The cost of living in NYC is one of the most important factors to consider before moving here. Many people have fantasized about what it would be like to jump into the cultural melting pot and become a resident of the city.
It is no easy task, as New York is the most expensive place to live in the US. However, if you want to become a part of the contagious energy and excitement of this bustling metropolis, it is very possible, regardless of your income.
Cost of Living in New York City: Moving Costs
Your moving costs are highly contingent on whether you’re moving to New York City from somewhere else, or if you’re already here and moving within the city to another apartment. If you’re moving from outside the city, costs can still vary greatly depending on whether you’re moving from within the general region or if this is your first time living in the northeast altogether.
Moving Costs for Moves Within New York City
If you’re moving within the city and only require a few movers for a few hours, you can probably spend as little as $1,000 for the whole job. If you require moving supplies, Gorilla Bins is an excellent NYC-based solution offering environmentally-friendly supply packages for moves of all scopes.
Long Distance Moving Costs to New York City
If you’re moving to the city from up to an hour away, you may need to pay for a full day’s work and an extra worker or two. You’ll be spending around $2,500 to complete this move. If you’re moving hundreds of miles and require even more help, your costs could balloon up to $10,000, especially if the moving process starts involving back-and-forth airfare.
Whatever the scope of your move is, Metropolis can help! We are experienced in moving everything from a small studio apartment to moving entire office headquarters, and we will be happy to move you too!
Cost Of Living in New York City:
Average Housing Costs in NYC
| Monthly Expense | Cost |
|---|---|
| Rent | $3,250.00 |
| Avg Monthly Mortgage Payment | $2,709.00 |
The borough you choose to live in will have a significant impact on your cost of living in New York City. The average home value in The Bronx is around $374,900, while the average in Manhattan is about $1.3 million. Rent could be anywhere from $1,000-$8,000 per month, again depending on the location and quality of the apartment or house you choose to live in. The citywide average rent is $3,250 / mo.
Check out our guide to buying real estate in New York City, as there are several considerations you will want to make before committing to a purchase. Remember that there are decent deals to be found in all boroughs, which can help you save lots of money over time. For example, the cheapest neighborhoods in Manhattan offer stunning natural beauty, diverse, tranquil communities, and excellent transportation access for a fraction of the average rental price in the rest of the borough. You can easily find apartments for around $2000/mo.
It is likely you will have to pay first, last, and a security deposit upfront when you sign a lease. This will likely cost around $9,750 for an apartment with a $3,250 monthly rent. Whatever your monthly rent is, you’re likely going to have to pay three times that amount upfront to move into your apartment.
Average Health Costs in NYC
| Monthly Expense | Cost |
|---|---|
| Fitness Club (per person) | $110.00 |
| Health Insurance (per person) | $713.00 |
The average cost of health insurance in New York is about $713, 56% higher than the average for the US. Fitness clubs are about double the national average for a monthly membership, coming in at $110 per month. Staying healthy in the city can be costly, but it is an important investment. Perhaps if you’re into running or home workouts you could save the cost of a gym membership and enjoy some of New York City’s nicest green spaces.
Transportation Costs
| Monthly Expense | Cost |
|---|---|
| Parking | $570.00 |
| Car Insurance | $193.42 |
| Car Payment | $500.00 |
| Gasoline (lower estimate) | $250.00 |
| MTA Monthly Pass | $127.00 |
| Total: | $1640.42 |
Looking at the table above, it is clear to see that one’s monthly budget is highly contingent upon a) your monthly rent and b) whether or not you have a car in the city. Unless it is absolutely necessary, one could save approximately $1,500/month by utilizing public transport without owning a car. Parking, insurance, and gas are all major monthly expenses that are even more expensive in NYC. You can save a significant amount of money by utilizing a monthly public transport pass, which you will likely purchase regardless of whether or not you have a car.
Average Cost of Utilities in NYC
| Monthly Expense | Cost |
|---|---|
| Utilities | $273.04 |
| Internet | $75.00 |
| Cell Phone Plan (per person) | $94.00 |
| Total: | $442.04 |
Utilities are about 60% more expensive in NYC than the U.S. average. According to Nationwide, the average US household spends approximately $172 per month on utilities. In NYC, expect the bills to amount to about $100 more per month. This is excluding Internet and cell phone bills.
Cost of Food and Groceries in NYC
| Monthly Expense | Cost |
|---|---|
| Groceries (average for two people) | $942.68 |
| Two Dinner Dates | $288.00 |
| Total: | $1,230.68 |
Since groceries are marked up 45% in the city, someone normally paying $400/month for their food will be paying $580. It is important to consider that someone moving to New York City will likely be excited to dine out at the abundance of options in the city more than once or twice per month, so their entertainment costs will increase their monthly budget considerably.
This rough budget does not include items like credit cards, loans, certain insurance, or most discretionary money, so expect to have a higher budget unless you’re able to stay inside. New York City is extremely entertaining, and it’s not unusual to feel like you’re spending money every time you walk out of your door. Though the budget includes two dinner dates per month, you are likely to spend more in a month on entertainment if you’re living in the city.
Use these numbers as a rough estimate and customize it with your specific spending habits to get a clearer picture of what your monthly budget will be. Do not let the expense scare you off. If living in New York City is something you’re willing to work hard for and fight for, it will be possible for you.
How Much Will It Cost to Move to NYC?
| Distance | Total Estimated Expense for First Month |
|---|---|
| Local | $15,000 |
| Long Distance | $20,000 |
If you’re moving from within an hour away into the city and bringing a car, expect to spend at least $15,000 the month of your move. Again, you will likely spend more on food and entertainment unless you stay inside. If your move requires a longer drive or air travel, your costs will likely end up somewhere around $20,000.
Again, this number is highly contingent upon your monthly rent and transportation situation. It is no surprise that New York City is one of the most expensive places in the world to live, but for the people who can stick to a budget and make small sacrifices here and there, it is very possible with determination and planning. But don’t do it alone. Let us help make your move as stress-free as possible. Request a quote today.
