Monday, February 26, 2024

Is New York Really That Expensive a Place to Live?

Image Commercially Licensed from: DepositPhotos

By: James Musikanth

While it’s true that New York City is an expensive place to live – you’re looking at an average house sale price of $800,000 and rental (of a one-bedroom apartment) of $4,600 (ouch!) –  there’s more to the state than its capital city. Buffalo and Saratoga Springs are just a couple of examples of areas outside of the city where you can find much more affordable property and rental prices.

Is New York as expensive to live as it is rumored to be? As with so much else, it depends. We break things down below to help you make a decision on whether a move to the Big Apple is right for you.

For Buyers

It’s not just the sale price of a property you’ll need to build into your budget: the state ranks third on the list of highest taxes in the US. As well as pushing up the cost of living in general, this means that you can expect to pay a hefty tax when it comes to buying and selling property here, too.

For Renters

A scarcity of rental housing in the state – and particularly in New York City itself, is keeping rents high right now – and this could be the case for the foreseeable future. Last year, the city topped the list of the most expensive places to rent in the US. Be sure to read this guide for renters in New York if you’re thinking of making the move to the Big Apple or its surrounds, for all the information you need.

Cost of Living

New York is generally accepted as being an expensive place to live, even if you take rent or a mortgage out of the equation. On average, a family of four will rack up monthly expenses of just over $5,800, while a singleton will pay around $1,595 to live in NYC – and don’t forget, that’s without property expenses.

For a point of comparison, rental prices in NYC are, on average, a whopping 40% more than they are in the city of London!

So Why Live in New York City?

Ok, so we’ve established that NYC is one of the costliest places to live in the US, so what keeps people flocking to the city to buy or rent property? Here are the main reasons so many folks still want a bite out of the Big Apple.

It’s One of the Most Iconic Cities in the World

There’s no denying it: New York is one of the most famous and vibrant cities in the world. The backdrop of countless movies and synonymous with glitz and glamor, there really is no place like NYC. Living in the city means you can take a stroll through Central Park, catch a show on Broadway, and explore the ever-changing cultural and arts scenes anytime you like – if you have any money left over after rent, of course… Plus, the excellent public transport links mean you can do away with the expense of keeping a car.

There’s More to New York than High Rises

Sure, NYC might be famous for its iconic skyline, but there are lots of opportunities to enjoy the great outdoors here. Head to nearby Belleayre Mountains for snowboarding and other fun winter activities, or visit the trails of the Falling Water Preserve to spend some time relaxing in nature.

Enjoy All Four Seasons

Long-time New Yorkers love how the city – and the state – gets to enjoy all four seasons, from gentle springs to baking summers to vibrant falls to snowy winter wonderlands. While this means that if you’re moving from a more temperate state, you’ll need to get prepared for the fluctuations in temperature, it’s an undeniable part of the city’s charm. And who can resist the magic of a New York Christmas?

It Could be a Great Career Move

Some of the biggest names and brands in tech, marketing, clothing, sports, and more have their offices in NYC, so moving to the city could be a great opportunity to get your foot in the door, career-wise. While, of course, having a job to step straight into is highly recommended before heading here to live, it’s good to know that New York is home to over sixty Fortune 500 companies.

Final Thoughts

If you’re considering a move to New York City itself, there’s no doubt it’s one of the most costliest places to live in the US. However – that’s not the end of the story. While you can expect to pay more to buy or rent a property – and don’t forget the taxes payable – this may be offset by the fact, for example, you’re likely to not need to keep a car here. Plus, what price can be put on living in one of the most exciting, vibrant cities in the world?

Share this article

(Ambassador)

This article features branded content from a third party. Opinions in this article do not reflect the opinions and beliefs of New York Weekly.