Planning on moving to Manhattan? That's great: Manhattan is a great place to be. But, before you go any further, you should be aware that living in a Manhattan apartment can get pretty expensive, very quickly. So, in order to help inform you, we have researched how much money you need for a Manhattan apartment, exactly.
Expenses
First things first, it's time to figure out how much you need to live in your new apartment. It isn't quite as simple as buying an apartment and moving into it. You have to consider how much you will be spending on things such as groceries, public transport and so on. And it gets even more complicated if you plan on renting. The general rule of thumb is that you should earn at least triple the amount of money you would be spending on rent. So, on Manhattan, where average rent is $4.054, you would need to earn $12.135 to live comfortably. This price is obviously steep, so you should consider saving up some money first. Also, when you figure out which apartment you want, you should consider selling your old place to help with the price tag.
Buying an apartment
According to recent stats, the median value of apartments on Manhattan has reached $916.000. Or, if you can settle for a one-bedroom apartment, $710.000. Buying a Manhattan apartment is, as such, very difficult. We recommend you find an agent to help you find the right apartment for you.
Moving costs
Another very important factor is how much you will spend on moving. This will need some research on your end. Experts from Manhattan Movers NYC recommend always contacting several moving companies in order to compare costs, in order to find the best deal.
Mortgage
Considering the ridiculous prices of apartments on Manhattan, you will likely need to get a mortgage. The best way to go about this is getting a pre-approval letter. So, you should do research into what exactly you need to get one before you start searching for an apartment. Buying apartments can often be pretty time sensitive, so being ready to get a mortgage can help quite a lot.
Selling or investing into your old home
Once you have your new apartment, you should consider investing into your old home. Buying a Manhattan apartment will set you back quite a bit, but by investing into your old place and selling it later, you can earn at least some of that money back. So, consider the benefits of investing into real estate.
Cost of life
Finally, before you decide to buy an apartment on Manhattan, you should know how much you will be spending on everyday expenses, without taking rent into consideration. Firstly, when it comes to utilities, the average monthly price is $273.04. And for one person living in NYC, the costs of groceries $307.50 monthly for groceries. Remember to factor these costs into your budget.
Closing thoughts
Buying a Manhattan apartment can be ridiculously expensive. As such, before getting excited to explore Manhattan, you should know ahead of time how much money you will need to save. We hope you found this breakdown of how much money you need to buy an apartment on Manhattan helpful, and wish you luck with finding your new apartment.
