A logical step to take when moving to a new location is to research the cost of living within that area. I can tell you didn’t find yourself reading this by mistake but because you have taken it upon yourself to do your homework. Of course, you can’t get the exact info about this anywhere, however, an estimation on how much it costs would be given.
Getting yourself acquainted with what it does cost to reside in an area would not only enable you to make a viable financial plan but also expose you to what to expect and how to deal with them. Without mincing words, there is every possibility that the cost of living in NYC is way too expensive than your current city. However, within the city, there is variation in the living cost from one borough to another and within boroughs with Manhattan being the most expensive.
Below is an outline of how much it costs to live in New York City.
Just like every other city, New York’s cost of living is the sum of the individual cost of the following items:
– Food & Groceries
– Entertainment (optional)
This wholly depends on your taste and your current financial status. You may either choose to rent or buy a house, however, the cost of buying or owning a house in a place like New York City is way too expensive compared to other parts of the city and the U.S at large. Because of this, most residents resort to renting an apartment.
According to Rentjungle.com, the average rent in New York City as of last month, September 2020, is $3,228. The cost of housing in Manhattan could be higher than this amount and even the national average in general. Single & two-bedroom apartments in NYC rent for $2810 & $3576 respectively every month. However, none of these will get you “a heaven on earth” since most apartments at this price are usually within 700 square-foot on average.
Alternatively, you may decide to buy a home especially when you are looking at staying in New York City permanently with your family! The median cost of buying single-family homes in NYC (across all the 5 boroughs) earlier this year was around $571K, however, such types of apartments are not commonly found in the borough of Manhattan but in areas like Staten Island.
Apartments in Manhattan are pricey compared to other parts of the city, however, apartments in San Francisco are more expensive than in Manhattan. The median cost of buying a home in Manhattan is $917K implying that you could see houses with prices over $1,000,000.
Median prices for other boroughs are:
Brooklyn >>>> $730K
Queens >>> $579K
The Bronx >> $379K
As you can see, it won’t be easy for you to buy a home here unless you already have a large sum of money saved up somewhere.
Apart from the cost of housing, another thing that eats New Yorkers’ money is the cost of transport. You may either choose to commute in a private car or public transport. By owning a car, it means you will be responsible for the cost of fueling, maintaining, and parking apart from the purchase price. However, if your choice is the latter, you only need to obtain a single ticket fare or secure the monthly subscription.
In the country, MTA is in charge of the biggest public transit system and commuters around NYC are conveyed to their various destinations via bus, subway & rail. The monthly pass is $127, however, this could be considered expensive compared to some other parts of the U.S where you would have saved 25 bucks or more. On the other hand, the cost of a single ride for the subway & bus is $2.75. Although this could be good enough if you are not a regular traveler, the unlimited monthly pass is still the best.
For intending car owners in the city, parking space could cost you an amount you could have channeled to taking care of other things. Imagine paying about 600 bucks (more expensive than places like Washington which costs about 260 bucks) for parking space aside from the cost of fuel! Isn’t it better to take public transport? If you can afford this, you may go for it.
It doesn’t matter whether you’re a homeowner or renter, you need to cover the cost of utilities that include water, electricity, heating, and garbage. You’re likely going to pay about 145 bucks monthly for a 915 Square-foot apartment according to the data gathered from Numbeo.com. Moreover, you should be prepared to pay $63 for internet access in New York City.
The amount of money spent on food varies from one individual to another depending on their taste and choice. Some might have enough time to make their own meal while others might not. You should expect someone who dines out to spend more money on food than someone who prepares his or her own meal.
If you will be dining out, you should be ready to spend about $40 daily which might be considered expensive especially if you were to be a family man with grown-up children. The data released by Numbeo.com sometimes ago shows that NYC residents are likely to spend about 471 bucks on groceries monthly which is quite expensive compared to the National’s average of about 324 bucks.
Entertainment here is optional! Not everyone likes to party, however, if you are the type that likes to be entertained, there are plenty of cruises to catch here in the city. You may want to see the movies, visit the sports centers, party in the club, or engage in some other activities for the purpose of entertainment. Whatever you want, there is always space for you! It would only cost you!
To see the movies in the midtown, the average price of admission is around 15 bucks. New York Knicks games will cost you an average of 190 bucks; Brooklyn Nets cost 87 bucks on average while Mets & Yankee tickets on average are 27.6 & 47.67 bucks respectively.
The cost of living in NYC could be jaw-breaking in some parts of the city, however, in some parts, it is affordable! All that’s needed to be done is to research well about the particular area you’re interested in, although this post is an eye-opener as to what your expectation should be. Everything from the average apartment rent in New York City down to entertainment adds up.
One thing you could do to reduce the financial pressure on you is to get someone to live together with. Coliving is definitely a good alternative for you if you want someone you can split your expenses with. This gives you the choice to live in the area of choice within the city. Sharedeasy offers affordable housing options alongside some cheap services you will like to be part of.