Jillian White
Jillian White knows that New York City isn't an easy place to save money — but she thinks living there is well worth the costs.
After graduating from Boston University in May 2022, White started working as an account executive in Boston. However, renting an apartment in the city was "too expensive," the 24-year-old told Business Insider via email. So she decided to move home to a Boston suburb.
But she didn't stay there for long. After spending a few months researching places to live, New York City — the borough of Brooklyn in particular — stood out. She said housing in Brooklyn's Bedford-Stuyvesant neighborhood was more affordable than some apartments she was looking at in Boston, and most importantly, she was excited by the opportunity to explore the Big Apple. In February 2023, she officially made the move.
Living in New York City hasn't come cheap: White said the costs of housing, dining, and entertainment can put significant pressure on her finances. But she said the plethora of social activities, community events, and professional benefits — including networking opportunities, and industry events — are something Boston "couldn't match."
"Financially, I knew New York's cost of living would be higher, but I was willing to spend more money than I would in Boston because of how much more I'd be able to experience by living here," White said. "Cities like Boston that used to seem affordable are feeling just as expensive as New York City for a fraction of the experience," she added.
Many Americans continue to be drawn to New York. Only five states — Florida, Texas, California, North Carolina, and Georgia — saw more people move there between 2021 and 2022, according to the most updated Census Bureau data. NYC's job opportunities, diversity, culture, public transit, and limitless dining and entertainment options are among the reasons people — particularly in their younger years — keep flocking there.
To be sure, in recent years, many New Yorkers have also decided to pack up and leave. Between July 2022 and July 2023, New York City's population declined by nearly 78,000 — more than any other US city. Warmer weather and lower housing costs are among the top factors that have motivated people to leave the state.
White shared how she's kept her finances afloat in New York City — and why she thinks the financial tradeoff is worth it.
Jillian White
When White moved to New York City, she said she was able to keep the same job she had in Boston, which made the transition much easier.
White's company has a hybrid work policy, but she said it approved the move and gave her a 4% pay bump to accommodate New York City's higher cost of living compared to Boston — her salary is "under six figures." She's only required to go into her company's New York office one day a week, but she sad she typically goes in more frequently for the social benefits.
Splitting rent with two roommates in Brooklyn costs White less than $1,600 a month, while some apartments she was looking at in Boston would have cost her up to $1,800 a month for her share of the rent with one or two roommates, she said. White said the Boston neighborhoods of Beacon Hill, Seaport, and Back Bay were generally out of her price range and that she had largely focused on the South Boston and Fenway areas.
Rent in New York City and Boston can vary considerably depending on where one looks, but New York is generally more expensive. The median rent for a one-bedroom apartment in New York City is $3,300 compared to $2,600 in Boston, per Zillow. However, Brooklyn tends to be more affordable than Manhattan: The average rent for a one-bedroom apartment in Brooklyn is about $2,700 a month, per Apartments.com.
Aside from housing, White said one of the most expensive parts about living in New York City is the costs that come with having a social life.
"Meeting friends for drinks, going on dates and paying for dinner, and getting coffee with co-workers all adds up," she said, adding, "There's so much to explore and eat."
While these expenses can sometimes be frustrating, she said it's been a "fun challenge" to find ways to save money, including exercising outside rather than at a gym and making coffee at home rather than buying it from a coffee shop.
Overall, she said she thinks her current living expenses in Brooklyn are "comparable" to what she would have had in Boston — and she thinks Brooklyn provides the "New York City experience without the Manhattan price tag." According to Bankrate's cost of living calculator, a person who makes $100,000 in Boston would have to earn about $110,000 in New York City — 10% more — to offset the cost of living increase. The 4% cost of living adjustment White's company provided her helped close some of this gap.
While White knows other cities in the US could offer a considerably lower cost of living, she said she thinks many people in her generation are willing to make this sacrifice.
"I'm finding that more young people are willing to sacrifice certain lifestyles — lifestyles that they might be able to afford in 'less expensive' cities — to experience living in New York," she said.
Have you recently moved to a new state and are willing to share your story? Reach out to this reporter at jzinkula@businessinsider.com.
