The cost of living in NYC will vary between individuals and families. On average, individuals spend around $2,500 per month on living expenses. Families can expect to spend closer to $4,000 per month. Of course, these averages will increase or decrease depending on lifestyle, housing costs, and other factors.
One of the biggest considerations when moving to NYC is the cost of living. To ensure that you have enough money to hire NYC movers and meet initial (and long-term) living expenses in the city, you’ll need to calculate beforehand how much money you’ll need to have saved up each month.
To ensure that you have enough money to cover the cost of living in NYC after relocating to the Big Apple with the help of professional movers, we’ve created this guide. It includes an overview of the average monthly expenses in New York City, as well as a few tips to help you save money after moving.
Living in New York City is a great experience, but the higher cost of living often has people worried that they won’t be able to make ends meet.
The good news is that, with a bit of planning, you can easily manage your living expenses while still enjoying all the city has to offer. Here are some essential things to budget for when moving to NYC.
1. Housing Cost in NYC
Housing is arguably the highest expense you’ll have to budget for when living in NYC. The median rental price for an apartment in Manhattan is $3,500 per month, while the median rental price for an apartment in Brooklyn is $2,700 per month.
If you’re looking to purchase a home, the median sales price for a studio or one-bedroom apartment is in the low to high seven-figure range.
But, you can save on housing costs by renting an apartment with roommates, living in a less expensive borough, or opting for a smaller apartment.
You can also save money on your mortgage by making a larger down payment or shopping around for a more competitive interest rate.
2. Utilities Cost in NYC
In addition to rent or mortgage payments, you’ll also need to budget for utilities like electricity, gas, water, and trash removal.
These costs can vary depending on the size of your apartment, how many people live with you, and how much energy you use. The average monthly cost for utilities in NYC is around $100-$200.
3. Transportation Cost in NYC
Public transportation is one of the best ways to get around NYC, and it’s also one of the most affordable. A monthly MetroCard, which allows you unlimited rides on subways and buses, costs a little over $100.
Of course, if you plan on using taxis or ride-sharing services like Uber or Lyft, you’ll also need to budget for those higher costs.
4. Food Cost in NYC
Food is another essential expense to budget for when living in NYC. The average monthly cost for groceries for one person is around $250, although this number will increase if you eat out often.
If you cook at home most of the time, you can save money by taking advantage of coupons and discounts at your local grocery store. You can also save money by eating at cheaper restaurants and avoiding tourist traps.
NYC Living Costs: The Extras
In addition to the essentials, there are also a few extras that you’ll need to budget for when living in NYC. These include things like entertainment, healthcare, and personal care.
Here’s a look at some of the most common extras:
1. Entertainment Cost
There’s no shortage of things to do in NYC, and many can be done for free or rather affordably without eating into the moving costs NYC movers charge per hour.
However, if you plan on going to concerts, movies, or other events on a regular basis, you’ll need to budget for those costs. The average price of a movie ticket in NYC is around $15, and the average cost of a concert ticket is about $50.
2. Healthcare Cost
If you don’t have health insurance through your job, you’ll need to budget for the cost of health insurance. The monthly cost of health insurance in NYC averages about $700 per month, although this number will vary depending on your age, coverage, and whether you have any pre-existing conditions.
3. Personal Care Cost
Personal care items like haircuts, laundry, and dry cleaning can add up, so you’ll need to budget for those costs, especially if you are moving to the city from a smaller town where these services are less expensive.
The average monthly cost for personal care in NYC is around $100, though this number will vary depending on how often you need these services.
Saving on NYC Living Costs
You can save on living costs (and even the best-state-to-state movers) by researching the services you’ll need to make the transition smooth.
By booking movers in advance, doing your own packing, and decluttering your belongings before you move, you can save quite a bit on professional moving services – adding to your initial living budget.
You can also save on living costs in NYC by taking advantage of discounts and deals. For example, many museums offer free or discounted admission on certain days, and there are always deals to be found on Broadway tickets.
You can also save on food costs by cooking at home more often and eating out less. And, of course, you can save on transportation costs by walking or biking whenever possible.
NYC Living Costs: Frequently Asked Questions
How much do I need annually to live in NYC?
The cost of living in NYC varies depending on your lifestyle, but individuals find they can live comfortably on an annual salary of $50,000 – $70,000. Couples and families can live comfortably on a yearly salary of $70,000 – $100,000.
What is the most expensive part of living in NYC?
The most expensive part of living in NYC is housing. The average monthly rent for a one-bedroom apartment in NYC is around $2,500, and the average monthly rent for a two-bedroom apartment is about $3,500.
Of course, if you’re looking for something more luxurious, you can expect to pay even more.
Is NYC a good place to live?
Whether or not NYC is a good place to live depends on your personal preferences. Some people love the fast-paced lifestyle and endless entertainment options, while others find the city too crowded and expensive. Ultimately, the best way to determine if NYC is the right place for you is to visit and explore the city for yourself.
What should I look for in NYC movers?
NYC movers are vital to safely getting your belongings from your old home to your new one. When looking for NYC movers, be sure to research their reputation, read customer reviews, and compare rates. You should also make sure they are licensed and insured.
Will it cost more to use NYC movers or do it myself?
Full-service long distance movers are often the best way to go when moving to NYC, as they can handle all the logistics for you. While this convenience does come at a cost, it is usually on par or less than the security deposits, fuel, and time required to do it yourself. Plus, you’ll have peace of mind knowing your belongings are in good hands.
Live IN NYC with the Help of Professional Movers
Whether moving to the city to pursue your dreams or follow a new job opportunity, the best long distance movers can help you get there. And finding the right movers means you can save money on living costs that will help you explore and enjoy everything the Big Apple has to offer.