Everybody seems to have at least an inkling of a dream to move to the city that never sleeps, and why wouldn’t you? There are so many amazing things about New York that can make it feel like home — or the best adventure you can take. 

However, it’s no secret that NYC is one of the most expensive cities to live in the United States, rivaled only by San Francisco. The Big Apple is one of the priciest places you can choose, but still, it has a sense of magic that keeps people coming — and staying.

While you may find a gem of an apartment, a coffee shop with the cheapest lattes and a bar where you can worry a bit less about the tab, that won’t always be the case. If you’re looking for overall tips to stretch your dollars in NYC, here are a few things you can remember — whether you’re a newbie or a local.

1. Can You Afford the “Trendy” Neighborhood?

Yes, we’re looking at you, Williamsburg, Dumbo, Chelsea, Tribeca and any of the other trendy places you can think of. There’s a chance you can find a gem in any of these neighborhoods, but you can also research less flashy areas where all kinds of people and communities exist. 

Maybe you go for Bushwick instead of Williamsburg — it may even lead to a more authentic experience. Plus, these less-trendy neighborhoods are seeing lots of new real estate options. Take the new construction of Denizen Bushwick, featuring over 900 apartments to house NYC residents who seek great design and comfortable living.

2. Remember the Cost of Living Adjustment

This is something people often forget about, but it’s important. If you move to New York and start working a job in the city, your paycheck will likely increase due to the cost of living adjustment. 

When your taxable income increases, you may even make your way into a new tax bracket. However, this doesn’t necessarily mean lifestyle inflation, as the higher cost of living will keep you in check.

3. Kiss Your Car Goodbye

With the exception of very specific circumstances — which we’ll get to later — you don’t need a car in NYC. The subway is a part of the experience, so embrace it. You can always get a vehicle if you choose to leave the city someday.

4. Don’t Knock the Other Boroughs

You may be able to keep your car if you consider living in some other parts of the city. New York is called the Five Boroughs for a reason. You don’t necessarily need to write off Brooklyn, Queens, the Bronx and Staten Island. From stunning single-family homes to new luxury condos, boroughs like Queens have a lot to offer for a NYC resident.

The city has a lot to offer, and if you don’t mind a slightly longer commute, you can find much cheaper rent and still hop a train to the Upper East Side whenever you feel like it. 

5. Purchase Your Apartment if You Plan to Stick Around

If you want to stay in New York for a while, you can look into buying your apartment or condo instead of renting. It’s a lot less expensive than renting — plus, you’ll own property. While this option isn’t for everyone, it is something to think about.

You’ll need to prepare to purchase a property for the first time, getting your financials in order and making decisions about where and how you want to live. With a comfortable income and an aggressive plan, apartment ownership can be a reality for you, even in NYC.

6. Bring Snacks With You

Do you really need those chips or chocolates from the bodega? In a city where you can get anything at any time, having some almonds or crackers in your bag can save you from impulse snacking.

7. Drink at Home

Drinks in NYC can be gasp-worthy. Sometimes, it’s best not to bother. Instead, pregame with friends and have one drink out for the fun of it.

8. Find a Side Hustle

If you work from home or have a slow-paced job, getting a side hustle is a great way to bring in extra cash. From retail to barista jobs, the city has no shortage of open positions, so it’s the perfect time to jump right in.

9. Thrift in the ‘Burbs

If you love vintage, I’m sorry to tell you that New York actually isn’t the best place to find cheap threads. Even chain thrift shops often get marked up significantly in the city. If you’re itching to thrift, check out the local shops when you travel, visit your hometown or take a day trip Upstate.

10. Ditch Starbucks for Bodega Coffee

If you’re a coffee-on-the-go person, don’t bother with Starbucks or Dunkin. Support your local bodega and go for a more affordable cup of joe. This puts money back into your community and is easier on your wallet.

Doing the Most With Your Income in NYC

Living in NYC is expensive, but it’s far from impossible. When you learn little tips and tricks, you can save money on everything from drinks to rent — and you’ll be living like a local in no time at all.

About the Author:

Evelyn Long is a real estate writer and editor. She manages Renovated, a web magazine for renters, buyers and professionals. She’s also contributed to Rental Housing Journal, National Association of REALTORS®, and other online publications.

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