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Moving to New York

Are You Moving From or To New York?

New York City is an international metropolis, which welcomes around 50 million tourists annually. In Manhattan’s Midtown are some of New York City’s most iconic symbols; structures like the Empire State Building, the Rockefeller Center, and the Grand Central Terminal.

Times Square and Broadway provide New York City with near-endless theater and entertainment choices. Fifth Avenue is one of the world’s best shopping districts.

The Metropolitan Museum of Art and the Guggenheim are just two examples of New York City’s cultural collection. Central Park is the city’s green lung, where New Yorkers come to exercise and relax.

New York was such an exciting city to live and if you like fast-paced urban adventures then we think you will have a great time here. Being the most populous city in the USA New York City can feel like an overwhelming city. There are so many attractions, historical locations, pop culture landmarks, and delicious foods.

Times Square, the most popular and busiest attraction in New York. It is also known as “The Crossroads of the World” or “The Center of the Universe”. This place literally doesn’t sleep. 24 hours of bright, massive electronic billboards and tourists continuously flocking to this iconic place. Times Square is also known for shopping, dining, and of course, well known for best Broadway Shows.

If you’re moving to New York, there are a lot of things you’re going to need to know. Luckily, you’ve come to the right place.

Moving to New York

Pros and Cons of Living in New York

Here are a few pros and cons to consider as you make your move to The Big Apple:

Pros.
  • Four Seasons: Speaking of powder-white winters and hot summers, New York offers four distinct seasons. If you want to experience the beauty of seasonal transitions, you’ll love living here. 
  • Public Transit: Don’t own a vehicle? No problem. Amtrak, Metro-North railroad and a network of bus lines and subways make for easy travel through the state. 
  •  Job Opportunities: From education and healthcare to finance and fashion, New York’s overall job market is flourishing. Perfect for starting a new career or advancing in your current one. 
  • Diversity: New York is truly a melting pot, especially in New York City. If you want to experience diverse cultures (and food, art, music, etc), look no further than the Empire State. 
  • Activities: Whether you’re looking for indoor or outdoor fun, New York has you covered. Enjoy a variety of activities: hiking, wine, tasting, festival, museums, live entertainment, and more. 
Cons.
  • Cost of living: According to the Missouri Economic Research and Information Center, New York is the 4th most expensive place to live in America with a cost of living index of 1.357. 
  • Lack of Jobs Upstate: Depending on the country, the population has been declining in Upstate New York. It’s become harder to find good-paying jobs, particularly for blue-collar workers. 
  • Taxes: With a combined sales and income tax of 12.7%, New York is currently #1 (US average is 9.9%). Property tax varies, with NYC at 0.80% and other NY counties at 2.5% (twice the average. 
  • Weather: For those who aren’t into cold winters, New York may not be an ideal fit. You’ll want to give this consideration, especially if humidity and fewer sunny days also aren’t your thing. 
Tax Rates

Property Tax: Rates vary significantly depending on the country. The property tax rate is surprisingly low in New York City at 0.80%. Unfortunately, several counties have a rate of 2.5% or higher. The statewide average is 1.65% (compared to a national average of 1.19%).

Sales Tax: The New York State sales and use tax is 4% on purchases above $110. The total sales and use tax rate in NYC is 8.875%.

Income Tax: Depending on the taxpayer’s income, the state income tax rate ranges from 4% to 8.82%. The lowest rate starts at $8,400 taxable income, while the maximum rate applies to incomes of $1.062,651 or higher.

Housing Market

The Big Apple has become a buyer’s market. Rent is still on the rise, though. According to Apartment List, the median NYC rent is $2,110 for a one-bedroom and $2,520 for a two-bedroom apartment. The rates are up 2% from May.

As for Upstate New York, it remains relatively cheap to rent or own. For instance, the average monthly rent in Albany is currently $1,115 (down 2.69%). The median house price in Rochester is approximately $75,000.

What Should I Know In 2020?

Economy Outlook

New York City was struck early by the pandemic. Hundreds of thousands of people fled and many thousands of small businesses closed.

Comprising the five boroughs of Manhattan, Brooklyn, Queens, the Bronx, and Staten Island, New York City has a population of around 8.6 million that is ethnically and culturally diverse. Its economy is the largest in New York State and among the largest in the world. Nearly 70 percent of households rent their homes, many of which are rent-stabilized. Land prices and thus home prices are exceptionally high—particularly in or near-prime areas of Manhattan. The Great Recession was less severe in New York City than in most of the nation, and since then, the City has experienced its strongest economic boom in decades, with much of this growth seen in the City’s outer boroughs. The recent growth has come with little contribution from the securities industry, which had historically been a key driver of economic expansions. Many different sectors, including leisure and hospitality, education and health, and construction, have seen robust job growth, and employment in the relatively well-paying tech cluster has expanded sharply. These trends have led to an increasingly diversified New York City economy in recent years.

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Traffic & Transportation

New York City has the 3rd worst traffic congestion globally. It also holds the dubious title of the slowest city in America. Congestion costs the average New Yorker 133 hours and nearly $1,900 per year. Of course, NYC has an assortment of transportation alternatives to get around: taxis, Uber/Lyft, MTA buses, subway, rail, ferry, bicycling, and walking.

In contrast, Upstate New York enjoys much lighter traffic. In Albany, for example, divers spend only 4% of their driving time in congestion, and it’s easy to maneuver in rural areas. Home to 31 interstate highways, New York offers almost 1,700 miles of main routes.

Cost of living

With a cost of living of 135.7. New York State has the 4th highest cost of living in the nation. The cost of housing plays the biggest role in NY’s cost of living. Depending on the region and country, it can be quite expensive- think Queens and New Rochelle- or amazingly affordable as in Syracuse, Albany, and other parts of Upstate New York.

We can look at the cost of living for one expensive area and one cheaper area. A family of four in Queens, for instance, pays these price for monthly expenses: housing $1,987, food $840, childcare $2,863, transportation $727, healthcare $1,237, other necessities $1,104, and taxes $2,109 for an annual total of $129,330.

Conversely, a family of four in Albany pays these prices for monthly expenses: housing $1,032, food $867, childcare $2,130, transportation $1,216, healthcare $1,186 other necessities $766, and taxes $1,298 for total of $101,855.

To live a comfortable and satisfying lifestyle in New York, even when you have roommates splitting the cost, a yearly income of $50,000 or more is ideal

Moving to New york

Things to Know When Moving To New York

New York Climate

A large portion of New York State experiences four seasons. Crisp springs, hot summers, colorful falls, white winters. The bad news: Winter and summer can attack with a vengeance.

Temperatures across the state average 33°F in January and 76°F in July. But winter temps can drop to 5°F or lower with massive amounts of snow, and long summers can present heat waves of 100+ °F with high humidity (especially in NYC and other coastal areas).

Employment

Many high demand jobs in New York are in the sectors like consulting, retail, construction, entertainment, real estate, technology, professional & services, transportation, healthcare & food service.

Real Estate

The median home value is about $298,000 (US average is $226,800). Prices can vary greatly, however, with NCY currently at $677,000 and Syracuse at only $87,000.

Average Income

The 2020 AMI for the New York City region is $102,400 for a three-person family (100% AMI). Area Median Income (AMI)

The average annual pay for the Average jobs category in New York City is $73,123 a year.

Industries

The state was also ranked 4th in new business growth, with small businesses representing approximately 99% of the two million companies in New York. In fact, almost 90% of the NY economy comes from privately owned businesses and 98% of businesses in New York City alone have fewer than 100 employees.

Crime Rankings

New York has a violent crime rate of 3.5, compared to 3.7 nationwide, and the property crime rate is 14.4, compared to 22.0 across the country.

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