7 Tips for Apartment Hunting in New York City

Moving to the New York City (a.k.a. The Big Apple) can be an exciting adventure and an excellent career move. Despite a higher than average cost of living (1.74 times the national average), the Big Apple attracts thousands of people each year. Finding an apartment in New York City can be a dizzying affair, given its size, but it does not have to be. Before you attack this task, sit down, take a breath, and write out your plan of action.

• The first question to ask--is renting right for you? The answer depends on many factors. What is your long term plan. If you are not certain that you will be there very long, buying real estate is probably not a good idea. But if you know you will be there for the long haul, you can use Internet tools to help you help determine which is better for you. 
• Know what you want. Knowing whether you want a loft in an artsy enclave, a spacious flat in a historic district, or a chic place in a pricey neighborhood will narrow your search drastically. Think about what you want in the surrounding area. If you are raising a family, look for a place near schools and parks. If not, you may want to seek a neighborhood packed with small cafes, shops and bars. If moving to the city with a job, you will also want to consider proximity to your workplace and access to public transportation.
• Know the city and its boroughs. If you have figured out exactly what you are looking for, you can then figure out the part of town in which you should search. Here is a bit on New York City's five boroughs.

Manhattan – Perhaps the most well known of the five, Manhattan houses New York City's skyline as well as a diverse list of neighborhoods. Among them are Chinatown, upscale shopping hub SoHo, bohemian Greenwich Village, and the Upper East Side, which boasts of a median income of over $90,000 (Manhattan County's is $47,030). According to the Census Bureau, nearly half of all Manhattan residents have at least a bachelor's degree. Median age: 36 years old.

Brooklyn – Another famous borough, Brooklyn sits on Manhattan's westernmost point. It has the largest population of all the boroughs as well as a thriving arts scene and miles of beach front, including Coney Island. The median income here is $32, 135, and 22% of Brooklyn residents have a bachelor's degree or higher. Median Age: 33

Queens – Home to a large immigrant population, Queens is the most culturally diverse of all the boroughs. More suburban than Manhattan or Brooklyn, Queens has the second largest population of all the boroughs. Median household income here is $37,439. Median age: 35.

The Bronx – Often referred to as the birthplace of hip-hop culture, The Bronx is the only borough that sits on the mainland. The median income here is $27, 611. Median age: 31

Staten Island – This is the least populated of the five boroughs. The median household income is $55,039 here. Median age: 36.

• Know what you want to spend. Once you know which part of town is right for you, it is time  to figure out a reasonable amount you are willing to spend each month for rent and other living costs. This substantially shortens the list, considering how high rent can be in many spots. To be safe, your annual salary should be at least forty times the monthly rent. Look to Queens, Brooklyn, and the Bronx for lower rent. Wherever you go, be prepared to spend at least $1,200 per month in rent. If you want to conserve funds, getting a roommate can half your rent.
• Consider a real estate agent. If your apartment search consists of looking at classifieds and driving around, you might be missing out on some great places, since many apartments in New York City are only available through a broker. 
• Be prepared to spend more. Once you think you have found an apartment you can afford, you need to factor in other costs. Deposit, moving costs, utility activation fees, public transportation, and entertainment can put bigger dents in your wallet than you might think.
• Be optimistic. No matter where your search takes you, New York City has something for everyone. With enough effort, you will find the perfect setup in no time at all.