New York City has a lot of glitz and glamour going for it, but that doesn’t mean you should jump right in to buying an apartment or condo to live there. There are definitely some pros and cons of living in New York City, and if you haven’t budgeted properly to live there, then you could be setting yourself up for failure. Here’s what you should consider before moving to New York City to live.
Rental Costs in New York City
If you’re considering looking at a nyc condo for sale, then you may want to hold off for a bit. Living in New York City is notoriously expensive and housing costs are no different. The majority of those who live there are renters, with one-bedroom apartments costing anywhere from $1,500 to $3,950, depending on the area. Of course, for a two-bedroom apartment, the price range is going to be even higher.
However, during the pandemic, there was a large drive of people out of New York City, which left many apartments empty. For this reason, the prices on many apartments dropped. However, this has already reversed itself since the population numbers are starting to go back up.
Housing Costs in New York City
If you’re looking to buy a home instead of renting, then you’re not going to save any more money, really. The real estate prices are some of the most expensive in the country. The average asking price for a home is almost a million dollars, which is the highest it’s been since 2019. This average an be more or less depending on the area; Brooklyn tends to be higher while The Bronx will have lower housing prices. Because there was a drop in price during quarantine, houses were sold pretty quickly, but the prices have steadily started climbing again.
Living in New York City
There are some benefits to the high costs of living in New York City. Although parking is limited and driving around can be difficult, you have easy access to public transportation through the subway system or city buses. Most of the city is pretty walkable too, or you can ride a bicycle if you have access to one.
Another great benefit to living in New York City is that you have access to pretty much anything you want to do, in terms of entertainment. There are plenty of dining places that feature cuisines from all over the world, there are ballets, musicals, and plays to attend almost every night of the week, museums, and Central Park for all of your nature-loving needs.
You have to weigh the pros and cons of living in New York City, the balance of costs of living with the benefits of being close to anything and everything. You don’t get a lot of room for the prices of renting or owning a home, but neighbourhoods differ between each other so that you have a variety of locations to choose from. It wouldn’t hurt to spend some time in the city and explore everything it has to offer before determining if it’s the right place for you to live.