All New Yorkers will tell you that NYC is by and large the greatest city in the world. It offers better entertainment, better food, and it is better at just about everything than compared to other cities on the planet. However, you need to get used to New York especially when you have never visited the place or when you are coming from a smaller town or city. Therefore, for people moving to New York or those just thinking about the move, here are the significant things you need to know about this city that never sleeps.
- New York is that expensive
There is a reason behind so many New Yorkers having roommates. This reason is that the cost of living in the place is insane. This is not limited just to the housing alone. You will find that all your bills are higher in the city of New York. It includes entertainment, groceries, or alcohol. Everything is expensive here. To make the matters worse NYC has some of the highest taxes within the U.S. You are required to pay 3 taxes as an NYC resident including the state income tax, federal income tax, and city income tax. The tax rates can be as high as 50% depending on your income. Sales tax charged in NYC is pretty high as well, at around 9%.
- You may have to hire an NYC property management company
The rental market of New York is quite crazy and for leasing an apartment you are often required to pay a broker’s fee that stands around 10% of the annual rent. It would be helpful to hire an NYC property management company. You can get some no-fee apartments here but the competition for getting them is intense. It is even fiercer than an already fierce competition for the regular apartments. If you are looking to skip the fees of a broker you can use the internet for getting directly in touch with people looking for roommates. Although moving in with strangers might appear a bit odd for the people living in other areas of America, it is pretty normal in NYC.
- Most people do not have a car
There was a recently conducted census in the U.S. that indicated that more than half the households in NYC do not own a car. Generally speaking, owning a car in New York can be a hassle. In several neighborhoods including those such as Manhattan and other densely populated areas of the other 4 boroughs, finding free parking is a rare occurrence. During the evenings it is common to spend around 30 minutes or even more searching for a parking place. Sometimes you get lucky and manage to find a spot but it is not possible to leave your car there for a longer duration. Using the alternative parking means you are required to use the other side of the road for parking every couple of times in the week to allow the street cleaners to come through.
- Know your subway map
The good news about the whole thing is that New York is one of the rare cities in the U.S. where you may get by without owning a vehicle. It is one of the most walkable cities in the country. You can also find taxis everywhere if you are not averse to spending a bit of cash on them. NYC also offers a vast and fairly efficient transit system. The highlight of this system is of course the NYC subway. Although it can be a bit confusing at times especially in the beginning, you can download the system map to your mobile phone or use a paper copy for easy storage in the pockets.
- NYC has beaches
There is no need for you to make a trip to the Jersey Shore for building a sandcastle with your children. Rather you may take a subway to various places such as Coney Island or Rockaway Beach. However, these subways tend to be extremely crowded. There are other alternatives available that are more scenic as well. Some other areas such as Fort Tilden Beach are a bit tough to get to but it might be well worth all the efforts. You can also travel a bit further to Long Island that has places such as Robert Moses State Park. It allows you to forget about NYC for a few hours.
Conclusion
When you are moving to NYC, you are well-advised to know how this change is going to affect your budget. You can consult a financial advisor that can assist you in big life changes such as undertaking a move or identifying and meeting your financial goals.
