Nassau County is a suburban county on Long Island and is approximately 40 miles from Manhattan. Nassau County is immediately east of New York City, within the New York-Newark-Bridgeport, NY-NJ-CT-PA Metropolitan Statistical Area making it the perfect place for suburban living. It is also ideal when it comes to cost compared to living in Manhattan.
In NYC, a typical one Bedroom will have a separate living/dining space, a full or alcove kitchen, a full bathroom and a single bedroom with about 750 square feet of living space and cost between $2,700 to $3,000 per month for rent. In Nassau County, the average cost on a one bedroom is $1,900 to $2,500 per month. For example, the Greybarn complex , located off Route 110 in North Amityville, offers a retail-community experience for tenants, with luxury apartments surrounded by amenities like a Starbucks, a fitness center, an urgent care facility, as well as a dog park and swimming pools. The one bedroom here is almost 850 square feet and the monthly rent is $2,450.
The average monthly cost for driving your car into the city is as follows:
Car payment $350
Auto Insurance $100
Gasoline $160 (if your car gets at least 25 mpg)
Parking rates were obtained from a 2011 USAtoday article about New York being the costliest city in the country for parking. These rates may have gone up since the article was written. Travel expenses for a month would total $1820, if you were to commute to NYC by car. A monthly train pass to travel from the Babylon Station in Long Island to Penn Station in Manhattan is $350 per month. Commuting this way would decrease your monthly travel expenses by about $350.
Renting a one-bedroom apartment in Nassau County will cost $500 to $800 less per month than living in Manhattan, plus you get more square footage per unit. The total savings, if you take the train to the city, comes to just under $1200 per month.
What could you do with an extra $1000 each month?