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Adapt your lifestyle to the city

You can reduce lifestyle expenses regardless of where you live. In fact, New York may enable savings in ways other cities cannot match. The city is more public-transit-oriented and walkable than most other metropolitan areas, which means the average New Yorker can take the subway to avoid the immense costs of car ownership, from insurance to lease or loan payments.

As high as rent can be in New York, more than one million apartments — half the city’s rental market and almost 30 percent of its homes — operate under a rent-stabilized system, according to the New York Times. Seeking out these types of units could help you control the biggest expense in your monthly budget — housing.

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Invest in Opportunity Zones

New York State has 514 approved Opportunity Zones compared to just 427 in Florida. That means there’s more space for New Yorkers to deploy excess capital and either defer or exclude capital gains from state and federal taxes.

The exact nature of your tax savings depends on your investment holding period and personal income, so it’s best to consult an expert. But with the right strategy, you could significantly reduce the tax burden of living in a place such as New York while enhancing the community where you live — and in the process bring savings and sunshine right into your backyard.

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About the Author

Vishesh Raisinghani

Vishesh Raisinghani

Freelance Writer

Vishesh Raisinghani is a freelance contributor at MoneyWise. He has been writing about financial markets and economics since 2014 - having covered family offices, private equity, real estate, cryptocurrencies, and tech stocks over that period. His work has appeared in Seeking Alpha, Motley Fool Canada, Motley Fool UK, Mergers & Acquisitions, National Post, Financial Post, and Yahoo Canada.

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Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.