Everyone has dreamed about making it in New York City, but only a few have dared to act upon their dreams, especially considering that New York has an annual influx of up to 260,000 new residents each year.
What’s so great about New York, and why are people flooding to the Big Apple? Read through our Pros and Cons of Living in New York guide to finding out more.
Pros of Moving to New York
New York City is a land of opportunity, and New Yorkers have a saying that “if you can make it here, you can make it anywhere.” If you’re dreaming of making it in the big city, New York has no shortage of opportunity, and the sheer number of networking connections you can make while living in NYC is hard to beat.
Career-wise, NYC is home to some of the biggest names in fashion, journalism, tech, and even marketing. If you can’t get your dream job, getting a lower-tier position in the same industry can be a good stepping stone to acquire some experience, make a name for yourself, and eventually ascend through the ranks. However, it’s highly recommended that you already have a job lined up before moving to the concrete jungle.
The city is a melting pot of job opportunities, contemporary arts, rich history, and fantastic nightlife, and all of this is built on an elaborate public transportation system that will get you anywhere you need to go.
Cons of Moving to New York
There are several disadvantages to living in New York, and a high average cost of living in NY and exorbitant rent prices are just one of many. In fact, New York is one of the most expensive cities in the nation, and the cost of rent in NYC is well above the national average.
You can spend up to $1,700 a month on rent for a studio apartment. This largely depends on where you live, and more desirable locations feature higher costs. While there are plenty of new high-rise buildings across NYC, most residential buildings date from before World War II.
Besides the cost of living and high rent costs, finding a good apartment at a reasonable price isn’t as easy as it sounds, and affordable housing is in very short supply.
We listed job opportunities as one of the pros for moving to New York, but the fierce competition is definitely a downside, and depending on the industry, holding onto a job can be challenging. The same can be said for New York’s public transportation system.
Despite it covering almost the entirety of the city, New York has one of the oldest subway systems in the world, which tends to be unreliable at the most inopportune moments. When that happens, the buses and even boats become overcrowded with people rushing to work. One hour in New York during rush hour, and you’ll come to realize that even the sidewalks are the fast lane in the Big Apple.
Why Move to New York?
The Big Apple has a lot to offer, and if you moved to New York, you’d find everything you could possibly need within a five-block radius of your apartment. In fact, the city’s five boroughs — Manhattan (New York County), Brooklyn (Kings County), Queens (Queens County), Staten Island (Richmond County), and the Bronx (Bronx County) — are small cities, each in its own right, all with separate neighborhoods.
The city has some of the most recognizable landmarks in the world, including the green spaces of Central Park, the Empire State Building, Wall Street, Times Square, and Broadway Theater.
NYC is often referred to as the world’s cultural capital since it’s home to 83 museums, dozens of gorgeous libraries, and several historical monuments. Even young New Yorkers probably see more world-renowned art than most people do in a lifetime.
Surprisingly, the crime rate in New York isn’t as high as people would think. With 8.2 million residents, things are bound to happen, but relative to its size, New York is actually one of the five safest large cities in America. With so many people exploring the city at any given time, you’re almost never alone in public places. However, it’s still a bad idea to walk through Central Park after dark.
Benefits of Moving to New York
People often question their decision to move to another city halfway through their move. These internal dilemmas are caused by fears of social acceptance, financial insecurity, and the overall restructuring of one’s life. However, when people arrive in New York, they realize that the benefits greatly outweigh the risks.
Everyone Is Welcome in New York
A city this big is a beacon for all kinds of people, and New York welcomes all of them. No matter where you’re from, what culture, race, or religion you belong to, the city is so culturally diverse that you’ll feel right at home.
Everything At Your Fingertips
Whatever you may need in New York, the chances are that you’ll find it somewhere, at any time of the day. If you need a massage at three in the morning, New York has you covered. A juicy steak meal at midnight? No problem. NYC isn’t just a city of opportunities; it’s also a city of convenience.
A Vast Housing Market
The onset of the global pandemic has introduced record home sales and prices, driven by low mortgage rates causing the sales and rentals to plummet. However, last year, the New York housing market witnessed a turnaround, and sales and rentals have even exceeded pre-pandemic prices.
Sales in Brooklyn, Queens, and Long Island broke all the previous records, and those who took advantage of 2020’s real estate price drop are now collecting up to 30% more in rent money. Not only that, but the companies that buy houses in New York that residents are collaborating with are thriving. However, the prices are slowing down due to the increase in mortgage rates, which means that the time to sell is now.
Leave The Key Homebuyers is a cash home buyer Long Island residents can talk to about their property sales. On top of that, we buy houses Brooklyn homeowners are selling for cash.
New York City has its own distinct vibe, incomparable to other cities in the U.S. The fast pace, the buzzing of traffic, and hustle and bustle of its residents make NYC one of the most vibrant places in the world.
Career opportunities in New York
A vast job market is one of the major factors why more than 260,000 people move to New York every year, and two-thirds are adults between the ages of 18 to 35. As a result, NYC is the land of opportunity for many newcomers and offers fulfilling positions in finance, technology, commerce, fashion, research, and entertainment.
With so many large and small businesses concentrated in one place, there’s a good chance you’ll be able to find a job in the industry of your liking and even find a career path of your dreams.
The city is also fertile ground for entrepreneurs, considering the abundance of talent and venture capital. This makes networking the hardest part of any new business run by an entrepreneur dreaming big in a big city. Luckily, it’s not difficult to meet people in New York, as the number of social opportunities is equally as large as NYC’s job market, if not bigger.
Social Opportunities in New York
Being at the heart of everything is one of the biggest pros of living in the Big Apple. Until recently, NYC was home to more billionaires than anywhere else on the globe. However, it was surpassed by Beijing.
If you’re open to meeting new people and making new connections, you’ll never find a shortage of new people to have a meal, drink, or chat with. NYC’s nightlife is a subculture in its own right, which means that there’s always something to do and somewhere to be in New York, regardless of the time of the day.
More than 800 languages are spoken in New York City, and more than 36% of its residents originate from other countries. This means you can enjoy the culinary delights from all over the world without ever leaving Manhattan. With 8.2 million residents belonging to different cultures, you’re bound to meet someone.
Despite its high cost of living, New York is a fantastic city to call home, thanks to its multiculturalism, vivid nightlife, and a never-ending streak of business and social opportunities.
Those interested in real estate in New York can contact Leave The Key Homebuyers, a cash home buyers company with an insight into the New York housing market. They’ll answer all your inquiries.