Moving across the country can be a daunting task in and of itself, and that’s before you even begin to figure out the cost involved. For a major metropolis, the costs can be quite higher than most areas of the country. This is especially true for the biggest of them all: New York City.
A number of factors can impact the average cost of living, such as whether you are on your own or supporting a family. The kind of lifestyle you want to maintain will also play a huge role.
On average, the cost of living for a single person in the NY state is between $2,000 to 3,000 a month. Providing for a family of three or more can cost twice as much or more, depending on how many kids are in the family.
The price of affording basic expenses in New York is important to consider to ensure you can afford everything before you move. You’ll need to calculate beforehand how much money you’ll need to save each month.
Ensuring your job pays enough is vital to secure the monthly income needed. In this article, we hope to outline some key factors you must consider when moving to New York.
What Exactly is Cost of Living?
To plan a move to New York, no matter where you are moving from, you must carefully consider your new cost of living. “Cost of living” is the amount of money you need to attain and maintain the lifestyle that you want to have. The expenses you will incur for things like food, lodging, fuel, family events, and other regular needs will vary from one place to another.
You will need to make sure you can afford the increase in the cost of living compared to where you are right now. The cost of living is generally tied to the region you are living within. The Northeast, for example, usually has a higher cost of living than other areas. However, the pay rates are also usually higher in these areas.
Understanding the New York cost of living is critical to determining if you can afford to call this state home.
Mean Average for New York Cost of Living
New York rentals can run as much as $3,500 for a studio and as much as $8,00 for a 4-bedroom place. The median price of for NYC rentals is about $80 per square feet. The average rent for an apartment in Manhattan is $4,614 but this price can range greatly depending on location, size, neighborhood, amenities, and other specific factors.
The average size for a Manhattan, NY apartment is 703 square feet, but this too can vary greatly based on location and type of rental chosen. Studio apartments are the smallest and most affordable, 1-bedroom apartments are most readily available, while 2- and 3-bedroom apartments offer more space but also come at a much higher price.
Looking for apartments in Manhattan can be a daunting task, but with the right resources, it can be a breeze. One of the best ways to start your search is by using https://www.nestseekers.com/ which has a wide range of apartments available for rent or sale in different neighborhoods of Manhattan. You can use the search filters to narrow down your options by price, number of bedrooms, amenities, and more. Additionally, you can also work with a real estate agent who specializes in Manhattan apartments. They can provide you with personalized recommendations based on your preferences and budget.
The other essential expense related to housing cost of living in New York City is utilities. As highlighted by the online reviews essential utilities such as water, gas, and electricity, New York renters could pay as much as $300 per month for the average apartment housing two people. Other services that can be lumped in with utility costs, such as cellphone and internet service, could end up costing at least an extra $150 to your utility bill. This means an average size apartment with two people living there could anticipate monthly expenses around $400 easily.
Cost of Living Breakdown
When you start planning out your cost of living expenses and budget, there are some key expenses you must account for. It is difficult to get exact figures and expenses.
However, researching and figuring out high and low-end budgets can give you an idea of what living in New York will cost you. Many places online offer cost of living calculators that can help give you an idea of your expenses. New York City is a popular destination for tourists and residents but the cost of living can quickly sneak up on you. This is especially true when you consider the subway fair can reach as high as $3 per ride or over $100 for a monthly access pass, that Uber rates can average $40-50 a trip or hourly rates of $100 or more, and taxi rates are commonly seen around 70 cents per minute plus fees, tolls, service expenses and accessorial charged or rush hour or late night drives. Getting around the city on its own can be expensive, on top of all the other expenses that have to be taken into account as well.
Here are the five expenses you must think about both monthly and annually:
- Housing costs: Whether you pay rent or are paying a mortgage, a large percentage of your income will need to go toward your housing costs. This also needs to include additional expenses such as maintenance and repairs.
- Transportation: If you are not working from home, you will have regular commutes to and from work to plan out. At the very least, you must calculate the cost to get around town, go shopping, visit friends and family, take a road trip, and make other non-work-related drives.
- Food: Food is one of those things you really cannot skimp on. You and your family have to eat, and though you can be frugal with your spending, you will have weekly food costs to plan for. Weekly trips to the grocery store can add up, especially when buying and preparing for more than one person.
- Entertainment: Everything from a case of beer for a cookout to tickets to a local concert cost money. Having fun can be free or very affordable, depending on what you want to do. There is much to do in New York in just a short drive, but you still need to plan accordingly.
- Utilities: Besides rent or mortgage payments, you will have other living expenses to consider to stay comfortable and safe in your home. The cost of basic utilities like electricity, gas, and water will impact your monthly cost of living.
- Services: The cost of services like education and healthcare are also important considerations, especially for families with growing children, or family members with disabilities or special requirements.
NYC Living Costs: The Extras
Living in the bustling city and its neighbouring areas can be a wonderful and rewarding experience. But moving to this region may mean more expenses and a higher cost of living for you and your family. In addition to the essential expenses already covered, there are also a few extras that you will need to budget. Here are some of the most common cost of living extras:
1. Social Cost- Your lunches or drinks with friends on the weekend, sports club memberships, game subscriptions, and similar expenses can add up quickly.
2. Healthcare Cost- Whether it is the monthly premium for your insurance plan or the out-of-pocket medical costs, you need to be prepared for healthcare expenses.
3. Personal Care Cost- New clothes, makeup, jewelry, accessories, and personal treats you buy for yourself should also be budgeted for as much as possible.
4. Travel Cost- If you and your family love to travel, then plan for hotels, plane tickets, vehicle upkeep, activities, and other related travel expenses.
5. Hobby Cost- All work and no play is never good, so be sure to include some funding for your hobbies and some fun activities you enjoy doing.
The amount of money it will cost you to live in New York City can vary quite a bit. And several factors can influence how high or low the cost of living is for you or your family. You will need to do a lot of research and planning to figure out what you need to live comfortably. We hope this article served as a good starting point for your journey!