Lana Oconnell
Moving to New York after college is an exciting prospect for many graduates, but it's important to be aware of the challenges. New York is one of the most expensive cities in the US, with housing costs being 369% higher than the national average. The pressure to maintain a well-paid, fast-paced job to keep up with the high cost of living can be immense. To avoid financial mistakes, it's crucial to start saving early, know your budget, and be aware of hidden costs like taxes, security deposits, and rental agent fees. Finding accommodation can be difficult, and you may need roommates to help with rent. On-campus housing is a convenient option for students, but it's limited and in high demand. Off-campus, you'll need a good credit score and may require a guarantor.
| Characteristics | Values |
|---|---|
| Cost of living | 129% higher than the national average |
| Housing expenses | 369% higher than the national average |
| Median home value | $650,000 |
| Annual salary required to afford a home | $101,997.84 |
| Percentage of households that meet the income requirement | 30% |
| Average monthly expenses | $2,100 for necessities, $1,100 for discretionary expenses, and $300 in savings |
| Average salary for an entry-level position | $54,000 annually |
| Average post-tax salary | $43,000 per year |
| Average credit score required for renting | 680 or higher |
| Average time to start looking for an apartment | 30 to 45 days before the desired move date |
| Climate | Moderate with four distinct seasons; hot and humid summers, cold and damp winters |
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What You'll Learn
Budgeting for the cost of living
Rent is typically the biggest expense, ranging from $2,000 to $3,000 per month. Off-campus housing in New York is more expensive, costing around $2,040 per month, while on-campus housing is more affordable at about $1,813 per month. Additionally, a security deposit equivalent to one month's rent and a rental agent's fee are usually required.
Transportation costs are also significant. The subway is the most affordable mode of transportation, with most rides costing $2.75, and a monthly MetroCard can provide additional savings.
Utilities, such as electricity, heating, cooling, water, and garbage, can cost around $169 per month. Food expenses can vary depending on preferences but are estimated at $483 per month for basic needs.
Tuition fees are another major expense, with top universities like Columbia University charging around $80,000-$85,000 before aid and $13,000-$15,000 after aid.
To manage these costs, students can consider shared housing, turn off utilities when not in use, purchase groceries from low-cost stores, and take advantage of public transportation. It is also important to start saving early and create a budget that aligns with your goals and priorities.
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Finding a place to live
On-Campus Housing
If you're attending a college or university in New York, on-campus housing is typically the most convenient and affordable option. However, as spaces are limited, it's important to apply early. On-campus housing options, prices, and eligibility requirements vary, so be sure to check with your specific institution.
Off-Campus Housing
If you prefer to live off-campus or your school doesn't offer housing, there are several options to consider:
- International House (I-House): I-House is a private residence hall for international and domestic students attending educational institutions in New York City. It's located within walking distance of Teachers College, Columbia University.
- Student Accommodation Websites: Websites like Student.com offer student accommodation in various New York neighbourhoods, including Tribeca, Alphabet City, Upper East Side, and Brooklyn. You can filter and compare options based on your budget and preferences.
- Roommates: Sharing an apartment with roommates can significantly reduce costs. You can find potential roommates through Facebook groups, such as the NYU International Student Group, or by connecting with other students at your university.
- Non-Columbia Owned Apartments: The Off-Campus Housing Assistance (OCHA) lists non-Columbia owned apartments and rooms available in New York. However, rents tend to be high, and you may be required to pay one month's rent in advance, a security deposit, and additional fees.
Neighbourhoods
When deciding where to live in New York, consider neighbourhoods that fit your budget and lifestyle. Here are some popular areas for international students:
- Washington Heights, Manhattan: Known for its lively street life and cultural events, this neighbourhood is home to Columbia University, City College of New York, and New York University.
- Astoria, Queens: Astoria is a hotbed of international culture and dining, located just across the East River from Midtown.
- Downtown Brooklyn: Brooklyn is generally more affordable than Manhattan, and Downtown Brooklyn is a popular choice for international students.
Remember to calculate your monthly budget and choose a location that aligns with your financial plan.
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Dealing with student loans
Understanding Your Loan Obligations
Firstly, it is crucial to understand that moving abroad does not erase or suspend your student loan debt. Federal loans remain enforceable, and while private lenders may have a harder time collecting defaulted debt from abroad, they may still pursue collection depending on your situation and the laws of your new country. Your student loan debt will follow you wherever you go until it is fully repaid, forgiven, or otherwise addressed.
Maintaining Payments
To avoid defaulting on your student loans, it is essential to stay current on your payments. Defaulting can damage your credit score, making it harder to obtain loans or housing if you return to the US. Set up automatic payments from a US-based bank account to ensure you don't miss any due dates. Some banks, like Chase and Citibank, have global branches, making it convenient for international transactions. Additionally, consider opening a local bank account in New York and linking it to your home bank account to facilitate seamless transactions.
Managing Currency Exchange Rates
Earning money in the local currency and transferring funds internationally can be challenging due to currency exchange rates and transaction fees. Services like Wise allow you to transfer money in bulk when the exchange rate is favourable, helping you save money. Additionally, consider using a US-based bank account that reimburses worldwide ATM fees and works at international ATMs, such as the Charles Schwab High Yield Investor Checking account.
Income-Driven Repayment Plans
If you're planning to stay in New York for an extended period, consider taking advantage of income-driven repayment (IDR) plans. The foreign earned income exclusion (FEIE) policy lets you subtract income earned and taxed in another country from your US taxable income, potentially reducing your IDR payment. While interest will continue to accrue, you may qualify for debt forgiveness down the road.
Seeking Professional Advice
Consult a financial advisor or student loan planner to explore other options tailored to your specific circumstances. They can help you navigate the complexities of international student loans and provide strategies to manage your debt effectively.
Remember, dealing with student loans as an international student moving to New York requires careful planning and management. While it may be challenging, with the right strategies and advice, you can successfully navigate your student loan obligations while pursuing your dreams and goals in New York.
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Adapting to the climate
Adapting to a new climate can be challenging, and the climate in New York varies significantly throughout the year. The temperature can exceed 90°F (30°C) in July and August, and fall to 10°F (-12°C) in January and February. It is hot and humid in the summer (June to late September) and cold and damp in the winter (late October to March). There is intermittent rainfall throughout the year, and it frequently snows between November and March.
To adapt to this climate, you will need to be prepared for all types of weather. It is recommended to have a variety of clothing, from heavy boots and a warm coat for the winter to light cotton shirts and open shoes for the summer. Packing light is advised, as you will be carrying your luggage, and it may be cheaper to buy certain items after you arrive in New York rather than shipping them.
Adjusting to a new climate can be challenging, and you may experience culture shock, which can lead to feelings of depression and homesickness. Remember that it is normal to feel scared and overwhelmed when moving to a new place, and that it will take time to adjust to life in New York as an international student. It is important to set clear goals and maintain a supportive network of friends and family who can help you through the challenges of living abroad.
New York City is taking active measures to adapt to climate change and protect its residents, infrastructure, and natural systems. The city has been a global leader in urban sustainability and resiliency, investing billions of dollars in resiliency projects and policy changes to address the impacts of climate change, such as extreme heat, extreme rainfall, and flooding.
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Understanding the pressure of city life
Moving to New York after college can be a daunting task, especially for international students who may be unfamiliar with the city's unique challenges. Here are some insights into understanding the pressures of city life in New York as a graduate:
Financial Pressures
New York City is notoriously expensive, with a cost of living that is 129% higher than the national average, and housing expenses that are 369% higher. This means that graduates need to be mindful of their budgets and may need to prioritize saving money before their move. Understanding your finances and creating a budget that works for you is crucial. This includes considering expenses such as rent, transportation, food, and discretionary spending.
High-Pressure Jobs
The city's fast-paced nature often leads to high-pressure jobs, with individuals working long hours just to make a decent living. It is important to research the career you plan to pursue and connect with professionals in similar roles to understand the demands and financial realities of working in New York.
Social and Lifestyle Pressures
Making and maintaining friendships in the city can be challenging, and the pressure to keep up with the city's fast pace can be isolating. It is important to recognize that building a community and forging meaningful connections takes time and effort. Additionally, the city's lifestyle can be demanding, with the constant availability of bars, restaurants, and cultural events.
Housing Challenges
Finding housing in New York can be difficult, with limited availability and high rents. It is recommended to apply early and be prepared to pay a security deposit equivalent to one month's rent. On-campus housing or shared apartments can be more affordable options.
Personal Growth and Adaptation
Living in New York as a graduate can be a transformative experience, pushing you to adapt and grow. It is important to recognize that this transition may come with challenges and that it is okay to change paths if the city does not align with your goals and expectations. Embrace your personal journey, whether it involves navigating career choices, managing finances, or discovering your place in the city.
Understanding the pressures of city life in New York is key to making informed decisions about your future. Remember to assess your priorities, set realistic expectations, and embrace the unique opportunities and challenges that come with living in one of the world's most vibrant cities.
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Frequently asked questions
New York is one of the most expensive cities in the United States, with housing expenses being 369% higher than the national average. The median home value in New York City is approximately $650,000, and you would need a six-figure income to afford a home in the area. The median salary for an entry-level position is $54,000 annually, but you need to account for income taxes, which will reduce your salary by about 25-30%. To save money on housing, you can consider living in Brooklyn, which is more affordable than Manhattan, or look for roommates to share an apartment.
You will need a good credit score, generally 680 or higher, to rent an apartment in New York. If you don't meet this requirement, you may need a guarantor, typically a parent, who guarantees to the landlord that they will pay the rent if you can't. In addition to paying one month's rent in advance and a security deposit, you may also have to pay an additional fee to a rental agent. It is recommended to start looking for an apartment 30 to 45 days before you need to move.
New York experiences four distinct seasons, with hot and humid summers and cold and damp winters. The temperature exceeds 90F (30C) in July and August, and falls to 10F (-12C) in January and February. It is recommended to pack a variety of clothing, including heavy boots, a warm coat, light cotton shirts, and open shoes.
Housing in New York City is extremely expensive, and on-campus housing is often limited. You may want to consider living at International House (I-House), a private residence hall for international and domestic students, or look for off-campus housing through the Off-Campus Housing Assistance (OCHA) listings. Remember to be aware of scams targeting international students, and know that government officials will never offer immigration services in exchange for payment.
