How much does it cost to live in Manhattan?
Posted: Oct 27, 2019
Living in New York City is a special thing, the vastness of the biggest city on the east coast is astounding. Wanting to live in Manhattan is something completely magical. Upper East and West side, Central Park, Times Square, bright lights of Maddison square garden with the Knicks that are still terrible, but there is still hope for Knicks fans (RJ Barret). All those amenities come with a price, and a steep one we might say. Whether you rent or you want to buy an apartment, living in Manhattan has become part of prestige. That is why Manhattan is the most expensive place to live in the USA. Let’s see how much it costs to live in Manhattan.
Determining how much money you need
As always in life, planning (and timing) are key to success. Whether you are a fresh graduate or an experienced professional that is earning a six-figure salary, some living costs are the same for everybody. Metro pass, health insurance, utilities, groceries, having fun and such are more or less the same for everybody. The thing that makes a difference is housing.
How much money will you spend depends on which stage of your life, or professional career, you are in. The most important thing is being determined and knowing what you exactly want. Metropolis such as NY, especially Manhattan can be very unforgiving for individuals with weak willpower and no discipline. You have to be prepared to be uncomfortable in some situations. But that is a must if you plan to survive. Manhattan offers a lot of opportunities for people with a purpose.
A minimum budget that you will need is 40.000$ per year, somewhere around 3.500$ per month, depending on your lifestyle and how much are you willing to sacrifice. We have to add that this budget includes a student loan.
Let’s start with renting, the average renting price of a 1-bedroom apartment is $3,783. Students are usually prone to having roommates as that can trim costs down by half or even more if you are comfortable with more room-mates. This trend is slowly becoming more popular even among professionals because of ever-increasing prices. In more luxurious neighborhoods like SoHo and Upper West Side, prices go from 3000-5000$.
If you are renting for business reasons, that is a whole different fish to catch. You will definitely need professional help, and when you finally settle you will need to optimize to reduce costs.
Owning a property in Manhattan
On the other hand, if you are looking to buy and own a property in Manhattan you are either a celebrity, a decedent of some wealthy magnate or a world-famous investor/banker. Where and what you will buy largely depends on how much you are willing to spend. Investing in property in Manhattan is actually also a profitable thing, as data suggests that value is increased by 4.25% per year. The average price of a home in Manhattan is closing towards 2 million $. It is clear that the sky is a limit here as in January 2019, the most expensive apartment sale in the history of NYC was noted when a Central Park South property sold for $238 million.
If you are wealthy enough you will enjoy the decision-making process on where to buy a property. Tribeca, West Village, Hudson Square along with above mentioned Soho and Central Park South are just a few to be mentioned.
A couple of tips to conclude with
- You will eventually have to move in. Manhattan Movers NYC are the best, they are specialized for Manhattan and they know the way around.
- A monthly metro pass is the best way to move around. If you are wealthier consider using taxis, instead of owning a car because, parking prices are high together with greater than average gas prices and traffic that is a constant state of jam
- Food budget can be as low as 400$ per month if you prepare food for yourself and buy in bulk
- Plan everything as there are many ways how you can rearrange and reallocate your resources
Simone Lee is a Manhattan native who works in the moving industry. She likes to share her experience with her customers and the readers of her blog. She is a proud owner of 2 dogs.