Settling into some of the NYC neighborhoods represents a lifelong dream of many aspiring New Yorkers. Being a part of the famous city culture and vibrant lifestyle can be a rewarding experience for many of them. Having decided to explore the thrilling NYC lifestyle closely, choosing a place to call home would be the first thing to do.
As soon as you research local real estate market, you will realize that you will need to adjust your expectations and compromise your dreams about the perfect Manhattan apartment. We’ve learned a lot of amazing things about NYC through TV series and movies, but no one has ever mentioned notoriously high housing costs.
A fabulous NYC lifestyle does come at a price. It may seem that there are endless possibilities when researching NYC housing options. But, the skyrocketing real estate costs may come as a shock to newcomers, especially if they are moving on a tight budget. Finding an apartment in a stimulating neighborhood with lower prices would be ideal, but sometimes things don’t turn out that way. As we all know, it takes a meticulous planning and a lot of legwork to research NYC real estate market and find a suitable place.
Relocating to NYC can be as exciting as much as it is overwhelming. As it turns out, the decision to move to NYC doesn’t mean that you are only choosing the place you will call home. If you want to have an amazing NYC experience from a fresh perspective, choosing the right neighborhood is a good starting point. Manhattan and Brooklyn are famous for being the most popular boroughs among newcomers, who happen to overlook the hidden charms of other New York City boroughs.
Which NYC neighborhood will suit your needs?
NYC is one of the most lively and dynamic cities in the world that attracts thousands of future New Yorkers. They usually decide to move to NYC to experience a whole new vibe and lifestyle and to pursue their personal and career dreams, given the number of opportunities offered. While the City has a reputation of being a difficult place to live in, its hectic pace seems enticing to many people. But, how to decide on the most suitable neighborhood to move to? By taking a few key factors into account you will be able to narrow down your list.
- real estate costs
- school options
- entertainment options
Affordability of NYC neighborhoods
Notoriously high rental costs seem to be a discouraging factor for many future New Yorkers. They quickly learn how difficult it is to get a decent apartment at a convenient price, since they fly off the market in the blink of an eye. One of the very first steps to do when starting a dreaded apartment hunting process is to determine how much you can spend on your apartment per month.
As it turns out, most landlords expect your gross annual income to be 40 times your monthly rent. Also, when doing the math, don’t forget to include monthly utility bills as well as security deposits and moving costs involved.
So, if you are looking for a more affordable apartment, make sure to expand your criteria and research Queens and Brooklyn neighborhoods that are a bit more far away from the most popular NYC neighborhoods. Settling into up-and-coming affordable and family friendly neighborhoods like Forest Hills, Sunnyside, Astoria or Whitestone is just one of available options. For those who want to experience a genuine strong sense of community combined with low prices and social diversity- Flatbush, Bay Ridge, Crown Heights… could be the right choice. Also, if you are interested in some affordable neighborhoods that attract young and artistic souls then Bushwick and Clinton Hill are the right neighborhoods for you.
NYC neighborhoods that meet everyone’s needs
Whether you are looking for a peaceful, family-friendly community or a lively and busy environment, NYC has it all. A historic feel of Brooklyn Heights along with its proximity to Manhattan has made it a popular place for families.
On the other hand, trendy areas like SoHo, Murray Hill have a well-deserved status of elite neighborhoods that attract young people due to a thriving nightlife and numerous entertainment options. Furthermore, Dumbo’s advanced tech community and convenient location between the Brooklyn Bridge and Manhattan Bridge are some of the factors many New Yorkers find worth paying pricey rents.
Quality of the amenities offered vs location
Finding the apartment that matches not only your budget, but also your everyday needs is anything but simple. Unlike in any other smaller areas, chances are that you will pay a lot for a small square footage. Exorbitant housing costs are constantly discouraging potential homeowners, which is why NYC is typically considered a renter’s city. The first thing you should establish is your budget so that your real estate agent can concentrate on searching for apartments that you can actually afford. Living beyond your means has proven to be a double-edge sword, given all additional costs (taxes, childcare and healthcare costs, insurance, transportation costs,…).
Do not be surprised if the place that’s within your budget is a small studio barely spacious enough to fit one person. If you want to cut down your monthly expenses, you might want to consider sharing the apartment with a roommate which is an option that many students turn to.
In comparison to small, but overpriced apartments in the popular NYC neighborhoods, try researching others that have best median prices per square foot as well as favorable overall costs of living.
Safety in NYC neighborhoods
Safety is one of the essential factors you shouldn’t compromise on. Many people find the affordability the most important factor. As a result, they fail to inspect the crime rate of the area they intend to move to. When choosing a NYC neighborhood you will call home, just ask yourself one simple question: Will I feel comfortable walking alone at night after I move there?
In order to get a better sense of the neighborhood, you may pay it a visit beforehand if possible. Also, check local police records and crime statistics before you make the final decision to move to a particular place.