Have you decided to relocate to the Capital of the World, or as New Yorkers call it, the greatest city where dreams come true? Becoming a resident of the most populous place in the US might trigger a thousand questions like what is the cost of living in New York, What salary do you need to live in NYC, or Which borough is the most affordable? Let’s check it out.
What Does the Cost of Living in New York City Entail?
Moving to New York, one of the most densely populated cities in the US (with more than 19,000 residents) is the beginning of an exciting adventure that can make you or break you. To avoid dipping into your savings while getting accustomed to this urban jungle, carefully calculate your budget.
The overall costs will entail the amount of money you need to maintain a life standard by affording basics like groceries, utilities, housing, and healthcare. That’s why salaries are higher in cities where living is more expensive, and the Capital of the World is surely one of them.
Smart Spending – Slash Costs Without Sacrificing the NYC Experience
Don’t get overwhelmed by high numbers though; there are more than a few ways you can save up, and still live a decent life in NYC. Depending on your lifestyle, you can spare a small fortune on food, all you have to do is opt for cooking on your own instead of dining out every night. Finding cheap things to do in New York with kids or alone can additionally help your financial status. Also, picking the right borough can affect your overall expenses, because some offer more affordable housing.
However, if you want to live in Manhattan and are cross-country moving to a city alone, finding a roommate can be a great idea. Getting the hang of finances should not be that hard; all you have to do is keep track of your expenses. If other eighth million residents can figure out how to live in the metropolis, so can you.
How Much Are the Renting Prices in NYC?
According to data from the Zillow website, the median monthly rent is $3,600, but depending on the borough you choose to settle down in, or the size of the flat, those prices can change. When you’re moving to New York, know that the size of homes varies considerably, but 70.5% have two bedrooms or fewer, while 8.1% are studios. This means that studio apartments are four times more common here than throughout the US. Now that this is settled, let’s check out the table below with the actual home sizes you can expect once you decide to rent in NYC.
| Number of Bedrooms | Number of Units in NYC | Percentage |
|---|---|---|
| Studio Apartments | 297,248 | 8.4% |
| One Bedroom Apartments | 1,035,661 | 29% |
| Two Bedroom Apartments | 1,129,947 | 32.1% |
| Three Bedroom Apartments | 783,526 | 22.3% |
Navigating Tenant Laws in the Big City – What Renters Need to Know
You will be staying in a metropolis where around 70% of residents rent their homes. Before you find the place that fits your budget and sign the lease, get to know the rules, laws, and regulations that affect you as a renter. The Mayor’s Office launched a site where you can find more information about tenant protections. Here are the changes the law passed in 2019 brought:
- Security deposits landlords require are limited to one month’s rent. Those deposits have to be returned to the tenant within 14 days after they leave the unit, along with a statement covering all the deductions.
- A property owner must give you at least a 30-day notice if they intend to raise the prices by more than 5%.
- Unlawful eviction is now punishable with a fine of at least $1,000.
- Tenants have 30 days instead of 10 to fix lease violations.
Types of Homes in the Big Apple
Condos
When you buy one, you will have full ownership of the place, and you will have access to some common building areas such as the gym. Condos are an excellent option for people who aren’t looking for a long-term investment. The median price of a condo is $1.7 million.
Co-ops
Co-ops are ideal for long-term investment buyers because you get to share a co-op association, and with the other shareholders, you own a building. There are more co-ops than condos in the metropolis, making them more affordable. The median price is $815,000.
Townhouses
Townhouses are usually three or four-story buildings and can serve as a single-family home. They often have gardens and rooftops, and they provide more privacy than condos. To become an owner of a townhouse, you will need, on average, $1,902,000.
Fully detached homes
Fully detached homes are easy to find in neighborhoods like Forest Hills and Ditmas Park. They are bigger and more spacious than any other type of unit you might buy. Even though single-family homes account for approximately 1.15% of housing units, their prices vary significantly. Depending on the location, you can find a unit for $150,000, while some go for $3.8 million.
Lofts
Lofts are mainly located in former industrial buildings that are converted into residential units. High ceilings, large windows, and vast open spaces are what define them. Lofts can be mostly found in areas such as Soho, Tribeca, and Williamsburg. Their market value is similar to condos, so you can get a loft for $1.5 million.
How Much Do Utilities, Groceries, and Transportation Cost New Yorkers?
There are some things you can’t avoid paying, no matter where you live. Basic utilities such as electricity, gas, internet, and water will be a part of monthly expenses. However, know that the electricity market in NYC is deregulated, meaning that you can choose your energy service company, which opens up the possibility for a better electric plan, and lower fees. The basic utilities are around $140.
Navigating the Urban Jungle – From Car Shipping to Catching the Subway
Another thing to put down on paper when creating a budget is transportation. The metropolis has an extensive web of parkways, streets, and expressways, connecting boroughs. That’s why you might like to drive around, and if you decide to hire car shipping company to ship your car to the metropolis, don’t forget the rules regarding turning at red lights.
Unlike any other part of the US, the state forbids right or left turns or red lights to increase pedestrian safety. Being behind the wheel might be a freeing experience, but it comes with a price. You will need around $600 for a monthly parking spot and approximately $3 for a gallon of gasoline.
On the other hand, the metropolis offers you one of the best public transit systems in the country available 24/7. To use it, you will need about $130 for a monthly pass. Buses, subway, and ferries will get you everywhere you want to go, and when you feel like spending some green, hop in a cab, and it can drive you wherever you want to go for $3.50 a mile.
What Is the Average Cost of Living in New York City Boroughs?
There are a total of five NYC boroughs you can settle down in. While a professional long-distance moving company is handling your stuff, you should look into housing options Brooklyn, Manhattan, Staten Island, The Bronx, and Queens are offering. Some locations are more affordable than others, while some have more diverse housing options. To help you make an informed decision, let’s break down the overall costs of settling down in each of the boroughs and compare them.
Cost of Living in Queens, NY
Do you love being in the Capital of the World, but you want to avoid staying downtown? Queens is a great spot for young professionals and families who want to stay near Manhattan without actually being there.
Basic utilities in Queens are around $120. Since less than half of the population owns their homes, renting is a more obvious choice for newcomers. Renting one-bedroom apartment in the center of Queens will be $3,300, while in other parts, you can find a unit for $2,700.
There are approximately 842,000 housing units in the borough, most of them built in 1939 or earlier, so you can expect large yards and colonial houses. However, there are modern apartments and lofts available as well. If you are on a tight budget, check out some of the most affordable neighborhoods in the area:
- Jackson Heights has medium-sized, pre-war buildings where you can get a place for approximately $1,800. The location is well connected with the rest of the metropolis via the subway and trains.
- Sunnyside is for those who are dreaming about moving to the suburbs but still being close to all the amenities of the metropolis. There are semi-detached houses and residential buildings with backyards you can rent a place for roughly $1,800.
- Rego Park is a middle-class residential complex with Tudor-style houses ideal for young professionals and families. Renting here is around $2,000.
The Average Cost of Living in the Bronx
The Bronx is famously known as the birthplace of hip-hop, home of the Yankees, and the best gardens in the metropolis. With over one-third of residents born outside the US, this is one of the most diverse areas in the entire country. The impact of different cultures can be seen in the history, restaurants, and neighborhoods of the Bronx.
If you want to put down roots in the birthplace of celebrities such as Jenifer Lopez, Billy Joel, and Kerry Washington, you will need $3,300 a month for a one-bedroom apartment. When looking for a way to save up, remember that the Bronx, as every other part of the metropolis, has some neighborhoods that are more affordable than others:
- Country Club is a great place to raise a family. With a renting fee of approximately $2,000 and a home price of $680,000, it is one of the more affordable Bronx areas. Here you can pick among rowhouses, apartments, and colonial-style buildings.
- Kingsbridge offers affordable condos, single-family houses, and co-ops to newcomers. With a rent of $1,300, it is an ideal spot for millennials, young families, and professionals.
- Riverdale is one of the safest neighborhoods in the Bronx. Add affordable rent of $2,000, and you got yourself a new place. This is the area that attracts young families and retirees because it has contemporary urban apartments as well as single-family homes with spacious backyards.
Staten Island Cost of Living
Are you looking for a mix of bustling urban life and suburban atmosphere? Luckily, Staten Island can offer you both. With the nickname “Borough of parks,” you should expect plenty of open spaces. All of those that are moving with their pets will benefit from 170 parks Staten Island has. Besides numerous places where you can stroll, run, and have picnics, there are unique multicultural attractions and ethnic food options. You will need $20 for lunch in an inexpensive restaurant, while a three-course meal in a mid-range eatery would be around $35.
On Staten Island, more people own real estate than they rent, so if you wish to buy a property in the Big Apple, this is where you should start your search. Data from the website Niche shows that the median home value is $660,000. Also, don’t forget that the property tax in Richmond County is $1.20 per $100. However, if you want to be a part of the renting minority, you need around $2,300 a month. Utilities are on the pricier side since you’ll need $170 to cover them.
That’s why it is ideal for families with kids and young adults in pursuit of knowledge. There are 60 schools as well as College and University. Young parents can enroll their kids in preschool or kindergarten for $1,200 a month while attending College of Staten Island would knock $6,730 out of your pocket for yearly tuition.
Cost of Living in Brooklyn
Brooklyn is the most populous of the five boroughs, and it includes tight-knit communities, plenty of park space, and reasonable housing fees. It is a place for young professionals, fresh out of college people, families, and artists.
In Brooklyn, you can find a one-bedroom apartment for $4,300 a month, while three-bedroom places can be found in a price range for $9,500. Keep in mind that there are many distinct neighborhoods in Brooklyn, all with their own charisma and price tags, all you have to find the one you like the most to settle down in. However, if you are looking for a budget-friendly option, these are the most affordable spots:
- Flatbush represents one of the most affordable places located in the heart of Brooklyn. With the median renting fee of $1,700 and plenty of public transportation options, it’s no wonder that it is becoming much more popular. Here you can find residential buildings, brick townhouses, sand Victorian style units
- Bay Ridge has plenty of parks, and it is one of the last shreds of Old Brooklyn. You will find more than one family-owned business and some of the best mom-and-pop shops as well as rowhouses and single-family homes for a median rent of $2,000.
- Bushwick might be one of the coolest neighborhoods in the world, and it is buzzing with nightlife and eclectic restaurants. Median rent here is $2,000, and you can easily reach the other parts of the metropolis via trains.
The Cost of Living in Manhattan
The area is for those who are not afraid of a fast-paced lifestyle. First things first, you can forget driving, not only parking is obscenely pricey, but finding private parking is a mission impossible. When you find a parking spot, know that daily rates are between $20 and $75. Get rid of your car, and don’t worry about getting around – this is one of the most walkable areas in the metropolis, plus there are metro lines, busses, and cabs that can take you anywhere you want to go.
Being a resident means you will need to pay $400 for utilities. Becoming a homeowner here means you should expect to pay around a million for a condo, while if you opt for renting a one-bedroom apartment, you will need around $4,000.
A pricy lifestyle is worth it if you want to be in the epicenter of the metropolitan economy. There are work opportunities in every industry conceivable. Top employers are healthcare, marketing, and finance sectors, but with a wide range of schools, there are also career prospects in Education. The average annual salary in Manhattan is $80,000.
What Is the Average Salary in NYC?
According to data from PayScale, the average paycheck in the metropolis is $76,000 a year. Depending on the field of your expertise, this can vary significantly. The most popular occupations in the Big Apple are:
- Software engineer with a paycheck of $115,000,
- Project Manager with a wage of $85,000,
- Marketing Manager who earns around $86,000.
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Read moreHow Much Money Do You Need to Live Comfortably in NYC?
Once you decide to move and hire relocation and auto transport company, you need to think about what comes after, Living in NYC comfortably can have a different meaning for different people. More often than not, it means being able to afford basic lifestyle amenities and funding long-term needs and plans without a problem. It is estimated that a family of four, meaning two adults and two children, staying in NYC needs about $9,000 a month.
Make Your Move to New York Smooth with Flat Price Auto Transport and Moving
As you wrap up your planning for a move to New York, consider partnering with Flat Price Auto Transport and Moving. Our comprehensive long-distance moving services, from packing services to secure storage, can ease the transition. Ready to make your move as seamless as possible? Contact us and get a quote today and step forward into your next chapter in New York.