GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you could read more about oureditorial guidelinesand our products and servicesreview methodology.
In fact, its one of the mostexpensive placesto live in the United States.
The average rental costs nearly $4,000 a month and thats foronly 604 square feetof living space.
New York City isnt the only city in the state thats expensive either.
This is just part of the bigger picture.
Heres how much millennials can save by moving south.
Also see where millennials want to retire.
Everyone knows that NYC is anextremely expensive housing market the most expensive in the country, in fact.
The key is to choose housing wisely, Nally continued.
A recent GOBankingRates study found that the average monthly mortgage payment inNew York Cityhovers at around $4,620.
Add on top of that the general affordability of living, from groceries to utilities.
The potential savings opportunities in the South really cant be understated.
But heres a little context for the overall cost of living.
In NYC, the average person spends around $7,399 a month on all things including housing.
The South typically offers more affordable child care options compared to NYC.
Income a Key Consideration
Location aside, income is a huge consideration when choosing where to live.
Despite its overall higher cost of living, the minimum wage in New York City is just $16.
The household median income in NYC is $76,607.
This means that, while incomes might not always be enough in the South, theres potential.
The cost of living indexes were sourced from Sperlings BestPlaces.
Any city with data not available was removed for this study.
The livability index was sourced from AreaVibes for each remaining city.
All data was collected on and is up to date as of July 1, 2024.
More From GOBankingRates
Takeaway
Finding and working with a financial advisor is a great idea.
A financial advisor will help keep track of your finances and assist you in attaining your financial goals.
Get to know your Financial Advisor options today for Free!
Share This Article:
