For many individuals, living in New York City is the ultimate dream. The bright lights, bustling streets, and crowded sidewalks have an allure unlike any other, making the city that never sleeps a desirable hot spot to live. However, living in this popular destination certainly comes at a cost. In fact, New York City is consistently ranked as one of the most expensive cities to live in in the United States. If you’ve got your sights set on living in the Big Apple, determining whether or not you have what it takes to turn your dream of city living into a reality requires a great deal of planning. The following information can help you answer the question: can I actually afford to move to New York?
Do I Have a Budget?
Those most successful in making a move to New York are individuals who have set and stick to a strict budget. In a city with such a high cost of living, it is crucial to know where every dollar you spend goes. Do you find yourself grabbing takeout on the way home from work 5 nights a week? Do you treat yourself to luxurious manicures and pedicures on a regular basis? Compiling a detailed budget of your income and expenses will help you figure out what you will be able to afford when living in New York, as well as where you might need to cut back. Your income will need to support your rent, utility bills, and food costs. Other factors you’ll want to take into account include the amount that will go towards your savings, retirement, and emergency funds. When considering a move to New York, many people will explore supplemental income opportunities in order to achieve a more comfortable livelihood.
Finding the Right New York Neighborhood
While conversations of New York typically conjure up images of Manhattan, the city is actually made up of several different boroughs. Within the borders of each borough are wholly unique neighborhoods that offer distinct, one of a kind atmospheres. The neighborhood you choose to move to is one of the largest determining factors in your ability to move to New York.
For example, Harlem is a neighborhood that has grown in popularity among young professionals and student seeking out a more affordable living choice. With an estimated $2,000 median asking rent, Harlem’s diversity and up-and-coming vibe make it an attractive option to New York newcomers. Other more affordable neighborhoods include Queens, Brooklyn, and the Bronx. New Yorkers with a bit more stretch in their wallets flock to the East Village, a hip area full of restaurants, bars, and shops. Boasting a median asking rent of $3,150, the East Village is a top choice among young professionals new to the area.
Which Living Style is Right for Me?
Once you’ve pinpointed your neighborhood of choice for your move to New York, you’ll then have to determine the most realistic living style for your budget. While you may live alone in a 1-bedroom apartment in your current city, newcomers to New York often find themselves searching for roommates to make living in the city possible. There are a number of different resources available to help aid in your roommate search. Once you’ve find the right group to live with, you can find apartment that suits your needs and split all the living costs involved.
An alternative to roommate living is renting a vacant room, or subletting a room under an existing lease. This is an attractive option, as it gives you a relatively inexpensive place to live when you first arrive to New York without confining you to a year-long lease. You will then have the flexibility to explore a more affordable long-term living solution in a neighborhood you love.
A final living style you can consider is to of course rent an apartment on your own. The most expensive of the living style options, you will need to ensure your income will support all monthly expenses associated with your apartment. If you can afford it, living solo provides the peace and solitude rarely found in the city.
Costs of Moving to New York
When determining whether or not you can afford to move to New York, it is important to keep in mind that the costs associated with the move do not start once you get there. In fact, the actual move itself will add up. Do you have to time and energy to pack up your belongings yourself? Have you purchased the right amount of boxes and other moving supplies? Are you planning on hiring movers? Do you have a trusted moving company to handle a cross-country relocation? These are just a few of the questions you will need to ask yourself as you prepare to move to New York. Factoring moving costs into your budget will better situate you once you’ve finally arrived at your new home.
Moving is always stressful, but moving to New York brings a unique set of challenges. Roadway Moving is the number one rated moving company in New York, trusted by thousands of individuals to provide unmatched care and attention to detail for both local and long distance moves. If moving to New York is on your bucket list, contact Roadway Moving today to see how we can help you turn your dream into reality, at an affordable price.