MTA Fare Hike: How Much Will It Cost You?

If you live in New York City, then you are aware the MTA is planning a fare hike this January. How much will it cost you?

The current rate is $2.90 per ride. The proposed rate hike is $3.00.

As you know, I live saving and investing my hard-earned money.

In fact, I track my monthly expenses which include transportation costs.

While I mainly walk everywhere I can, I do take the buses and subway on occasion (especially on weekends) when I need to travel some distance.

Others take the buses and subway every day.

So, let’s run the calculations.

Before Rate Hike & After Rate Hike

Let’s assume you are a normal commuter who takes the subway or bus to work and back 5 times per week.

The current MTA fare is $2.90 per ride. That means the ride to and from is $5.80 round trip.

So, you are paying the following:

Daily: $5.80

Weekly: $29.00

Monthly: $116.00

Yearly: $1,392.00

If you are an avid commuter, your fares are currently capped at $34 per week (every ride after that is free of charge).

So, you are paying the following:

Weekly: $34.00

Monthly: $136.00

Yearly: $1,632.00

Let’s again, assume you are a normal commuter who takes the subway or bus to work and back 5 times per week.

The proposed MTA hike is $3.00 per ride. That means $6.00 round trip.

So you would be paying the following:

Daily: $6.00

Weekly: $30.00

Monthly: $120.00

Yearly: $1,440.00

If you are a avid commuter, the new proposed cap is $36.00 per week (every ride after that is free of charge).

So you would be paying the following:

Weekly: $36.00

Monthly: $144.00

Yearly: $1,728.00

Now let’s look at the difference in costs before and after the proposed rate hike.

Assume a round trip 5 times per week.

Daily: $0.20 increase.

Weekly: $1.00 increase.

Monthly: $4.00 increase.

Yearly: $48.00 increase.

Now let’s look at the difference in costs if you are an avid commuter hitting the proposed cap each week.

Weekly: $2.00 increase.

Monthly: $8.00 increase.

Yearly: $96.00 increase.

That is how much your bill will increase each day, week, month, and year should the proposed rate hike take effect next year.

Conclusion

So, with the MTA fare hike on the horizon, how much will it cost you?

Whether you are a normal commuter traveling to and from work 5 times a week or an avid commuter hitting the cap each week, expect to pay $48.00 to $96.00 more each year.

Personally, I don’t like the idea of a rate hike. Especially as everything else gets more expensive.

While it is not going to break my bank or anything, at the end of the day (or year), I would prefer to have the $48.00 to $96.00 in my wallet then wasted on the MTA.

It seems no matter how much money they get the system never improves.

The MTA have their bridge tolls, they got their congestion pricing, and they will get their rate hike… but no improvements are ever made.

Subway delays are a constant source of annoyance. Between the power outages, mechanical issues, signal problems, and floods – nothing changes. (not to mention the filthiness of it all, which is another issue)

They put a band-aid on it until it happens again and complain it is due to aging (partly true) and they need more money.

But where does all this money go?