New York is a city where dreams come true and global trends are born. Most people in the world associate America with it and it's where the famous Statue of Liberty is. This article will help you learn about what the appeal of New York is that motivates people to move there. We’ll also look at what pitfalls there are.
Content:
- Is New York popular for immigration?
- Advantages of buying real estate in New York
- Pros and cons of living in New York
- We’ll help you choose your dream apartment in New York
Is New York popular for immigration?
New York is the most populous metropolis in America. Data shows that in 2021, the city had a population of 8,323,340. Sometimes, official statistics may not match the actual situation for several reasons:
- It’s one of the world’s largest financial centers, attracting many migrant workers who might not all work officially.
- About 36% of the population comes from other countries so the metropolis is one of the most multicultural on the planet.
The following areas are the most populous:
- Manhattan – 27,500 people/km;
- Brooklyn – 14,000 people/km;
- Bronx – 13,000 people/km;
- Queens – 8000 people/km;
- Staten Island – 3150 people/km.
According to immigration statuses, about 63% of US citizens live in New York, about 21% are naturalized citizens, 10% are foreigners with a green card, and 5% are illegal immigrants.
10 countries where immigrants come from:
- China;
- The Dominican Republic;
- Mexico;
- Jamaica;
- Ecuador;
- Guyana;
- Haiti;
- Bangladesh;
- India;
- Tobago.
Interesting fact: about 14% of all children in the city (approximately 240,000 people) live in mixed-status families; 12% of mixed-status families have at least 1 illegal immigrant; 62% of megalopolis residents have at least 1 immigrant in their family.
Advantages of buying real estate in New York
Since the beginning of 2021, property in New York has been popular with customers who want to buy and sell real estate. This is because of low mortgage rates (2.2‒2.8%) and the metropolis has started to come out of lockdown. People are slowly returning to their usual routines, international communication is improving, and tourist flow is growing. This situation is great for homeowners who earn from renting out their properties.
Now let's look at the pros and cons of real estate in New York.
Pros:
- You can buy an apartment in New York with a mortgage.
- Life in New York is life in the most popular city not just in the USA but also in the world.
- Having a property in New York means you can get a tourist visa.
- Real estate in New York is a great investment option.
- Real estate in New York is always in demand because of the high tourist flow. The cost of monthly rent is from $1,000 to $3,500 (¥6,343 to ¥22,200) and more.
- Life in the US is more stable than in other countries with weaker economies.
Cons:
- No immigration and tax benefits. It’s impossible to get a citizenship or residence permit when you buy real estate.
- The cost of housing in New York is high.
Pros and cons of living in New York
According to reviews from people who moved to New York, it’s an incredibly fast and noisy city with bright and stormy life. This is a city of high competition and it offers its inhabitants a rich, vibrant life full of events and experiences.
Let's look at the advantages of living in a megalopolis from foreigners who have moved to the "Big Apple" as it’s known to Americans.
- There aren’t employment problems. You can always find a job here even with a basic knowledge of English. We’re talking about low-skilled work. If you’re applying for a highly paid position, you’ll need to be fluent in English (at least) and withstand high competition.
- High level of healthcare. If you are a migrant and unemployed in the city, you can get free medical insurance (Medicare) and receive decent medical care.
- High level of security. New York is one of the world’s safest cities with a low crime rate. This is because of police patrolling the city and widespread video surveillance.
- High wages. As of 2022, the cost of living in the United States of America, depending on the state, ranges from $43,000 to $61,000 per year (from ¥272,740 to ¥386,910). The minimum salary in New York is $13.2 per hour (¥85). Wages may vary depending on the profession and overtime work.
- Diverse leisure. There’s always something interesting in New York. You can go to an exhibition of a contemporary artist or photographer, attend a concert, festival, flash mob, performance, clubs, bars, restaurants, and much more.
- The developed public transport system, in particular, the metro.
- The ocean is 30-60 minutes away.
- Round-the-clock metro.
- Tolerance. In New York, you can be anyone you want (within the law) and do what you love without any condemnation from neighbors.
Cons of living in New York:
- Expensive housing – not just to buy but also to rent.
- Ghettos are areas where migrants from other countries, in particular African or Asian regions, live. This territory has the highest crime rate and you may run into aggression on the street.
- The fast pace of life isn’t for everyone. This applies to almost all areas: work, roads, queues, etc. You have to adapt so you don’t miss out.
- Expensive car maintenance. If you have a car, this isn’t always an advantage for you. Expensive gasoline, paid parking, and constant traffic jams are an integral part of every car owner’s life in New York City. You’ll spend most of your salary on your car.
- Queues. The overpopulation of the city is reflected in queues at museums, supermarkets, cinemas, etc.
- Garbage – black bags on sidewalks is a common phenomenon for Brighton Beach and Fifth Avenue. Of course, garbage is taken out daily but on holidays or in bad weather, garbage collection may stop for several days.
We’ll help you choose your dream apartment in New York
On the website New-York.Realestate, you can find verified developers in New York, current ads with detailed descriptions, and prices. If you need help choosing the perfect property, you can always contact the company manager.
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