Moving from Boston to NYC is worth the increased costs, say Gen Zers

But she didn’t stay there long. After spending several months looking for places to live, New York City – specifically the Brooklyn neighborhood – stood out. She said housing in Brooklyn’s Bedford-Stuyvesant neighborhood was more affordable than some apartments she was looking for in Boston, and most importantly, she was excited about the opportunity to explore the Big Apple. In February 2023, she officially made the move.

Living in New York City hasn’t been cheap: White said the costs of housing, dining and entertainment can put a significant strain 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 the cost of living in New York would be higher, but I was willing to spend more money than I would in Boston because of how much I could experience living here,” White said. “Cities like Boston, which seemed to be affordable, feel as expensive as New York for some 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 up-to-date Census Bureau data. NYC’s job opportunities, diversity, culture, public transportation, and endless dining and entertainment options are among the reasons people—especially in their younger years—continue to flock there.

Certainly, in recent years, many New Yorkers have decided to pack up and leave. Between July 2022 and July 2023, New York City’s population fell by nearly 78,000 — more than any other city in the US. Warmer weather and lower housing costs are among the main 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 trade-off is worth it.

The financial sacrifice of living in NYC is worth it

When White moved to New York, 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 offered her a 4 percent raise to accommodate the higher cost of living in New York City compared to Boston — her salary is “below six figures”. She’s only required to come into her company’s New York office one day a week, but she’s sad that she usually comes in more often for benefits.

Splitting rent with two roommates in Brooklyn costs White less than $1,600 a month, while some apartments she was looking for in Boston would have cost her as much as $1,800 a month for her share of rent with one or two roommates, she said. White said Boston’s Beacon Hill, Seaport and Back Bay neighborhoods were generally out of her price range, and she focused mostly on the South Boston and Fenway areas.

Rent in New York City and Boston can vary considerably depending on where you look, 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 per month, according to Apartments.com.

Aside from housing, White said one of the most expensive parts of living in New York is the cost of having a social life.

“Meeting friends for drinks, going on dates and paying for dinner and having coffee with coworkers all add up,” she said, adding, “There’s so much to explore and eat.”

While these expenses can be frustrating at times, she said it’s been a “fun challenge” to find ways to save money, including exercising outdoors rather than at the gym and making coffee at home, more rather than buying it from a coffee shop.

Overall, she said she finds her current living expenses in Brooklyn to be “comparable” to what she would have had in Boston — and believes Brooklyn offers “the New York City experience without the Manhattan price.” According to Bankrate’s cost of living calculator, a person earning $100,000 in Boston would need to earn about $110,000 in New York City — 10 percent more — to offset the cost of living increase. The 4 percent cost-of-living adjustment that White’s company offered him helped bridge some of that gap.

While White knows other U.S. cities could offer a considerably lower cost of living, she said she believes many people in her generation are willing to make that sacrifice.

“I’m finding that more young people are willing to sacrifice certain lifestyles — lifestyles they could afford in ‘less expensive’ cities — to live in New York,” she said.

Have you recently moved to a new state and are willing to share your story? Contact this reporter at [email protected].