NYC is known to be one of the most expensive cities in the world. At the same time, it's one of the most desirable locations on the planet. For that reason, people who want to move struggle between the wish to live in this miraculous cultural pot and worries about whether they will be able to make ends meet. The cost of living in New York City depends on several different factors. In this article, we're going to break it down for you. You're going to find out the real cost of living in NYC and find some tips on how to reduce them.
The most considerable item on your budget list will be the cost of renting a place. Rents in NYC are one of the highest in the state, with the average rent for a one-bedroom apartment about $2,800. However, this price can vary a lot as you move around different neighborhoods. There are pricey locations that offer the same-sized apartments for about $4,000. The most expensive borough is Manhattan, whereas you can find more affordable homes in Staten Island and the Bronx. The prices have dropped during the pandemic, but as people come back to more pricey neighborhoods, they are starting to go up again.
When it comes to purchasing a home, the situation is not that different. The median price for a single-family home is almost $600,000. However, you should know that this is the average number affected by a small number of expensive homes in Manhattan. There are far more affordable properties to find – primarily co-ops and condos. However, be sure to contact a knowledgeable agent who can guide you through the process and help you pick a home according to your budget.
Pick a more affordable home to reduce the cost of living in New York City.
Are utilities expensive?
Well, it depends – you can spend less if your utilities are included in the cost of the rent. This is often the case in NYC, so you might not have to worry about it. On the other hand, paying for everything on your own can cost you more, especially electricity bills. Electricity is more expensive than in most cities in the country, whereas other utilities come at an average price. Either way, you can expect to pay about $250 for your utility bills. However, you can negotiate with your landlord and make sure these costs are included in the rent. Do everything you can to spend less on the monthly bills, so you can use that money to enjoy your time in one of the best cities in the world.
Having a car in NYC is often not worth it. The biggest problems for car owners are vacant parking spots, expensive maintenance, and traffic jams. Having a car can cost a lot, as garage parking in Manhattan can cost up to 900$ per month, and the car insurance is about $2,000. Surely, prices in other boroughs are more affordable, but still, it’s a big part of your monthly costs. That’s why most locals get around by using public transportation – subway, bus, and commuter rail. You can also use the NYC ferry if it makes it easier to reach your home. Either way, you can save a lot by using monthly passes and spend only about $120 per month on transport.
Living outside of Manhattan can mean lower living costs.
When it comes to food, NYC offers so many different options and price ranges. However, basic groceries are still more expensive than in other cities in the country, making New Yorkers spend about $500 on food each month. Also, a significant financial challenge when living in NYC is trying to save on eating out. The city offers a plethora of restaurants and takeaways of various price ranges, so it's difficult not to try out different international food here.
How to save when moving to NYC?
Finally, the moving process is the last thing you need to consider when calculating the cost of living in New York City. Relocation expenses can get pricey, so it's best to be ready for what's coming.
Know the moving budget
The first step would be estimating the budget of your move. Experienced pros from Ben Hur Moving and Storage suggest you should get more than one estimate. Contact a couple of reliable teams and ask for an estimate so that you can get a rough idea of the average cost. This way, you’ll avoid paying too much for the move but also being attracted to suspicious, too affordable offers.
Plan your budget well and control the cost of living in NYC as well as moving there.
The way you pack can significantly affect your moving budget. Firstly, if you miss decluttering your home before moving, you can end up paying more than you should. Remove all the items you don't use, things that no longer work or have passed their expiration date. Also, try finding some packing supplies for free or using the items you already have as packing containers. These little steps will reduce the moving costs step by step and help you not break a bank when coming to NYC.
Find an appropriate storage space
Lack of space is a common problem for many New Yorkers. Luckily, storage units are easy to find and can help with seasonal items, hobby supplies, old furniture, etc. However, you need to make sure to find the right one, as units can get unnecessarily expensive. Pick a unit according to your needs, location, and budget so it doesn't become a financial burden over time.
If you are not strict with your moving date, you can save a lot when relocating to the Big Apple. Pick a less busy moving season, and avoid weekends for lower rates. In general, being flexible can help you live more comfortably in NYC, too.
The cost of living in New York City is generally high, but it doesn't need to be troublesome if you're careful enough. Make sure you know your priorities and adapt your lifestyle to your budget, so you can truly enjoy life in NYC.