When deciding whether relocating to New York is the right choice for you, there are several important factors to consider. First and foremost, compare the cost of living in New York to that of your current city, particularly housing costs, which have become increasingly expensive. Additionally, take into account moving prices, as the cost of moving has also risen.
However, housing isn’t the only expense to take into account. You’ll also need to consider the cost of necessities and non-essentials, such as groceries, healthcare, and more.
Start by clearly identifying your personal needs and tracking your current monthly expenses. Pay close attention to “non-essential” items that may feel essential to your lifestyle, like haircuts, and include them in your cost-of-living comparison.
As of Q3 2020, the average mortgage rate in New York was 2.94%, with a typical principal and interest payment of $1,402. The average rental price was $1,308. It’s important to assess whether these figures are significantly higher or lower than what you’re currently paying. Review your budget carefully to understand how a move to New York might impact your finances.
Don’t forget to factor in healthcare costs. Here’s a comparison of the average prices for a single visit to different types of medical professionals in the Albany-Schenectady-Troy NY Metro area versus the national average:
• Dentist: $112.50 vs. $98.33
• Optometrist: $143.75 vs. $105.84
• Doctor: $99 vs. $111.23
According to data from The Council for Community and Economic Research, here’s a breakdown of average food costs in the Albany-Schenectady-Troy NY Metro area compared to the national average:
• Steak: $13.26 vs. $11.72
• Cooking oil: $4.97 vs. $5.01
• Bread: $3.66 vs. $3.40
If you were to purchase these items weekly, your total would be $21.89 per week and $1,138.28 annually, which exceeds the national weekly median of $20.13 for the same items.
Other everyday costs, like haircuts, average around $21.25 in metro areas like Albany—higher than the national median of $19.05. Going out for pizza and a movie will cost you approximately $24, slightly above the national median of $21.
It’s also important to consider how your spending might change over time. Whether you plan to adopt a pet or switch careers, accounting for these potential future expenses in your budget will help you better prepare for the move.
If you conclude that moving to New York makes sense for you, take time to compare the top moving companies that can accommodate your specific needs. For long-distance relocations, looking into the best cross-country moving companies will help you make an informed decision.
Final Note: New York is in a predominantly cool climate zone, so it’s important to account for weather-related expenses such as heating costs during cold winters, heavy snowfall, and freezing temperatures.
Planning a Move to New York City?
If you’re considering moving to New York City, it’s crucial to choose a reliable and eco-conscious moving company. Movers Not Shakers, New York’s #1 green local moving company, offers top-notch moving services while prioritizing sustainability. Whether you’re relocating within the city or moving from another state, Movers Not Shakers ensures your move is smooth, efficient, and environmentally friendly.
Their innovative approach reduces waste by using reusable bins instead of cardboard boxes, making your move not only stress-free but also eco-friendly. If you’re planning your next move, visit Movers Not Shakers to learn more about how they can help you with a greener, more responsible move in New York City.
