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.
Follow These Steps if you Want to Retire Early
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