Living on Roosevelt Island is generally considered expensive, as it largely mirrors the high cost of living found in the rest of Manhattan, though it offers a slightly different value proposition. While it is technically part of the borough of Manhattan, its unique "small-town" feel and limited housing stock—much of which is managed through specific ground leases—create a competitive market. Rents for a one-bedroom apartment typically start at well over $3,500 per month, which is comparable to many neighborhoods in Queens or the Upper East Side. However, residents often feel the price is justified by the unique amenities, such as the breathtaking East River views, significantly lower noise levels, and the iconic Roosevelt Island Tramway that provides a scenic commute to Midtown. Additionally, the island has a mix of luxury high-rises and older buildings that were part of affordable housing programs (like Mitchell-Lama), though many of these have transitioned to market-rate. When you factor in New York City's high taxes, groceries, and services, Roosevelt Island remains a premium residential choice for those seeking an urban oasis.