Accommodation in New York City
A huge part of New York’s residential property is owned by foreigners. Yet, buying, renting or finding accommodation in New York for expats can be difficult and expensive. Striking a balance between location, type of accommodation and price can be tricky – the reason why two thirds of people in New York rent their homes as property sales are hugely expensive.
When moving to New York commute time is an essential factor in choosing a location. New York has decent public transportation although commutes by car can be hectic and some of the longest in the country. A majority of people live in apartment buildings within the city, although larger townhouses or detached houses can be found farther away from the city centre. For most, it is important to live near work, which for many expats living in New York is in the main business district of Manhattan. This is also the city’s most expensive real estate with apartments averaging around US$4000 a month and few options for family-sized accommodation; alternative areas such as Brooklyn are closer to US$2700 a month. Other New York districts include the more suburban Staten Island, and more diverse but sometimes rough neighbourhoods of Queens and the Bronx.
The national housing slump has softened prices but there is still strong competition for good apartments and expats wanting to live in New York should hire an agency to help. They usually charge fifteen percent of a year’s rent. Indicative of the competition, perspective expat tenants should be ready to prove their worthiness with a credit check, income tax returns, employer’s letter, two months rent, and a security deposit. Rent controlled apartments are notoriously difficult to find because of very low turnover rates.
Although qualifying for a home loan is difficult, house prices in New York are lower than usual so it is a good time to buy. The average housing sales within the city is more than US$800,000, among the most expensive in the country. Some cheaper options are shared accommodation, rooms to let or living outside of the city.
The national housing slump has softened prices but there is still strong competition for good apartments and expats wanting to live in New York should hire an agency to help. They usually charge fifteen percent of a year’s rent. Indicative of the competition, perspective expat tenants should be ready to prove their worthiness with a credit check, income tax returns, employer’s letter, two months rent, and a security deposit. Rent controlled apartments are notoriously difficult to find because of very low turnover rates. Although qualifying for a home loan is difficult, house prices in New York are lower than usual so it is a good time to buy. The average housing sales within the city is more than US$800,000, among the most expensive in the country. Some cheaper options are shared accommodation, rooms to let or living outside of the city.
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