Here’s some down-to-earth advice for you to consider before jumping on the next train to New York City:
Think about your student loans. They can pile up and if they’re not paid off, living in NYC might be tougher than you think because the cost can match or even exceed rent. If you’ve paid your loans, great! But if not, consider delaying your move until you manage to settle them.
Next, be realistic about your rent limit. NYC is a varied and vast city with different prices across its boroughs. Heart set on the Theater District? Average rent is around $3,897. But if you venture to Inwood or Washington Heights, you could pay an average of $2,250 a month. Many New Yorkers opt for roommates to lighten the load, using Craigslist or Facebook groups to find folks to share with.
Watch out for broker fees in NYC. You might find yourself inside a bait-and-switch situation: seeing listings with no fees then being told, sorry, there’s a fee after all when you want to close the deal. A low rent is fantastic, but remember to consider safety and avoid any shady areas. When deciding on a place, make sure to have a look yourself or at least get a virtual tour.
Have you planned for additional expenses? Think food, clothes, entertainment – your spending habits may change quite significantly. Review your current spending and work out an average. This, combined with your estimated rent, will help you figure out your NYC budget. Be ready to lean into a more economical lifestyle while you adjust to your new circumstances.
How much savings do you have? Ideally, you’ll want at least three months of your NYC budget in a bank account before moving. Plus, if you’re going for your own apartment, remember to save up for a broker fee.
Do you have a job lined up? Having a secure income makes the budgeting process much smoother. If not, however, don’t despair. There are many places to find work, and joining the Stage Managers’ Association can provide tons of networking opportunities.
Do you have backup plans? What if your dream job falls through, or the pay isn’t what you expected? Consider some side hustles like blogging, freelance writing, virtual assistant work, or transcribing work that can be done remotely and flexibly.
Lastly, set some time frames for your dreams. How long would you stay in NYC trying to “make it”? This isn’t a cheerful thought, but it’s crucial to have a clear idea of your duration and your definition of success before commencing the NYC journey.
Despite some frightening blog posts or articles claiming you need to earn $100k per annum to live in NYC, it’s doable on less than that. Realistically, you can live decently on around $40k a year. Stick to your plan, stay flexible, and make it happen! What other elements do you think should be tackled when moving to New York City or any other big city?