How to Afford Living in New York
New York is for all walks of life. The allure of this city of dreams fascinates one and all. People from across the world harbor a dream of living in this city.
And it welcomes all with open arms.
While many say that living in New York is expensive, with thousands of opportunities it offers at every corner, anyone can afford to live here if they truly want to.
You just need to know how to find a way to tap into these opportunities. Rad on for tips to use opportunities and how to manage your money to make it last.
Let’s dive right in.
Spend Wisely on Housing
There is a general 30 percent rule for spending on housing. The rule says you should not spend more than 30 percent of your income on rent.
Here’s the thing, sticking to it while living in New York City is next to impossible.
People living in New York spend around 65 percent of their monthly income on rent.
Establish a balanced rent-to-income ratio if you are living on a budget. If it’s getting impossible for you to find an affordable place, consider living away from the city center.
You may have to spend more time traveling, but all the neighborhoods are well-connected to the city center, so this won’t be a problem.
Look for a Roommate
Living with a roommate (or maybe roommates) helps to cut down the cost manifolds. Apart from sharing the rent, you will be able to share the utility cost as well.
You can easily find a roommate via your network of friends or acquaintances. Spread your word among your friends and acquaintance. If they can’t room with you, ask them to ask their friends!
When you find a roommate, discuss the division of monthly costs beforehand. For instance, if someone has a bigger room, will they pay more? How will you split the monthly bills? Who will pay for food?
Try to Cut Cost on Transportation
New York has a well-structured transportation system. Moreover, regular commuters get amazing price deals on public transport.
Buy a monthly, weekly, or day pass as per your convenience and save on the transportation cost. However, if you don’t use public transport daily, pay the regular fee per ride.
If you wish to save even more, consider biking or walking. This way, you won’t just save on transportation, but also your gym fee.
While not having a car translates to no gas expenses and no maintenance costs, if you already have a car, consider ridesharing to make some extra bucks.
Do a Side Gig
Every corner of New York radiates opulence. The extravagant shopping avenues, happening nightclubs, fine dining restaurants, and abundant entertainment options cajole everyone.
But, these luxuries come with extravagant price tags.
To be able to afford a happening or decent lifestyle in New York, expand your income.
By having a part-time job, you can create an additional income stream. Look for weekend jobs in NY.
Work as a babysitter, take up a midnight food-delivery job, work as an assistant on weekends, book appointments for companies.
There are plenty of options!
Enjoy Free or Cost-Effective Entertainment
The best thing about New York is that there is something for everyone. While the city has some glossy entertainment options, many things can be enjoyed for free.
New York hosts several low-cost or free events, like summer concerts in public parks, film screenings, stand-up comedy shows, etc.
Living on a budget in New York doesn’t necessarily mean that you have to compromise on your entertainment.
Be a part of these events and spend a gala time in the company of your friends.
The Bottom Line
Whether you are a student who is captivated by the glamour of this cosmopolitan or a college graduate working day-in and day-out to reach a 6-figure salary, affording the New York lifestyle will always be in your reach.
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Further, use these tips to make your life better in New York.
Do you think afford living in New York?
Let me know, til then—cheers m’deres!
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Nancy Polanco is a freelance journalist, lifestyle content creator, and editor of Whispered Inspirations. She is a proud Mom to Gabby and Michaela, and wife to Darasak. They all share her insatiable wanderlust, enjoyment of good food, and sharing their adventures with the world. Nancy is a contributor to the Huffington Post, TODAY’s Parents, and an Oprah Magazine Brand Ambassador.