Let’s kick off with the news that New Yorkers on average get a paycheck 4 times the national average. Which sounds great until you factor in that New Yorkers also pay way over the national average for rent, paying the equivalent of the average weekly wage elsewhere in rent alone. I doubt you are shocked, that’s how it goes in NYC.
New Yorkers on the whole have higher economic punching power not because their paychecks are bigger but because so few own cars they have more discretionary funds and the bulk of those funds gets spent in the neighborhoods in which they live.
As an example of this, it has been shown that those East villagers who are cyclists and public transport users drive the retail economy in the neighborhood.
New Yorkers spend more on health, primarily on gym memberships, but also on healthy food than the national average.
And New Yorkers are bigger tippers than anywhere else in America.
What residents spend their cash on varies from neighborhood to neighborhood but a recent study has shown that overall most New Yorkers spend their cash on cab charges, day care, gyms and restaurants, though I’m assuming, because of the data on the impact of New Yorkers not owning cars, that what they spend on cab charges, while higher than elsewhere, is still lower than what everyone else spends on cars.