Buying in New York City

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As a lifelong New Yorker, I can tell you that NYC is the greatest city in the world, with better food, better entertainment and – wait for it – better everything than any place else on the planet. But it takes some getting used to, especially if you’re coming from a smaller city or town. (Exceptions – especially, re housing – include places like Boston & SF, I understand.) So, for anyone who’s moving to New York, here’s a short list of the most important things you should know about life in the City That Never Sleeps before you get here.

1. New York City Really Is *That* Expensive

The reason many New Yorkers have roommates is that New York City’s cost of living is insane. It’s not just housing, either. Nearly all your bills will be higher in NYC. This includes groceries, entertainment and alcohol. You can expect that your budget is going to increase substantially when moving here and should plan beforehand how you’ll make it work.

2. Ditch Some of Your Belongings

New York apartments are small and can feel even smaller if you’re coming from almost any home some other place. You probably won’t have space for all your stuff unless you’re already pretty good at being a minimalist. So it’s a good idea to ask yourself what may be a large number of “Do I need this?” questions before you find yourself living in New York City.

3. NYC Has Some of the Highest Taxes in the U.S.

There are three different income taxes paid by New York City residents: the federal income tax, the state income tax and the city income tax. Depending on your income, tax rates can be higher than 50%. The sales tax in NYC is quite high too, at 8.875%, although New York property tax rates are actually fairly reasonable (if you own your home.)

4. Most People Don’t Own a Car

According to the U.S. Census, about 56% of New York households don’t have a car, but that’s explained by more than its cost. Generally, having a car in New York is a big hassle. In many neighborhoods, free parking is rare-to-nonexistent. Even if you do find a free spot, you likely can’t leave it there for long. “Alternate side parking” means that you have to move your car to the other side of the street so that street cleaners can come through once or twice per week. And then, of course, move it back. Many New Yorkers rent or use ride-sharing more than you may be accustomed to.

5. There Are Quiet, Residential Neighborhoods

Most people hear “New York City” and think of midtown Manhattan: taxis, traffic, crowds. Noise. But much of the city isn’t like this at all. Further from the city center, there are neighborhoods with houses and driveways. Even lawns, wouldja believe! But if those things matter a lot to you, LIVING IN NYC is gonna be a bitch – not to mince words. Still, the neighborhoods I list below are so very different from “Times Square” that you have a good chance of a smooth adjustment if you find a home – almost surely an apartment – in any one of them!

YES, any one of these communities might very well leave you thinking, “I wish I’d moved here right after college!”

Brooklyn Heights
Carroll Gardens
Chelsea
Cobble Hill
Downtown Brooklyn
DUMBO
Fort Greene
Gramercy Park
Greenwich Village
Hell’s Kitchen
Hudson Square
Hudson Yards
Long Island City
Noho
Nolita
Park Slope
Riverdale