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Moving To NYC: How Much Does It Cost?

Moving To NYC: How Much Does It Cost?

Although New York is a truly global city, it falls outside of the latest rankings for the most expensive urban areas to live in. That’s good news for anyone hoping to move to NYC, but doesn’t do much to drill down into the specifics of how much it will cost to relocate to the Big Apple.

So when moving to New York, what are the expenses you’ll face and what are the recurring costs you’ll need to cover to keep your head above water?

The Move Itself

This isn’t something you’ll consider when you start planning your move, but factoring in the price of shifting all your belongings to your new NYC abode should not be overlooked.

You have a number of options available, depending on how many possessions you have and your budget. Renting a van and doing all the packing and heavy lifting yourself will be the most affordable option, although this can be very stressful and require a lot of planning.

It’s probably better to get a professional removals firm to help at this point. Specialists like Serenity Movers are perfect for NYC-bound people who want to save themselves a lot of hassle. With flexible costs that are based on your needs, rather than fixed prices that might be too high, this can be surprisingly inexpensive. Be sure to get a quote from prospective removal providers so you can compare costs and choose the best option.

Renting

The cost of renting an apartment in NYC can vary wildly, with everything from the number of bedrooms to the location having a major impact on how much you’ll pay.

The average monthly rental on an apartment sits at around $3400 at the moment, up by almost 8 per cent compared with this time last year. For one bed apartments, you’ll pay around $2831 per month, although it’s more helpful to look at the costs in different neighbourhoods to get a clearer idea of realistic rents.

The areas which are currently most affordable include East Brooklyn and Oakwood, sitting at $1331 and $1262 per month respectively on average. This shows that it is possible to find some surprisingly affordable apartments, so long as you are willing to live a little further away from the bright lights of Manhattan.

Buying

For many people, the prospect of buying a property in New York City is a pipe dream, but if you happen to be in a fortunate enough position to have this as an option, how much will it cost?

At the moment, average home values are increasing by around 5 per cent each year, with the current median cost sitting at $680,000.

Whatever your plans for moving to NYC, be sure to start your preparations early and structure your organisational efforts as cohesively as possible. This will help you to avoid any unexpected expenses and get a good overview of how much it will all cost so that you are ahead of the curve.

Image Source: Pixabay

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