Strapped for Cash? The Island is draining you!
Manhattan is a land of opportunities, and also a land of lost opportunities. Renting in Manhattan doesn't come cheap, at an average cost of $2700~$3000 per month for a one bedroom apartment and $2200 per month for a studio. Even split with a roommate, this still comes out to $1100 to $1500 a month!
Solution:
Live in an outer borough!
Although popular areas in Queens and Brooklyn such as Long Island City and Williamsburg are fast becoming unaffordable, there are still areas such as Astoria and even as far as Forest Hills that you can find apartments for under $1500. Split with a roommate, and your costs can be as low as $500~$800 a person depending on what area you decide to live in.
Perspective in Opportunity Costs
Personally, I pay $800 in rent, shared with 2 other roommates, each with our own rooms. In comparison with an average $1300 a month for a similar (smaller) set-up in Manhattan, this equates to $500 a month, which is:
- $6000 a year; or
- 7 pairs of sexy Christian Louboutin heels ($795/pair); or
- 15 pairs of suave Allen Edmonds dress shoes ($385/pair); or
- A meal at three Michelin Star Masa every month; or
- A bottle of Belgian Lindemans Framboise every day of the year.
What do you think? Still have reservations about moving out of the big city? Comment below!
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