When it comes to watching the ball drop, Times Square is considered the place to be.

About 2 million people head to the center of the city on New Year's Eve or shell out as much as $1,000 for a nearby hotel party pass.

But with hotel rates also jacked up nearly 300 percent from regular rates, New York is the most expensive spot to spend Dec. 31. Tacking on party clothes and peak Uber pricing, ringing in the new year could break the bank if you're not careful.