Can Having a Roommate Save you Money in NYC?
New York City has always been one of the most expensive places to live in the United States. The soaring cost of housing in the Big Apple leaves many renters feeling as though they have no choice but to seek out a roommate with whom they can split expenses. Just in 2017, a study showed that up to 40% of adults renting in the city were living with a roommate. There is even a special program for elderly renters which helps them share their homes as well as the costs. While many may not be fond of having to share their living accommodations, the real question is whether or not having a roommate is worth it?
To answer the question quite briefly, yes, it is! A report that was put together by SmartAsset shows that a one-bedroom in New York City runs roughly $2,915 a month, while a two-bedroom apartment runs $3,717 a month. This is quite pricey, but by having a roommate to split the cost with you save almost $12,600 per year. While it may not be the most comfortable living arrangement, it will undoubtedly help with the cost of rent throughout the year. In the end, you will save money!
Living with a roommate can also help in other aspects of housing, such as utilities. Electricity, cable, internet, and water are all utilities that are in addition to rental expenses. If you were to add these utilities on to the high cost of rent in New York City, it could get expensive very quickly. With a roommate, you have the option to split the cost of utilities right down the middle. Living in New York City can be quite expensive, but choosing to live with a roommate can make it more affordable.
A roommate doesn’t necessarily have to be a stranger. It could be someone you already know. Check with friends and coworkers to see who might be interested in a roommate. Having a roommate you’ve already established a relationship with can make the situation much easier for both of you. As long as your personalities mesh well together, the experience can be a positive one that benefits both parties.
So You Want to Move to the Big Apple?
Moving to a major metropolitan city like New York City is challenging, to say the least. Even though the thought of living in the Big Apple is exciting, moving to the city that never sleeps can be overwhelming.
From finding an apartment to finding a job, here are a few things to consider before making the move:
Do Some On-Ground Research
It can be tough to decide where to move while researching various New York neighborhoods. Each one has its own unique charm. Although researching neighborhoods online can jump-start the process, the best way to get a real feel for a community is by exploring it in person. New York is all about exploration, so don’t sit in front of a screen all day. Get out there and wander around each neighborhood to see which one suits you best.
Beware of Broker Fees
After finding a neighborhood, the next step is to find an apartment which can be more complicated than finding the right neighborhood. There are a few aspects that must be addressed. To start, almost every seller pays a broker fee of at least six percent. In some cases, the broker fee is split in half between the buyer’s and seller’s brokers. This isn’t always the case though because sometimes the buyer doesn’t have a broker.
Keep in mind that anyone who rents an apartment in New York pays broker fees. To make matters worse, they are far from cheap.
Don’t Believe Every Description
While researching apartments, everything must be taken with a grain of salt. Not all apartments are as the descriptions make them out to be, especially in New York. Granted, this isn’t always the case, but it’s essential to know that this does happen. For example, if the description says the apartment is “cozy,” this might mean that it’s too small for the average person to live in comfortably. Another example is if the description points out that the apartment is “unique.” This may be another way of saying it has a bad layout.
New York may be a place of wonders, but when it comes to apartment hunting, it can be a difficult place to start. Just make sure you arm yourself with knowledge, know your price point, and go into your search with a skeptical eye. Anything is possible in the city of New York.
A Brief History of NYC’s Soho Neighborhood
Soho, today, is a touristy shopping destination for many. It’s filled with a multitude of trendy boutiques, national and international retail stores, restaurants, bars, and art galleries. It consists of roughly 30 blocks that were almost torn down to build an expressway in 1963. Obviously, that didn’t happen, but Soho’s history is long and storied.
Fields and Meadows
Most of Manhattan started out in the 1600s as mostly open meadows, woodlands, streams, and marshes. The area was home to six different Native American tribes. At the southernmost point of Manhattan was a Dutch settlement. Most of the land that is now Soho was owned by a descendant of one of the original Dutch settlers, Nicholas Bayard.
In 1776s, Bayard’s Mount was the highest lookout point in Manhattan which made it ideal as a training grounds for the Revolutionary War. American Spy, Nathan Hale spent several months fortifying the area so George Washington’s army could defend New York City from British attack.
Post Revolutionary War
After the war, as many large farms were being divided, wealthy families and businesses began to take up residence. As the district changed and grew, it became a hub for entertainment and commerce which led eventually led to an increase in crime. The district continued to evolve into an industrial center of production. Many factories and warehouses filled with textiles were built in the district. Fires in the area were frequent. Residents vacated their properties leaving them vacant for years.
Despite the residents leaving, factories would frequently rebuild after fires. Sparing themselves the expense of granite and marble, builders turned to cast-iron to ornately decorate the buildings making them more fire-resistant than they had been.
The 1960s
During the 1960s, artists began to flood the area look for cheap, or free, housing. They came to what was now being referred to as “SoHo” (south of Houston Street) because of the many vacant buildings and often illegally took up residence in them, paying little to no rent because the area was zoned for commercial use. At the same time as the artist population was burgeoning, the city’s master planner, Robert Moses, slated the area for demolition. He wanted to build the Lower Manhattan Expressway.
The plans for an expressway were eventually canceled after an immense backlash from protesters. And in 1971, the city finally updated the zoning code to allow “certified artists” to work and live in the same space. Following this in 1973, Soho’s Cast Iron District was designated a historic district by New York City’s Landmarks Preservation Commission. Today Soho boasts the worlds greatest surviving collection of cast-iron architecture.
About Avraham Glattman
Avraham Glattman is the owner of First American Properties Group, a real estate business based in New York City, New York.
Avraham brings over 26 years of experience working as a real estate agent in the city, where he continues to work today. He graduated from Newport University with a Bachelor’s Degree in Business Administration and Management and remained at the university to attain his Masters of Business Administration (M.B.A.). After graduation, he jumped straight into the real estate field in 1992 in the greater New York City area. Throughout his career, Avraham has explored listings across the New York area, keeping a detailed account of the locations, pricing and comparable properties in the housing market.
After gaining a wealth of knowledge about the real estate marketing in New York, Avraham Glattman decided to take it a step further by creating First American Properties Group with his longtime business partner, Pete Jacov in 2008. First American Properties is a real estate and development company that services the five boroughs of New York. The company currently owns residential and commercial properties in Queens, Downtown Brooklyn, Harlem, and Manhattan. The company focuses on monitoring the growth and development in different areas of the city, so they can work to establish more patterns of growth and help revitalize the area.
While monitoring the different areas of New York City, Avraham Glattman consistently keeps an eye out on up-and-coming neighborhoods that he could potentially invest in. For example, after seeing Harlem, Avraham was immediately impressed by the neighborhood’s charm, leading him to invest in properties in the area. With a convenient location next to the subway and charming business like music venues in the area, it was not hard to see what attracted Avraham to the area.
Today, Avraham Glattman continues to find new investments with First American Properties Group, alongside his business partner, Pete Jacov. Together, they are working towards the goals that they set for First American Properties Group. The goals include acquiring property in the Harlem area to renovate and sell, as well as acquiring properties in all five boroughs.
Avraham Glattman is also the proud owner of 1927 Café Bar Popularr. Located in Harlem, the café serves a variety of open-faced Mediterranean sandwiches, called ‘Toastics’, and many types of coffee. Café Bar Popularr is proud of the rich artistic traditions of Harlem, and invites local musicians, authors, and comedians to visit and share their talents with friends.
Avraham was born and raised in Israel, where he went graduated high school. Not long after, he served in the Israeli army for three years, before he was sent to the United States to work with an Israeli newspaper in Brooklyn, NY. Not long after making the move to New York, Avraham met the woman that would become his wife in 1991. Together, they have three children.
In his spare time, Avraham Glattman enjoys spending his time with his wife and three children and loves to explore new parts of New York City. Avraham’s incredible dedication to both his work and family brings him immense happiness and purpose each day.
To learn more about who Avraham Glattman is, visit AvrahamGlattmanNewYork.com.
