New York City is a city of extremes. Making a million dollars is not ‘rare’ when living in this metropolis, neither is being poor. ‘Location, location, location’ dictates just how much of a financial burden New York City may actually be.
Depending on where one chooses to reside, New York City can be a pretty expensive place to move to. An average one-bedroom or even a studio can cost upwards of $2,500 per month.
Comparing that rental amount to many other locations, that may be double the amount of an average monthly mortgage payment. A good rule of thumb would be to make sure that you are not spending more than 30% of your monthly income on rent and also to check if you can afford rent in NYC. As stated in this smart video, you’ll get a quick and engaging breakdown of the rental costs in different neighborhoods of NYC.
The cost of rent varies depending on what part of the city you live in, in accordance with ‘supply and demand’. For example, an average studio in the Bronx is $1,800, whereas, in Manhattan, the average rent would be $3,500. Manhattan’s demand dictates a higher rate because of the market’s demand. Living outside of Manhattan is a smart choice for those that are budget conscientious. What would also help? Having a roommate. Because rent is such a money vacuum, it’s definitely advised to have a roommate in mind. Familiarize yourself with the below real estate terminology.
These words often utilized in the industry may mean something completely different to you:
No matter where you choose to live, take notice of how you would be able to get around. There are many different ways NYC natives choose to get around, and some don’t have a choice in how they get around. In many cases, owning a car may not be worth it. From subway to the ferry, to taxi, you’ll need to pay! A weekly MetroCard is $33.00, or a single ride is $3.00. Although this doesn’t sound like much to some, it can add up. If you are a frequent subway user, 33×52=$1,716. Boy, do these numbers add up quickly! These are things to consider when living in NYC.
An average New Yorker is someone who orders food, rather than cooks it. Because of the busy and arduous workdays, it is harder to have time and want to cook. Here are some blogs that introduce you to some of New York’s best alternate dining options. This isn’t to say some don’t take the time to cook for themselves, but after calculating all of the delays and time to go to and from your home, you may just want to order!
As expensive as it is to live in New York City, the hustle and bustle are quite exciting. Amongst all of the shops and personalities along the streets, you have all the lights, “a city that never sleeps.” Living in New York City, you actually have a choice of living in noise or on the outside of town. There are parts that are quiet and cozy. As said earlier, it is a city of extremes and this is one of them. You have choices of how you want to live here, which is nice! Whether you like urban or suburban, you have access to both!