Move to NYC?

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trfie
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Move to NYC?

Post by trfie » Tue May 31, 2016 12:57 pm

I have been having thoughts about moving to NYC but I had not considered it in the past because I thought it would be harder to achieve the ERE lifestyle due to high costs (mainly housing), but it seems that there are a number of members here who live there.

I am not that familiar with NYC (have been to some of the touristy things); How much would it cost me to live in a safe area that is accessible to the public transit? I would be looking for a 1-bedroom or a studio. What are some of the neighborhoods I should consider?

For those of you who live there, what are your thoughts on how your city is related to ERE, or do you just have to make the tradeoff in having higher costs to be able to experience NYC?

The reason I am considering moving is that I want to live in a city that is more vibrant, 24 hours, access to activities, meetups, and so on.

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Chris
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Re: Move to NYC?

Post by Chris » Tue May 31, 2016 8:16 pm

Your cost increases will likely be substantial. Speaking as an NYS resident, NYC has higher income tax, higher sales tax, higher housing costs, and higher food costs. But there are savings to be had: no car needed, tons of free activities and entertainment, lots of opportunity for earning extra via side gigs. And yeah, often higher salaries as well.

The problem with your desired housing is that it's what everyone wants: live alone in a safe place on a subway line. Any compromise you can make on those would save you money (i.e. get a roommate). I came across a handy map recently that shows rent costs based on subway stops, which should give you an idea on prices. Depending on your work situation, it might actually make sense to not live near the subway and instead bike to work. Or if you are interested in NYC primarily for weekend activities, living in one of the nearby counties might work for you, as train access is pretty decent.

bradley
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Re: Move to NYC?

Post by bradley » Wed Jun 01, 2016 8:00 am

Like Chris pointed out, NYC will be substantially more expensive than many other cities. It's doable, but you'll most likely want to consider roommates if you're looking to save on housing in a decent area. Studios are usually not affordable if you're thinking of retiring early. You have to be okay with smaller, too.

I work in Manhattan, but I don't live here. The people I know that do have 3+ roommates and still pay around $800-$1000/mo. The Brooklyn and Queens people pay less with fewer roommates, and the Bronx people even more so. Still, NYC is one of the most expensive residential areas, and the rent is the harder part to finagle.

This, of course, depends on your salary. If you're taking home more than $95,000/year then it probably won't be a problem.

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BRUTE
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Re: Move to NYC?

Post by BRUTE » Wed Jun 01, 2016 1:08 pm

bradley wrote:3+ roommates and still pay around $800-$1000/mo
what a steal compared to SF

trfie
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Re: Move to NYC?

Post by trfie » Wed Jun 01, 2016 4:14 pm

Thanks for the map, great resource. Toward the top there are options for $1300/month median rent for a 1-bedroom on several lines (2, 4, 5, B). I'm not familiar with NYC, are those areas not safe? That would be doable for me, especially if I lived there for a yr and then decided if it was worth it to continue. Also I would be find with a studio.

BeyondtheWrap
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Re: Move to NYC?

Post by BeyondtheWrap » Thu Jun 02, 2016 6:33 am

trfie wrote:Thanks for the map, great resource. Toward the top there are options for $1300/month median rent for a 1-bedroom on several lines (2, 4, 5, B). I'm not familiar with NYC, are those areas not safe? That would be doable for me, especially if I lived there for a yr and then decided if it was worth it to continue. Also I would be find with a studio.
The landmass at the top of the map is the Bronx. I live here.

The southwestern quadrant of the Bronx is the area which has historically been called the South Bronx. It has a high population density and high rate of poverty, but is safer than it used to be and has a lot of commercial activity. I admit I don't spend a lot of time here, but I'm not scared if I have to go here for whatever reason. I have also walked through areas near the center of the Bronx many times at night and not felt unsafe.

The area to avoid most would probably be the area between the 2 and 5 lines north of Gun Hill Road (which has a stop on the 5 line), as (according to the news, not my personal experience) this neighborhood until recently had a gang presence and has also had a notably high rate of violent crime during the last few years.

If you're trying to be extra careful, the very safest areas in the Bronx will be the well-off areas filled with mostly white people and where there are high rates of homeownership. Areas like this include North Riverdale and Woodlawn, past the terminating points of the 1 and 4 lines respectively.

There are also several neighborhoods in the eastern half of the Bronx that are similar in character but somewhat more diverse, and they fall near some subway stops labeled $1250-$1261 on the map. I live near this area. For these areas, you're looking at a 60-minute subway ride to Midtown, and your commute will be even longer if you don't live within walking distance of a subway stop. Also, if you're moving to NYC because you want to live near artsy progressive types of people, you won't find them here.

trfie
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Re: Move to NYC?

Post by trfie » Fri Jun 03, 2016 2:33 pm

How do you all live an ERE lifestyle in NYC? Presumably there are lots of free things to do? Does everyone get a monthly subway pass? It looks like it is $116/month, a lot more expensive than some other subways.

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Chris
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Re: Move to NYC?

Post by Chris » Fri Jun 03, 2016 4:55 pm

Sure there are free things to do, such as tomorrow's ERE meetup (-:

MTA is expensive, but you do get a lot: 24-hour service, good geographic coverage, free transfers to buses, Staten Island RR, Roosevelt Island tram, and WiFi in some stations. But you should determine your normal monthly usage to see if an unlimited monthly card is worth it for you. Figure each trip normally costs $2.75, and you get a 5% bonus if you load enough credit on the card. So that's 44 rides for $116.

MTA MetroCard doesn't cover Long Island RR, MetroNorth RR, or anything going into NJ. Do depending where you live, that could be a factor.

Also note that you can pay for transit with pre-tax money through your employer. That could be a big savings.

BeyondtheWrap
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Location: NYC

Re: Move to NYC?

Post by BeyondtheWrap » Fri Jun 03, 2016 7:44 pm

trfie wrote:How do you all live an ERE lifestyle in NYC? Presumably there are lots of free things to do?
How are you defining "an ERE lifestyle"? Just because we're on this forum doesn't mean we all live on $7,000 a year.

ether
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Re: Move to NYC?

Post by ether » Sat Jun 04, 2016 9:41 am

Check out Co-op City!
A city within a city
Learn more: http://www.coopcityinfo.com/apply/

Buy a condo for 15k plus $650/month condo fees!

RusBR
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Re: Move to NYC?

Post by RusBR » Tue Dec 13, 2016 7:54 am

Harlem is one of New York’s most well-known neighborhoods. However, the rent is relatively high there. The average one-bedroom rent is $2,500/month.
Washington Heights -is good neighborhood as well and the rent is lower - $2000/month for 1br apartment. Pay attention on Inwood -- $1,650/month.
Bay Ridge is a largely middle-class neighborhood. The price for rent varies from $1,500 to $1,700.

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