Can You Afford to Move to New York City?

If you’re thinking of moving to New York, then you’re probably wondering if you can even afford it. The city is notorious for being expensive – but the good news is “yes!” You can make a move without breaking the bank if you plan ahead.

Before you start preparing for a move to New York City, you’ll need to properly educate yourself on the many financial obligations that come along with it. 

How Much Does It Cost to Move to New York City?

If you’re wondering how much it costs to live in Manhattan and asking yourself if you can afford it, it’s essential to sit down and work out your financial plan.  

If you decide that moving is the right decision for you, then you’ll need to consider the expenses that come with it. Your initial budget should include moving costs, housing costs, and monthly expenses. You’ll also need to consider your living accommodations because rent is much higher in New York than in most other towns and cities.

Moving costs vary widely, depending on the size of the move and the distance traveled. The cost of moving to New York City is estimated at $2,500 to $4,000 – and that’s typically just for the movers to help you pack up and relocate. You need to make sure you also take into consideration the following factors:

Rent/Mortgage:

For those looking to buy, the average sale price for a home in NYC is approximately $765,000, up nearly 5.4% since last year. If you’re looking to rent, you’ll need to do your research, as monthly rent can range from between $5,301 in higher-priced neighborhoods to $1,600 per month in other areas.

Utility Costs:

Again, these costs will vary by individual/family and by the neighborhood you’re in, though the average utility bill does fall around $146.26 per month.

Transportation Costs:

Transportation is another big factor for those considering moving to NYC, because the typical New Yorker doesn’t own their own car – you can get just about anywhere in New York on subways and in taxies.  However, not owning a car means you’ll need to factor in the cost of bus/subway passes or taxi fares each month.

Living Expenses:

These additional expenses include anything from your medical costs, insurance policies, pet expenses, and even your entertainment expenses. You need to factor them into your budget to truly see whether the big city lifestyle is something you can comfortably afford.

Can You Afford to Move to New York City? 5 Things to Consider

Once you have an idea of what it costs to move to the Big Apple, you’ll be able to judge whether or not you can afford to make the move. If you honestly believe it’s feasible, then you’ll need to take your research up a notch. Not quite sure where to begin? Here are five things you’ll need to consider when planning your move:

1. Research Neighborhoods

The neighborhood you choose to call home is one of the most significant determining factors as to whether you can move to NYC or not. New York City is broken up into several neighborhoods and five boroughs. Some areas are considered much more upscale, and others are more average. With that said, the more upscale the neighborhood, the higher your average cost of living is likely to be.

2. Rent vs. Own

You’ll also need to make the decision between renting and owning. Many people in the big city choose to rent because it provides them a little more flexibility should their job or income change in any way. While buying isn’t out of the question, if you’re looking to live closer to the action, your best bet will still be renting as opposed to buying. If you’re determined to purchase, then you’re more likely to find an affordable option on the outskirts of NYC.

3. Your Monthly Income

It’s critical to make sure you are living within your means. When determining your monthly budget, you need to know your net monthly income to understand just how much you have left over to allocate to your other expenses.

4. Your Monthly Expenses

Monthly expenses need to include everything from housing to transportation to miscellaneous expenses. Every penny is going to matter – so make sure you are accounting for it all.

5. The Cost of the Actual Move

Finally, once you’ve done all your research, you’ll need to determine just how much the actual move is going to cost. Most professional movers charge based on how far your relocation is, how much you have to move (typically by weight), and any extra packing/moving services you may require. For instance, if you’re packing the house yourself and only need assistance with loading the truck and getting it all from point A to point B, then your cost will likely be less than those who seek additional help with the actual packing process.

Make the Move to New York City with the Right NYC Moving Service

Here at Moshie’s Moving and Storage, our goal is to help you plan, pack, and move, all at a reasonable price. Whether you’re moving a short or long distance, our relocation consultants can assist you in figuring it all out! Planning on making a move into or out of NYC? Contact Moshie’s Moving and Storage today!