median family with children in New York City, the report said they needed about $159,000 in combined income per year.