Two things can be right at the same time.
New York City ranks as one of the most expensive cities in the world, but it's also still possible to live affordably here. Let's not forget that the 1% is just that—the 1%! Not all of the city's 8.258 million residents live in the lap of luxury. Some stay pretty near it and enjoy a certain level of affluence, but most New Yorkers still contend with the city's notoriously high prices. Hence, many of them have to cut back and live on a budget just to stay comfortable. How do they do it? Well, many share the rent with roommates, others only shop at flea markets, and more.
Don’t Live in Manhattan
Living affordably in the Big Apple means avoiding Manhattan as much as you can.
New York City's other boroughs are considerably more affordable, namely the Bronx and Staten Island. Take rent, for instance! The average rent in the Bronx is approximately $1,825.00 to $2,550.00 per month, while it's only around $1,597.00 to $3,582.00 per month in Staten Island. In contrast, the average median rent in Manhattan is already about $5,539.00 per month. The difference is night and day!
Get a Roommate
Share your
luxury apartment in New York City with a roommate and you'll instantly cut down your monthly expenses by almost half! Why do you think several New Yorkers do it? The city's rental real estate market is so infamously expensive that it's become the norm to share even the smallest properties in town with a roommate. Imagine living in a two-bedroom in Brooklyn that costs $6,000.00 per month. You'll already save $3,000.00 by only paying half the rent!
Join The Sharing Economy
When you
move to New York City, you'll likely encounter something called the 'Sharing Economy.” What is it, exactly? 'Sharing economy' refers to a socio-economic system that enables people to share various goods and services with each other through online platforms. Think of it as lending something of yours to another person for a time. As a lender, you get to earn a bit of money on the side, and as a borrower, you can benefit from the item's use, even if it's only for a limited time.
Cook for Yourself at Home
This is a no-brainer! Even though New York City boasts a treasure trove of amazing restaurants, you'll get to save a lot more by cooking for yourself at home. This isn't to say you shouldn't eat out! What's the fun of living in a renowned food capital if you don't check out its many beloved eateries? With that said, however, cooking for yourself will hardly cost you much compared to dining out regularly. Take note that eating out comes with all sorts of expenses apart from paying for the meal itself. There's also the transport costs to get you to the restaurant, the server's tip, and more.
Do Your Groceries at Flea Markets
If you do decide to cook for yourself at home, you should do your groceries at the local flea and farmer's markets. The latter typically features local vendors that sell produce, meats, and other food items for almost a fraction of the retail costs. There's also a guarantee that what you buy in such markets will likely be fresher compared to what's usually sold at typical grocery stores and supermarkets. Not a bad deal, right?
Set a Budget for Eating Out
There are two major rules to follow to spend less when you eat out in New York City. Firstly, only dine out on special occasions. You don't have to go to a restaurant for every meal, just do it when there's a special reason for it, such as your birthday, getting promoted at work, reuniting with friends, and the like. Secondly, set a monthly budget for your dining costs. If you only allow yourself to spend less than $1,000.00 per month when you eat out, you'll be surprised at how much money you save at the end!
Get Used to Cheap Eats
Now, what if you're simply not good at the kitchen? Not everyone can be Julia Child or Gordon Ramsay, after all, and many people find something as simple as boiling an egg to be already very difficult. What then? Well, you're just gonna have to get used to New York City's cheap eats. Think breakfast sandwiches at the bodega, getting coffee from a street vendor, and buying
dollar pizza slices for lunch. Are these haute cuisine? Not by a long shot! But they're not that bad, either!
Take The Subway
Taking the New York Subway is the cheapest way to get around the city. Despite all the problems this public transport system is notorious for, it's still pretty efficient and, most importantly, entirely affordable. This iconic subway currently costs about $2.90 per ride. So if, for example, you only ride it going to and from work every weekday, you'll only have to spend around $116.00 per month in transport costs.
Expect a Lot of Walking
New York's public transport isn't necessarily that expensive, but it will save you a lot more to just walk around instead. If your destination isn't too far, going there on foot won't cost you a single cent! Take advantage of how walkable New York City is and just go on a stroll to get to where you need to be. Even many of the city's wealthiest do it when they're in the safest neighborhoods in town!
Shop Secondhand
Be it fashion or furniture, shopping secondhand will help you considerably cut back on your daily expenses. Don't let anyone shame you from buying stuff that other people already owned before! Living on vintage anything (except food, of course!) is practically the norm for many New Yorkers. It also helps that there are several flea markets and high-quality
vintage shops in New York City that only focus on selling pristine pieces. And the best parts? They're usually more affordable than retail!
It may be hard to live affordably in New York City, but it’s not impossible! There’s a lot you can do to still live comfortably in this notoriously expensive city without spending too much and emptying your wallet every time you go out.
