How Expensive is New York in 2015?

While some people may be put off by the unpredictable weather and the crowded nature of the city, New York is a wonderful place to live.  With five separate boroughs making up the city that all have a different look and feel, there is so much to see and appreciate about New York City.  People visiting the city for the first time can enjoy seeing favorite sights such as the Empire State Building, Times Square, and the Metropolitan Museum of Art.  However, while some people may enjoy visiting the city every now and then, they may not want to live there because of rumors that the cost of living is extremely high.  With the median income in the United States around $52,000 per year, some people might wonder how anyone can afford to live in New York.

Wire is a real estate investment company located in New York that showcases beautiful properties on their website.  By looking at Prestige International one can see that real estate in the city can be quite costly as compared to renting or purchasing a home in other areas of the United States.  Often times, a very small studio apartment can cost more each month than a monthly payment for a house would elsewhere.

With the high cost of real estate in the city, how can people afford to live in New York on a low income?

People looking to move to the city ask this question all the time.  The median income of New York City is roughly around $49,000, so it is clear that middle- and lower-class individuals and families are making it work.  So what is the secret to living in New York City on a tight budget?  Here are some tips and tricks for surviving on a lower income in the city:

  • Get a roommate.  $2000 might only cover rent for a small studio apartment, so sharing the space with someone else can help cut down on costly rent expenses.  Move in with a friend, find other people in the city that may be in a similar financial situation, or move in with a boyfriend or girlfriend.
  • Enjoy city life but can’t handle the high cost of living?  Consider living outside of the city and commuting in for work or time with friends.  While the commute costs money, as well, it will probably save money in the long run with real estate costs being so high in the city.
  • Plan a budget and stick to it.  There are many expensive dining and entertainment options available in New York City, but people living there must remember to live within their means.  This might mean eating at a cheaper restaurant and taking walks in the park rather than attending a Broadway production.
  • Consider working as a property manager or for an apartment or rental building.  There may be benefits and perks that will allow people living and working there to have a discount.
  • Individuals might have to work more than one job for awhile in order to save money for a nicer place to live in in the future.

While it might seem impossible, it is definitely feasible to live in New York City, even if it means strictly budgeting income.  It can be expensive, but the city life, the sights, and the culture are definitely worth what it takes to live in New York.


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