New York City has long been known as the perfect place to nurture the American dream, so it comes as no surprise that it attracts so many young people. Cramming such a large population into such a small space forces cultures and people of all types to interact and grow together, and, as a result, has allowed the Big Apple to become a hub of business opportunities. However, that same positive comes with intense competition and steep living costs.
Considering the fact that millennials made up 33% of the homebuying population last year, they’re going to have to work hard to find their place in the City of Dreams. If you are one such enterprising and motivated individual looking to take advantage of the boon NYC offers and make the move, here are a few things you’re going to need to know before you get started.
Save, Save, Save!
Living in New York City is expensive on its own, but one of the largest monthly costs comes from the insane demand for housing. The market value of property grew yet again in 2017, for the sixth year in a row: the Department of Housing and Urban Development estimates that the median rent for a two-bedroom apartment in the New York metro area is around $1,638. To keep up with that kind of expense — even if you are lucky enough to have a job waiting for your arrival –, you need to have several thousand dollars saved up before you hit the road. Remember: the more you have to pull from in emergencies, the less likely the chance you’ll end up returning back home, dejected and without a cent in your pocket.
Another way to manage those crazy rent payments is to not rent — at least, not at a building with a lease that you’re locked into. With apps like AirBnB rising in popularity, there are a number of applications to choose from that will not only help you find low-cost living, they’ll also help you find ideal roommates so those expensive apartments become just a little bit more manageable.
Preparation Is Key
Once you’ve got your finances taken care of, you can start focusing on the physical aspects of moving. Most people loathe driving in the bustling city, so if you’re planning to fly or ride by train, eliminating as many of your worldly possessions as possible will make your trip a lot easier. (In fact, selling anything you don’t want to carry is a great way to make some extra cash for the journey).
When you’ve decided what’s staying and what’s going, being overly prepared isn’t a bad idea: movers recommend that you figure out how many moving materials (boxes, tape, etc.) you think you’re going to need, and add an extra 25% to account for the things you didn’t consider — because there are always things you didn’t consider. Additionally, start doing this way in advance! Packing can take ages and if you take too long to begin, you may end up wasting money (like if you’re unable to stay in the AirBnB you’ve already paid for).
New York City life isn’t for everyone as it takes hard work and a lot of money to fully get settled in. However, if you properly prepare and refuse to be cowed by competition, you’ll be strutting the streets of the City That Never Sleeps in no time.