Featuring real estate articles and information to help real estate buyers and sellers. The Nest features writings from Georges Benoliel and other real estate professionals. Georges is the Co-Founder of NestApple and has been working as an active real estate investor for over a decade.
Apartment living is generally cheaper than buying a home in New York City, but that does not mean that it’s cheap. New York is still one of the most expensive places to live in America. When figuring out your budget, it’s essential to factor in the hidden costs of living in the city. The highest hidden cost you will have to deal with is the utility bill. As one would expect, utilities will be more expensive in New York than in the rest of the country. But, what can you expect for a typical utility bill? We will discuss the average apartment monthly utility bill in NYC.
For essential utilities such as water, gas, and electricity, New York renters have to pay $273.95 per month. To get additional utilities like a cellphone and your internet service, you may have to add $135 to $150 to your bill, bringing the total to approximately $423 on average.
Does that seem expensive to you? That’s because it is. However, this isn’t the whole picture. You need to make sure that you consider factors when you’re thinking about your apartment utility bills.
A couple of factors need to be considered when you think about your utilities. How you manage these things can change how your life in NYC pans out, not to mention how much you pay month-to-month.
Honestly, this depends on what you want to eat and how many people are in your family. On average, you should expect to pay 10 percent more on food than a typical American would.
However, that’s not the entire story. Depending on where you buy your food, a gallon of milk that costs $3 in one place could cost $5. Food shopping is very strategy-based in New York.
The other two significant bills that might take a chunk out of your paycheck include taxes and entertainment.
New York City’s taxes are incredibly high compared to Kentucky, but you get a lot for what you pay. Even so, you may have to talk to an accountant to see how much you should expect to owe once the end of the tax year arrives.
Entertainment-wise, there are a lot of attractions that people love in NYC, and it’s an entertainment town. We suggest that you expect to spend at least $4,000 per year on this.
Each borough has its ups and downs, which is why it’s good to have a real estate agent and a brokerage that understands your needs. At NestApple, we make it possible to get the advice you crave and the home that suits your needs. Give us a call today.