Last Updated on 11/15/2024 by Rany Burstein
New York, often deemed the priciest city in the US, may seem like a playground solely for the Blair Waldorfs of the world. However, living like an Upper East Sider isn’t a mandatory New Yorker rite of passage. Sure, the cost of living in NY can be steep, but fear not — pitching a tent or becoming a marathon walker aren’t the only solutions.
In the grand scheme of things, there are simpler, more achievable ways to live on a budget in New York. Our comprehensive guide dives deep into the best tips and hacks covering housing, transport, nightlife, and groceries. By the time you’ve navigated through it, you should be well on your way to slashing your expenses, possibly by half or more!
Tackling Rent
Renting in New York? Brace yourself for the heavyweight champion of expenses. It’s the big Kahuna. Reining it in or at least making it manageable is a top-tier priority.
To add a twist, landlords have this unwritten code: you’ve got to rake in 40 times the rent just to be a blip on their radar. And let’s not forget the broker’s fee, utilities, and the whole shebang. It’s a lot. But guess what? It’s not a lost cause. Never hopeless. Here are a couple of savvy ways to wrangle that rent expense:
1. Finding the Right Apartment Location
We get it — everyone dreams of living it up in the trendiest corners of NYC. But, let’s face it, those fancy blocks often come with a hefty price tag and some fierce competition from folks flaunting their impressive credit scores. So, how about we channel our inner New Yorker and opt for something more practical?
Which is: a cozy apartment just a breezy 10 to 15-minute stroll away from public transport. Sure, it might not be the flashy side of town, but it’s not exactly the pits either! Plus, don’t knock it ’til you’ve tried it. In fact, these less sought-after areas will be your key to living in NYC on a budget.
However, remember to stick to apartments that are just a short walk from the station. You want to make sure the walk is doable even in colder weather. Some of the popular low-rent gems include Upper Manhattan (Harlem, Washington Heights and even parts of the UES / UWS), Astoria, Bedstuy, or Bushwick.
2. Living with Roommates
So, you’re diving into the adulting pool in the city that never sleeps, and guess what? Roommates are part of the deal. But hey, here’s a cool tip — 2-bedroom apartments are the real MVPs in NYC, and they’re everywhere. The average rent for one of these bad boys is $4,500, meaning your share is around $2,250. Not exactly chump change, right?
But hold up, there’s a twist. If you’re cool with living a bit further from the flashy spots, you might find apartments with lower rents. Take Umoone, a savvy Diggz user — she’s rocking a 3-bedroom pad, and each roommate pays just $900. How’d she swing that? Well, she snatched it up right when the building opened, and she’s been the OG resident ever since. Pro tip: longer leases can score you a sweet deal.
And if you don’t have that same stroke of luck? Well, borrow it from our lovely Diggz NYC Roommate clientele, where plenty of residents are renting out at lower rates.
3. No Fee Apartment
Let’s talk about New York real estate, where broker fees can hit you with a month’s rent. If the idea of paying 13 months of rent in a 12-month year doesn’t exactly thrill you, here’s a tip: seek out apartments that don’t charge these pesky broker fees.
If you can’t find such a unicorn of an apartment, you can always try negotiating. In your typical lease deal, there are two brokers in the mix — the landlord’s and the renter’s, each snagging a 7.5%. Now, if you’re faced with a listing that does have a broker fee, but you’re only dealing with the landlord’s broker, you might have some wiggle room. Since they won’t split the fee, you can sweeten the deal by negotiating for a 10% fee instead of the standard 15%. It’s a win-win.
Food Expenses
The next big expense after rent is usually food, costing around $485 a month on average. But hey, here’s the good news — saving money on groceries is easier than you think!
Simple tricks, like skipping the daily coffee shop visit or resisting the temptation of the corner store, can add up. But here are a few more helpful hacks to saving money in NYC on food:
1. Shopping Right
If you want to save big bucks on groceries, your best bets are Trader Joe’s, Aldi, and Chinatown. These places know how to make your money stretch, especially when you’re thinking big with bulk buys.
And for the online shopper, AmazonFresh takes the crown for fresh produce and everyday groceries, while Amazon Prime is your go-to for household supplies. There are also discount stores like Lot-Less and the like, where you can find essentials from discounted shampoo, cleaning products, snacks, and other household items. You’ll save a significant amount compared to shopping for the same items at your local Walgreens (Duane Reade) or CVS.
But hold up, don’t just stick to the usual suspects. Dive into your local mom-and-pop shops, hit up the farmers’ market, or a street vendor. Here’s a sneaky tip: if a shop’s got a cardboard sign with handwritten specials, you’ve hit the jackpot of budget-friendliness. Plus, you may even find such shops in the same block as you — give them a visit!
2. Cook More
Now that your fridge is loaded with groceries, it’s time to cook. Yep, better learn that skill if you move to a big city.
To save money on food in NYC some swear by bulk meal preps, others vouch for the money-saving magic of vegan dishes. Because, let’s be real, meat can throw a serious curveball at your budget. Whatever culinary path you choose, one thing’s for sure — cooking at home is always easier on your wallet compared to splurging on GrubHub, Uber Eats, or eating out.
And hey, speaking of cooking, let’s talk about that daily $5 cup of coffee habit. Why not skip it and brew your own at home? Trust us, your wallet will thank you.
Transport
After housing and food, the next big player in your budget game in NYC is transportation. It’s a significant expense, but fret not — it’s also an area where smart savings can make a real impact.
Easy hacks, like opting for a cheaper subway pass or maybe even exploring the city on foot when possible, can be game-changers.
1 .Walk, Walk, and Walk
If it’s a mile, lace up those shoes and hit the pavement. With the traffic chaos and sky-high parking fees, a car might as well be a burden, especially in the bustling boroughs like the Bronx or Manhattan. New York is a walker’s paradise — an opportunity to explore, exercise, and save on transportation costs.
2. Get an Annual Membership to Citibike
Single-use or day passes may not be a steal, but an annual membership? That’s where you’re getting bang for your buck. Citibikes are not just a cool ride; they’re often the most convenient and fastest way to navigate the city. Plus, some workplaces may even throw in membership as a wellness benefit.
3. Embrace Public Transport
When it comes to covering slightly longer distances on a budget, public transport is your golden ticket. Opt for an unlimited MetroPass — a New Yorker’s best friend. For a minimal cost, you can cover 2–3 subway rides per day without breaking the bank. And if an Uber or taxi is non-negotiable, split the fare with a friend to keep your transportation expenses in check.
Lifestyle and Entertainment
Living it up in the city doesn’t mean adopting a monk’s lifestyle when it comes to clubbing, dining out, or hitting the gym. Those are essential aspects of life, right? The trick is to navigate the diverse range of options, from $ to $$$, and find the sweet spot that suits your lifestyle.
This is how to do life in NYC on a budget:
1. Seize Happy Hour Opportunities
New York knows how to do happy hour like no other, so why not cash in on the goodness? Some stellar bars to check out include Elsa, Juniper, and The High Note.
Now, let’s talk numbers — drinks at bars often soar above $14, and that’s for the basic stuff. If you’re rolling with friends, consider a smarter move: snag a quality bottle from Costco, pre-game at home, and head out with the party already started. Plus after a drink, you could try sticking to water or soda. Your wallet and future morning self will thank you. And if you are part of the 420 Friendly Club, since it’s now fully legal in NY, you can have a good time for a fraction of the cost without having to “know a guy”. Just throwing it out there, if that’s your thing.
2. Club Smarter
The Wealth Twins, Nadia and Nicole, spill the secret to trimming down those club entrance fees — be an early bird. Yep, it’s that simple. Clubs want to fill up fast, so they often roll out lower entrance fees for the punctual partiers. Time to make fashionably early your new nightlife mantra!
Another great way to party on a budget is to make friends with a promoter (unfortunately, this is usually more applicable to our female readers). Promoters in New York have the important job of bringing the cool crowd out on any given night, and they get comped by the clubs with free admission and free booze. You can join a promoter’s table and party like a rockstar at no cost when you have the right connections.
3. Finding Affordable Gym Memberships
Gone are the days of eye-watering gym fees. Thanks to budget-friendly options like Planet Fitness, Mid City, and Blink, even the more upscale gyms, like NYSC, have had to follow suit and drop their rates. You’ll find these budget-friendly havens offering monthly memberships ranging from $10 to $40. Also, many gyms offer reduced membership for employees of certain companies, so check if yours is on the list.
4. Free Fun in NYC
New York City is a big playground with lots of free stuff to enjoy. Check out Central Park, Domino Park, Little Island, or take the ferry over to Governor’s Island. There are also plenty of bands playing, art shows, theater, movies at the park, and other events — all for free! And if you want to stay updated on free events, visit clubfreetime.com and theskint.com.
If you’re into art and all that, many of New York’s finest museums offer free admission or ask for a modest donation. We’re talking about the Met, Guggenheim, MoMa, and the like. Rainy weekends are now sorted.
For those who love going to the movies, it can get real expensive with tickets hovering around $20 and that’s before the popcorn and soda. But theaters like Regal, now offer monthly memberships for unlimited movies for just $23.99 a month. No need to sneak into back-to-back showings (we’re not saying we’ve done that…).
Bottom Line
Can you live in NY for free? Ahhh — how we wish we could.
But with savvy housing choices, smart grocery shopping, public transport, and a knack for seizing free opportunities, you’ll declare that the city is worth every hard-earned penny!
So, living in New York on a budget? Absolutely doable! It simply requires the right mindset to turn this city into home. Here’s to making every dollar count in the city that keeps us all wide awake!