The Best Way to Save $30,000 a Year in NYC Is Moving in with Your Partner
It might take cohabitation to save you from New York's out-of-control rent prices.
If Valentine's Day has you thinking about taking the plunge and moving in with your boo, this might finally convince you.
With NYC rent prices recently experiencing their most significant increase in a decade, many people are naturally thinking about how to get the best bang for their real estate buck. According to a new StreetEasy study, couples who currently live alone in an average-priced NYC apartment save a combined $28,800 by moving in together.
Putting two people into a one-bedroom apartment obviously comes with savings, but it's the sheer amount that feels surprising. With an average one-bedroom apartment price of $2,400 a month, each person would save $14,400 every year by splitting an apartment if they previously had their own place.
The amount varies by borough, with Manhattanites saving $19,500 each (or $39,000 total), Brooklynites banking $13,200 apiece (or $26,400 total), and Queens residents putting $11,700 (or $23,400 total) away. Moving in together in the Bronx saves you $10,200 each (or $20,400 total), while Staten Islanders can save $9,000 each (or $18,000 total).
Although these may represent the average apartment prices, living alone doesn't exactly represent the average New Yorker. But even if you're not paying for your own place right now, there are savings to be had by moving in together—not to mention more options on neighborhoods and apartment size. In fact, a recent ApartmentAdvisor survey found that for almost one-third of couples, saving money was one of their primary considerations for moving in together. In this unforgiving real estate market, every little bit helps.
Check out the map below to see where in the city couples can save the most by moving in together: