When it comes to moving to a new location, there are a lot of questions that run through your mind especially when you are oblivious of certain things in such an area. Before moving to a new environment or city, it’s important to get yourself acquainted with many variables including the cost of living, transportation, security, and other important things that suit your lifestyle.
Without any doubt, New York City is one of the most populated (with over 8 million people) and expensive cities to live in the United States and even the world. Despite how costly it is living there, many people still crave for making it a home for various motives; you may want to move there in search of work or make it your permanent residence for reasons best known to you. Regardless of your motives, you should know the average cost of moving to NYC. In this article, you will be exposed to the NYC moving estimate as you read on.
Prospective New York residents might consider choosing between two housing options depending on their financial capacity at the time of moving, and, of course, their personal choice. Houses of different specs are available for rent or purchase. However, when it comes to purchasing a house in the city, the word “expensive” could be used interchangeably, hence, most people go with the other available option.
The median cost of buying a one-bedroom apartment in New York City is near $700,000 while the average income of new yorkers is $60,000. Except one has already saved up enough money for a downpayment, owning a house could just be a wish although some other people can still afford it. On the other hand, the average cost for rent one-bedroom apartment is $3000 per month and the vast majority of people can afford it. There are chances that you will be sharing an apartment with some other individual(s); room sharing is a cheaper option.
Of all the five boroughs (Manhattan, Bronx, Staten Island, Queens, and Brooklyn), the cost of housing is most expensive in Manhattan while the Bronx is the cheapest.
Irrespective of the housing option you have chosen, the cost of utilities, which is about $200 monthly according to the data on Numbeo.com, has to be covered by you. This covers the cost of…
Owning a car could be an option only if you can afford the expenses associated with it. This includes the cost of purchase, maintenance, insurance, fuel, and parking. For parking in NYC, a monthly fee of $606.37 is usually paid which is considered significantly expensive compared to places like Washington, D.C. where it costs $260.08. If you must ride, Car sharing or taking taxis could be a cheaper option.
However, most new yorkers depend on MTA – a subway station and buses that are available 24 hours daily. Their monthly pass is the best subscription, otherwise, you might have to buy a ticket every time you take a ride.
The feeding cost per person is estimated to be $470 monthly. This is quite pricey compared to the national average cost of $324 which is 32% cheaper. The classic restaurants in New York offer a wide range of food, and if you’re the type that dines out often, you will definitely spend more on food. However, if you’re the prudent type, you might spend less.
By now, you should know how to estimate the cost of moving to NYC which is simply done by summing up the individual cost including the cost of moving company of your choice. As said earlier, the amount that will be spent on rent can be significantly reduced when a shared apartment is considered.
SharedEasy is a coliving company that offers one of the best home services in New York City. Our houses are well-furnished and incredibly conducive for varying lifestyles. You don’t need to bother about finding the right roommate as we have just the proper system to do this for you. Explore some of our luxurious, yet affordable houses for rent in nyc today.