If you’re like the thousands of people who move to this area of the Big Apple every year, Manhattan is like a dream come true to you. Not only are there countless gorgeous skyscrapers, but there’s also a lot of industry, tons of shows and museums, and some of the most interesting people in the world: but is it really possible to live here on your budget?
This is how to figure out if you can afford to live in Manhattan and how you can make it more affordable for yourself.
1. Look At Your Current Income
How much do you make? Do you currently have a job lined up in Manhattan, or are you hoping to find one once you get there? The job market in this city is rough since there are millions of people within a few miles of any job that are also hounding the market to try and find work.
If you make less than $90,000 a year, you’re going to struggle to be able to afford to live in this city. Although an income like that could get you a massive home in a state like Alabama or New Mexico, it’s not possible here.
2. Know the City’s Average Rent and Home Price
The first time you look at Manhattan real estate, you may wonder if someone’s playing a trick on you. The prices here are obscene and are some of the highest in the nation. From rent starting in the $3,000 range to most homes and condos at over a million dollars, even if they’re tiny, it can be stressful to try and find a place to call home.
Get to know the average home or apartment price, and don’t fear getting strategic! Housing prices usually go down at the beginning of winter, and you can often find better properties through word of mouth rather than through listings.
3. Consider A Roommate
Sometimes the answer to making things affordable is to share them. If you’re moving out here alone and you want to make it more affordable, consider getting a roommate! This idea could be scary to some, but it’s a great chance to drop the price of the properties you’re looking at and possibly make everything a lot more affordable.
Make sure to get to know your roommate before you move in together, and ensure you’re on the same wavelength for what living together will entail and that you’ll generally get along with one another.
4. Consider Expenses Now and Later
Look at your expenses and what life changes might happen within the next ten years. Are you considering starting a family? Do you think you’ll get married and double your income? Keep these in mind when looking at buying any property.
Manhattan Isn’t a Cheap Area
Although it’s fun to think about moving to your dream area, it’s not always possible. Manhattan is an incredibly expensive area of NYC and continues to be one of the most costly areas in the entire country: plan carefully before you move out.