Manhattan's West Village neighborhood is known for its charming streets, historic architecture, and vibrant cultural scene. It's a highly sought-after area for those looking to live in the heart of the city, with incredible restaurants, cafes, shops, and entertainment venues all within walking distance. With so much to offer, many are drawn to living here. So what is the real cost of living in the West Village? In this guide, we examine housing costs, dining expenses, transportation options, and everything in between to give you a comprehensive understanding of the true cost of living in this iconic neighborhood.
Cost of housing
When considering a move to the West Village, the first question on most people’s minds is the cost of housing. To purchase a fourth or fifth-floor walk-up one-bedroom home, you can expect prices to run from $900,000 to $1,200,000. In addition to your mortgage, expect to pay an additional $1,000 to $1,800 per month in common charges.
While some people might consider renting as their first option, many rent prices for something similar sit in the $4,500 - $7,000 range. This is why it’s preferable to buy because the monthly price of rent is typically comparable to a mortgage. When you’re buying, that means you’re not only protecting yourself from rent inflation and other landlord-sanctioned decisions, but you’re building equity. Your home is an investment, whereas when you rent, you’re assisting in someone else’s investment. Buying is an ideal choice, and working with someone like my team and me who are familiar with the current market and area will make the process easier.
While some people might consider renting as their first option, many rent prices for something similar sit in the $4,500 - $7,000 range. This is why it’s preferable to buy because the monthly price of rent is typically comparable to a mortgage. When you’re buying, that means you’re not only protecting yourself from rent inflation and other landlord-sanctioned decisions, but you’re building equity. Your home is an investment, whereas when you rent, you’re assisting in someone else’s investment. Buying is an ideal choice, and working with someone like my team and me who are familiar with the current market and area will make the process easier.
Transportation options
When you consider the cost of living in the West Village, transportation is a necessity that can’t be overlooked. Thankfully, you have a number of options available that can save you money month to month. The neighborhood is accessible via public transportation, with several subway lines running through the area. The cost of a single subway ride is $2.75, and monthly unlimited ride passes are available for $127. For those who prefer to drive, owning a car in the West Village can be expensive due to the cost of parking. If you drive, you’ll want to budget around $700-$1,000 per month for garage parking. Residents can also try their hand at street parking, though they should anticipate parking a few blocks away. While initially something to get used to, you will get good at it and the stress will diminish if you listen to an audiobook or favorite playlist. Street parking has become much safer and can be a cost-effective way to keep your car while living in the West Village.
Uber vs taxi…I often take a yellow cab as they tend to be cheaper though that changes as it’s all built into an algorithm. Expect to pay $20 - $40 to get across town.
Of course, biking is an alternative option that more and more New Yorkers are adopting. The Citi Bike app offers a membership for around $200 a year, which provides members with unlimited 45-minute rides around the city. Biking has become much more common in Manhattan, especially as the number of bike lanes has risen in recent years. It’s a great way to get around the city and is fairly affordable. Pedestrians and drivers are getting better at looking for cyclists, though cyclists still need to be careful.
Food and dining
The West Village has a fantastic food and dining scene, with upscale restaurants, charming cafes, and vibrant bars to choose from. Those who dine out in the area can plan on spending $20 per drink and $30 for an entree, with a 20% tip if you’re planning to return.
That being said, there are plenty of options for those looking to save money, including exploring more affordable options like pizza shops, falafel stands, and street food vendors. Locals can keep their eye out for happy hour deals as well, which can be found at many bars and restaurants in the area…from what I hear :)
The best way to save money on food and dining in the West Village, though, is to dine in. Shop at Citarella’s or Gourmet Garage and opt to eat before meeting friends for drinks after. Or, invite friends over to cook with you or host them for a meal before heading out on the town.
Recreation and fitness
There are several high-end gyms in the West Village, including Equinox and New York Sports Club, which offer state-of-the-art facilities and a wide range of classes. A membership at Equinox runs at $320 a month.
Residents can also take to the neighborhood parks to run and bike. The Hudson River Park and Hudson River Greenway are two great options. There’s also Abingdon Square Park, which offers free outdoor space for relaxation and recreation.
Utilities and services
When it comes to utilities, residents can expect to pay between $150-$250 a month for basic utilities like gas, electricity, and wifi. Of course, costs will depend greatly on the size of your home and your monthly usage. If you’re renting, you’ll want to add around $50 a month for renter’s insurance. A storage facility for your extra items could run as high as change to $800 per month. It’s also customary to tip your superintendent, doormen, and parking attendants during the holidays. Common practice is to tip $100-$500 each. $500 if you plan to do work on your apartment, if you know what I mean…
If you opt for cleaning services, those will cost around $120 per visit. You may not have a washer and dryer in your unit, too, which will require you to take your laundry to your building’s laundry room or to a corner laundromat. A higher-end option is Rinse, a service that picks up, washes, dries, folds, and delivers your laundry for around $60 per bag.
Calling the West Village home
From housing and transportation to dining, fitness, and utilities, the cost of living in the West Village can quickly add up. But what’s most important is the quality of living, which is incredibly high. It’s all worth it!
If you’re interested in calling the West Village home, working with a reputable developer and broker can make it easier to navigate the complex real estate market and find the right property for your needs. The Mark O’Brien Team is known for providing expert guidance throughout the entire investment process. So, if you're ready to experience the unique charm and vibrancy of the West Village, reach out to me, Mark O'Brien of The Mark O’Brien Team, to find your dream home in this stunning neighborhood.
