Though it feels like the MTA just raised its fare to $2.90, 2025 will bring another fare hike.
Prior to the most recent fare increase, the cost of a single subway ride was $2.75. It remained at that constant price for over eight years.
If you continue to go backwards in time, subway fare was $2.50 between 2013-2015. Hell, if you go way back to the first subway fare-ever, it only cost five cents in 1904. So in this timeline of fare hikes, the trend shows us that as time goes on, subway fares will inevitably continue to increase.
However, on Wednesday, December 18th, 2024, the MTA voted to approve another fare hike that would increase the price of a single subway ride to $3, as part of the $19.9 billion 2025 budget. It would take effect in August if it gets final approval. Next year, NYC will also instate congestion pricing as of January 5th, 2025.
Prior to the pandemic, the MTA decided to increase subway fare every two years. However, the scheduled 2021 fare hike was avoided due to funding from Governor Kathy Hochul. But by 2023, a single subway ride increased by $0.15, totally to $2.90, where it remains today. This change, in addition to the toll increase, was estimated to generate an extra $117 million for the year.
So though the fare hike is not set in stone, according to the MTA’s proposed biennial fare increases, New Yorkers can expect the next fare hike in 2025. The MTA explained commuters can assume a 4% increase to subway fares by then, and another 4% increase come 2027.
So why does the MTA want to routinely increase subway fare? The MTA shared in a press release at the time of the most recent fare increase that the change in fare was necessary for the MTA to maintain service levels and increase service frequency as the subways continue to rebound from the pandemic.