Regardless of your reason for moving, relocating to New York City isn’t an easy task. Because NYC is among the most populated cities in the United States, the cost of living is relatively high. That said, anyone looking forward to relocating to this city must be prepared for substantial monthly rent, transportation fees, and high monthly bills.
Now that you’re planning to move to NYC, you’re probably wondering how much it will cost. While moving costs vary depending on various factors such as the distance from your current location to the next, the moving company, and the belongings to be moved, it’s essential to consider your monthly rent and other monthly bills to avoid financial disappointments.
Saving For Your Move To NYC
As stated, New York City is among the cities with a high cost of living. That said, the most critical question is how much you’ll need to save for a smooth move into the city. This article provides a complete guide on the costs you need to consider for the move and the first month in NYC for smooth resettlement.
Tip: Moving to NYC is expensive. Therefore, consider saving as much as possible for the move and the associated costs. Additionally, settle for an affordable apartment to avoid draining your bank account due to high monthly rent and bills. You can also consider looking for an apartment on your own instead of hiring a real estate broker to avoid the broker’s fee.
The Moving Process
The biggest challenge and probably the most expensive part when moving to NYC is moving your belongings from your current residence to your destination. The process should be thoroughly thought of. When preparing to shift to New York City, it’s advisable to determine whether or not to leave some stuff behind. This decision depends on the shipping cost and the size of your new home.
Regarding shipping costs, you should check sites like https://www.thebigboymovers.com. Researching different movers will provide an opportunity to work with the least expensive one. Once you get quotations from various movers, compare them and choose wisely.
It’s important to note that shipping costs differ depending on distance, shipping company, the number of belongings to be shipped, and the floor your new home is on. Moving your stuff to NYC can range from USD 3,169 to USD 5,271, depending on the miles to be covered when moving single-bedroom belongings.
Flying To NYC
Once you’ve settled on your movers, the next step is to determine how you’ll get to NYC. Of course, traveling will also cost you, so you have to be prepared. As flight costs vary depending on the season, time, and company, it’s essential to research for a better offer. In most cases, flying from LA to NYC might cost you about USD 297. When flying from Chicago to NYC, the price might be around USD 157.
Rent is yet another costly affair when it comes to living in NYC. However, rent costs differ depending on the location and house size. The apartment building, environment, and social amenities can also affect the price. If you’re looking forward to moving into a tiny studio apartment in Manhattan, you can quickly get one for USD 1,500 per month. For bigger apartments, monthly rent goes for around USD 4,300, while one-bedroom houses go for USD 2,500 – 4,250 per month.
Regarding renting a house in NYC, it’s vital to note that the first month’s rent is expected when signing the lease. The rent should also be accompanied by a one-month security deposit equal to a month’s rent. In total, you must provide two months’ rent before occupying your new home. Nevertheless, some landlords require a two- or three-months security deposit, so you might be required to provide more than two months’ rent when signing the lease.
Suppose you don’t want to move your belongings from your previous city to NYC. In that case, you might need to purchase new furniture for the new home. In such cases, your moving costs to NYC might increase significantly depending on the type of furniture you choose.
Although you can get an apartment by yourself, you could use an estate broker’s help to find a suitable home, especially if you’re new to the city. Agents understand neighborhoods and can get you an excellent apartment quickly. Additionally, as they’re well aware of the market, they can find you an apartment that suits your budget. These individuals are qualified for the job and can relieve you of the pain of dealing with property management companies.
However, real estate brokers don’t offer their services for free. As far as broker fees are concerned, they can range between 12 to 15 percent of the entire year’s rent. However, if you’re fortunate to find a ‘good’ landlord, you can be spared broker fees as some landlords pay the fee. In short, suppose you rent a one-bedroom house in Manhattan for USD 3,200 a month. In that case, the broker fee might add up to UDS 5,760.
Finding A Guarantor
Chances are you’ve found an excellent, affordable apartment you’re willing to occupy. The next step is to identify if you qualify to rent it. In most cases, a tenant must earn 40 to 45 times their monthly rent per year. If this isn’t possible, you must provide a guarantor. A guarantor can either be a family member or a parent who earns at least 80 times your monthly rent.
Monthly Bills And Taxes
The monthly rent isn’t the only bill on your table. Monthly bills such as power, water, heating, garbage, and the internet require your attention. Except for the internet, the average primary monthly bill for a 915 square feet apartment might add up to UDS 135.54 each month. Including the internet bill, you might be required to pay USD 62.79 per month.
Besides rent and monthly bills, you should also consider income and city taxes. These taxes are essential as they determine the amount on your paycheck. New York City is among the cities with a personal income tax range between 3.078 to 3.876 percent, depending on your income. If you make around USD 8,000 monthly, your salary might be reduced to USD 7,753.76.
Transportation fees differ based on your mode of transportation. If you prefer public transportation, you’ll be required to pay a fixed daily amount of USD 2.75 for a single trip. In total, this adds up to USD 127 per month. You can also choose to travel using Uber or CitiBike. For Uber, expect different prices depending on the car type. Among the three public transportation means, Uber is the most expensive one. When it comes to CitiBikes, the price also varies. For instance, you can get a 30-minute ride for USD 3, unlimited 30-minute rides for USD 12 per day, or pay USD 169 for unlimited 45-minutes rides.
Like many other things, grocery prices differ depending on location and quality. Organic groceries are a bit more expensive than non-organic ones. If you’re living alone, your weekly grocery should result in 21 meals. With that in mind, your grocery costs might differ from someone else’s, depending on your preference and the prices.
With the above estimates, you can evaluate the total amount required for your next move to New York City. This article also provides insights on how much you might need during your first month in the city. Nevertheless, it’s essential to understand that this is just an estimation. With the ever-evolving world, things change rapidly. Also, different locations offer different housing with different views and requirements. Therefore, it’s important to conduct thorough research to determine the actual moving cost before moving.
It’s also advisable to consider the services you need. The more services, the more costly your relocation will be. For instance, if you’re shipping a lot of furniture and personal stuff and moving to a two-bedroom home, the moving costs and the rent might be a bit higher than with few furniture moving to a small apartment. Also, the larger the house, the more substantial utility bills to be paid. With that in mind, estimating the exact moving costs can be challenging, but a ballpark figure can be had.
Congratulations on your plans to move to NYC. If your plan succeeds, you’ll be a resident of one of the most famous cities with a high cost of living. However, moving to NYC isn’t a cheap affair. You need to have a substantial amount in your bank. For instance, you require a one-month rent plus an equal amount or more as a rent guarantee. In addition, you must have a better plan to pay the first month’s bills to avoid challenges in a new city. Nevertheless, with everything in order, you can have a smooth transition from your current city to NYC without hiccups. The sections above should give a fair idea how much moving to NYC could cost.