The Big Apple, as we have always maintained, is an excellent destination for anyone who wants to have a good time. That’s why we compiled a list of must-visit places in our ‘The Definitive Guide to New York City’ post. Included on the list are flagship stores like Barneys and Century 1, and restaurants such as Mercer Kitchen, Smorgasburg, and Costata.
Even a short weekend trip to New York can convince anyone to make the Big Apple their home. That’s how great NYC is, and we lifelong New Yorkers are quite blessed to experience everything the Big Apple has to offer on a day-to-day basis. So, for those who want to join us as residents, we have prepared this handy guide to help you with your move to New York.
Living Here is Expensive
Here’s an early heads up: living in New York is expensive. In fact, NYC is one of the most expensive places to live in the world. Last year, CNBC presented several infographics showing the cost of living in New York, and one infographic detailed how only 18% of residents own a house in the city. That is a very low number for a city the size of New York, and should give you a sense of the property market. Living here is not impossible, but it will take lots of hard work, perseverance, and flexibility.
Manage Your Home Choice
Unless you have a huge budget for your first home, you’ll have to manage your expectations for the type of accommodation you can afford. It is likely that your new home will be outside of central Manhattan. If you want to live closer to the city center, you will have to sacrifice either the size of your home or its location. In this regard, Spare Foot recommends that you go for a short-term lease first. This way, you can get your feet wet, and adjust to the New York way of life without committing long term right away. It’s a good way to get your foot in the door, and build a foundation from.
To this end, it is recommended that you look for an apartment in Borough Park, Flatlands, and Brownsville, where rent prices average under $1,700 per month. Rent prices in Washington Heights ($1,810), West Harlem ($2,150), and Central Harlem ($2,200) are relatively reasonable as well. In contrast, renting an apartment in Tribeca, Chelsea, and West Village will set you back $4,145, $3,740, and $3,700 a month, respectively.
Unfortunately, finding your first apartment in NYC is not easy. A story published by the New York Times detailed the firsthand experience of one Patrick Laflamme, who, while not being picky, still took several weeks before finally finding his first apartment in the Big Apple — and only after he sought out the help of a broker who knew the New York real estate market well.
In time, when you are ready to buy your own Big Apple home, you will most likely need the assistance of a broker, who will help you find the living space you want. They know the city well and will be able to help you find a reasonable deal (depending on what your idea of reasonable is). If you go into the property market blind, the odds are heavily stacked against you.
Even those who have money to spend need to be careful. New York is notorious for its many “hidden” taxes. If you are fortunate enough to be buying a property over $1 million, you will need to be aware of the mansion tax. In Yoreevo’s article ‘Mansion Tax NYC: Everything You Need to Know’, it is explained how a property over $1 million is subjected to a tax of 1% of the purchase price. This can put a huge dent in the budget of many homeowners, especially if they did not account for it. The tax was first introduced in 1989 when homes worth over $1 million were actually mansions. Unfortunately the minimum price hasn’t been adjusted since. With the price of property today, even condominium units now come under the threshold.
Enjoy
Anyway you cut it, moving to a new home in a different time zone or state is challenging, with difficulties to face and hurdles to overcome. But trust us, New York is a great city and if you do find a way to live here, we guarantee that you will enjoy it.