How Much Does it Cost to Move to NYC?
The average New York City resident moves every six months, and new people are always flocking to the city from every corner of the world.
New York City is one of the most coveted cities to live in the entire world. Many people have wondered and 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 one of if not the most expensive places 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.
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 Locally 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 $500 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 Moves 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 $1,500 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
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 $370,000, while the average in Manhattan is about $850,000. Rent could be anywhere from $1,000-$5,000 per month, again depending on the location and quality of the apartment or house you choose to live in. Make sure to practice due diligence when choosing your apartment or home, as there are decent deals to be found in all boroughs that can help you save lots of money over time. It is likely you will have to pay first, last, and a security deposit upfront when you sign a lease, so that will likely cost around $7,200 for an apartment with a $2,400 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.
Fostering a lifestyle that is extremely desirable to many people, it is to be expected that the cost of living in New York City will be greater than living elsewhere. According to Smart Asset, the cost of living is around 70% higher than the national average, with Manhattan being twice the national average.
Looking at the table above, it is clear to see that one’s monthly budget is highly contingent upon having a car in the city.
Unless it is absolutely necessary, one could save approximately $1000/month by utilizing public transport instead of 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.
Surprisingly, utilities are lower than the national average, but it won’t make a much of a difference when all other costs are factored in. Since food is marked up 30% in the city, someone normally paying $200/month for groceries will be paying $260. It is important to consider that someone moving to New York City will likely dine out at the abundance of options in the city more than once per month, so their entertainment costs will increase their monthly budget considerably.
This rough budget does not include items like health care, loans, or most entertainment / spending 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 dinner and a movie once per month, you are likely to spend more in a month on entertainment if you’re living in the city.
Use this budget 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 this difficult budget 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.
If you’re moving from within an hour away into the city, expect to spend at least $10,000 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 $14,000.
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.