Plans To Move To NYC ~ Credit & Personal Finance

[AlienSuperstar]

I'm planning on moving to NYC and I was watching Youtubers who moved to NYC and most of them would speak about how expensive the city is, how difficult it is to find a decent apartment, and how it's a struggle to make ends meet. I wanted to make sure I'm prepared before I move.  

My Goals are:

• Pay off debt & repair credit
• apply to new credit and pay on time
• Increase my credit score
• Save up money for apartment
• Save up for the moving process
• Have a job already lined (I'm planning on becoming a FA)

And does anyone know what range your credit score should be to be approved for an NYC apartment?

I wanted to get my finances in order before I take the leap. Anyone who lives in NYC can give me any advice it would be greatly appreciated.... Thanks!

[Jeffster1]

From the Apartment Therapy website...

• “NYC landlords typically require credit scores of 650 or above. Some landlords may be a bit stricter and require minimum credit scores of 700, but you’ll rarely find a landlord that’ll accept a credit score below 650. Landlords don’t usually offer lower rents for applicants with higher credit scores, but they may choose to turn their heads the other way if another aspect of a renter’s application isn’t up to par (i.e. their income falls just short of 40x the monthly rent).”—Omer Sultan, a Triplemint agent

This was from 2019. I know that in 2020, NYC landlords were dropping rents and offering incentives. Things have gone back to normal, from what I hear, rents seem to back to high levels. 

Also, rhe Propertynest website advises...

"On average, NYC landlords look for a credit score in the range of 650-700 as a minimum. 680 seems to be the sweet spot for most."

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[Cowboys4Life]

Before anyone takes the leap and moves to another state they are not familiar with I highly recommend they use a salary comparison calculator.  What that does is compare what you currently earn along with COL including rent/mortgage, utilities, car expenses, insurance etc.  and then tells you exactly how much you would have to earn to keep your current lifestyle.  Median housing prices are 345% higher than the rest of the country with the median price of a 2 bedroom apartment being about $4600/month.   Keep in mind that most New Yorkers do not own a car but if you intend to keep yours you would need to also allow expenses for storage/parking as there is little of that in the city and what you do find will come at a big cost.  Transportation averages 7% higher in NY.  Another aspect is groceries.  There really aren't major shopping centers like in other large cities.  Mostly local grocers at a higher cost, I just looked at one calculator and it states that food is 134% higher than the rest of the country.  Look into ConEd which is the major electricity provider for NY and their rates are known to be astronomical.  Entertainment is 48% higher.  

There was a time when I would have readily relocated to NYC and I used to visit every spring as the street festivals and fleet week are amazing.  Now, all politics aside you can't get me to even visit.  Crime is out of control.  Housing is beyond ridiculous and the costs seriously outweigh the benefits.  Make sure you are making a VERY informed decision before you pull the pin on this move.  I have friends that live in NJ and the suburbs of NY and even they no longer go into the city as it isn't safe anymore.

[Anonymous]

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@Cowboys4Life wrote:

There was a time when I would have readily relocated to NYC and I used to visit every spring as the street festivals and fleet week are amazing.  Now, all politics aside you can't get me to even visit.  Crime is out of control.  Housing is beyond ridiculous and the costs seriously outweigh the benefits.  Make sure you are making a VERY informed decision before you pull the pin on this move.  I have friends that live in NJ and the suburbs of NY and even they no longer go into the city as it isn't safe anymore.

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I suspect politics ARE intruding here!  Official figures show that the city is much safer than most large cities (there was a pandamic increase in 2020/2021 but that has decreased again).

I do agree on expenses though!  My daughter is about to move there, but coming from the Bay area, price change isn't that big.

[CreditCuriosity]

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@Anonymous wrote:

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@Cowboys4Life wrote:

There was a time when I would have readily relocated to NYC and I used to visit every spring as the street festivals and fleet week are amazing.  Now, all politics aside you can't get me to even visit.  Crime is out of control.  Housing is beyond ridiculous and the costs seriously outweigh the benefits.  Make sure you are making a VERY informed decision before you pull the pin on this move.  I have friends that live in NJ and the suburbs of NY and even they no longer go into the city as it isn't safe anymore.

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I suspect politics ARE intruding here!  Official figures show that the city is much safer than most large cities (there was a pandamic increase in 2020/2021 but that has decreased again).

I do agree on expenses though!  My daughter is about to move there, but coming from the Bay area, price change isn't that big.

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Was just talking to a friend that lives in Manhattan yesterday works for Amazon in tech.  Walks down the street daily and gets second hand high from people smoking weed out in the open and sees tons of people on seboxone/heroin type behavior and the likes on a daily basic and has threatened with a base ball bat on a few occasions or similar objects and this guy is one of the most humble and down to the earth people I personally know and doesn't go looking for issues, etc.  This is in nice parts of NYC as well.  So I guess safe is all relative, but I agree cities like say Chicago and New Orleans or Memphis might be more dangerous?  Prices likely comparable to bay area as you mentioned which certainly arent cheap.  Appts for an ok one is likely 6k or something a month for a 1 bedroom in Manhattan and obviously cheaper in the the bronxs, etc.

[Aim_High]

Something important to keep in mind:  New York City has an excellent public transportation network with light rail, subways, and buses that can connect you to all three of the major NYC airports.  Not to mention taxis and ride share services, although both of these would be more costly.  With the typical Flight Attendant schedule where you aren't always going to/from work daily (trips may last several days), you have the freedom to live where you want - or where you can afford to live.  I know many airline crewmembers who even commute from other cities using airline pass privileges. 

Bottom line:  Unless you're wanting to live in the middle of Manhattan for the "experience" of the city, you don't have to put yourself at a financial disadvantage while taking the Flight Attendant job in NYC.  Commuting from the more affordable neighborhoods might be the best of both worlds - close enough to the city for when you want to be in the midst of it all but able to live a more comfortable life when not at work.   Besides somewhat outside of the city may give you much more affordable rent and grocery costs, among other considerations, even if there is some trade-offs with higher transportation costs. 

For example, >THIS LINK<  has a map of the rail lines in and out of the city.

Good luck in your adventure!

[MarkintheHV]

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@Aim_High wrote:

Bottom line:  Unless you're wanting to live in the middle of Manhattan for the "experience" of the city, you don't have to put yourself at a financial disadvantage while taking the Flight Attendant job in NYC.  Commuting from the more affordable neighborhoods might be the best of both worlds - close enough to the city for when you want to be in the midst of it all but able to live a more comfortable life when not at work.   Besides somewhat outside of the city may give you much more affordable rent and grocery costs, among other considerations, even if there is some trade-offs with higher transportation costs. 

For example, >THIS LINK<  has a map of the rail lines in and out of the city.

Good luck in your adventure!

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I live up in the Hudson Valley, and its about a 90 minute ride on the train to Grand Central station.  Quite a bit more affordable up here as opposed to living right in the city.  Lots of nice places in between.

[iamdetermined]

I reside in NY and am a part-time realtor. Most of my clients come up to Westchester County from NYC because is too expensive, the units are small, noise, etc. Try the (Hudson) “river towns,” you’ll have access to Metro North with express trains to the city. It could be a 20-40 minute ride depending where you live.

Average credit score landlords are looking for is 680+, income roughly 40x the rent, and at least 6 months of emergency savings (in case of loss of employment, illness). Some landlord will consider guarantors/co-signers. Your move-in charges will likely be three times the rent, including the broker fee (sometimes landlord’s pay it but not often). Eliminate as much debt as you possibly can before coming to NYC!

[NoHardLimits]

I lived in the northern/western suburbs of NYC for about a decade and mostly flew out of Newark (Liberty) or Newburgh (Stewart).  New Jersey Transit is a workable solution from Rockland County, NY and Bergen County, NJ.  Most trains can access Manhattan via Penn Station. 

[911gt34life]

i live here if not making over 100K would be very hard...