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The short answer
Your first month in New York City costs rent plus a security deposit and any screening fees, the subway or bus at $3 a ride, and time and fees for a New York licence if you will drive. Since 11 June 2025, the FARE Act means a broker hired by the landlord cannot charge you a fee, which removes what was often the largest move-in cost. New residents who drive must get a New York licence within 30 days.
New York is where many Nigerians land first, often staying with relatives while they find a flat. It is the most expensive of the big US cities to start in, but it is also the one where you can live without a car. Here is what to budget, with the rules that shape each cost.
Housing: what changed with the FARE Act
The NYC Department of Consumer and Worker Protection's FARE Act FAQ (updated 2 June 2026) says that since 11 June 2025 a landlord's agent, including a listing agent, may not charge a broker fee to the tenant. A landlord may still charge for background and credit checks, and every fee a tenant pays must be disclosed in the listing and in an itemised written disclosure you sign before the lease. If you hire your own broker to search for you, you pay them. Full detail is in our FARE Act guide.
The bigger obstacle for a newcomer is qualifying. Many landlords ask for income of a multiple of the rent, or a guarantor; see the 40x rent rule.
Getting around
The MTA's fares page lists the subway and local, limited and Select Bus Service at $3 a ride, and express buses at $7.25. Reduced fares are half price for seniors and people with disabilities. Most newcomers do not need a car in the five boroughs, which keeps the first month far cheaper than in Houston or Atlanta. Check whether your employer offers pre-tax commuter benefits, which some do, and ask in your first week so the deduction starts with your first payslip. See commuting costs compared.
If you will drive
NY DMV says you can drive on a valid foreign licence as a visitor, but New York residents must get a New York licence within 30 days. Licences from outside the US and Canada cannot be exchanged: you apply for a new licence, pass a written test, take a 5-hour pre-licensing course and pass a road test, after which you hand over the foreign licence.
A worked first-month budget
Example only. A single software tester takes a one-bedroom flat in the Bronx through a listing agent. Prices are illustrative; check current listings.
| Item | Example cost |
|---|---|
| First month's rent | $2,100 |
| Security deposit (one month) | $2,100 |
| Background and credit check fee | $20 |
| Broker fee to landlord's agent | $0 (barred by the FARE Act) |
| Furniture and basics | $800 |
| Groceries | $500 |
| Phone | $40 |
| Subway and bus, about 50 rides at $3 | $150 |
| Renter's insurance, first month | $20 |
| Total | $5,730 |
Before the FARE Act, a landlord-side broker could have charged a fee here. Even at one month's rent, that would have added $2,100, taking the example to $7,830.
How the income test shapes your budget
Many New York landlords judge applicants by a multiple of the monthly rent. Example only: at a 40 times test, a $2,100 flat needs annual income of 40 x $2,100 = $84,000. Someone earning $60,000 would qualify for rent up to $60,000 / 40 = $1,500 a month on that test, or would need a guarantor. Work this out before you start viewing, so you look at flats you can actually be approved for. A newcomer with savings but no US payslips should ask whether the landlord accepts proof of funds or a larger deposit, and check what the law allows.
If you start by staying with family
Staying with a relative for the first weeks is common and sensible, but it is still a cost. Agree what you will contribute to food and bills, and for how long, before you arrive. It keeps relationships good and gives you a realistic idea of what your own flat will cost. Use the time to open a bank account, build a first credit line and save the deposit, so you move out with the cash ready rather than borrowing it.
Money set-up in the first weeks
- A bank account so rent leaves a clean record. Federal ID rules let a bank use a passport number for a non-US person.
- Credit from zero. The CFPB suggests a secured card or credit-builder loan that reports to the bureaus.
- Nigerian services. For passports and other services at the Consulate General of Nigeria in New York, see what to bring to a consulate appointment.
What to check first
- Whether the listing agent works for the landlord, which means no broker fee for you.
- The itemised fee disclosure before you sign.
- The income or guarantor test the landlord uses.
- Your route to work and an unlimited or pay-per-ride plan.
- Whether you will need a licence within 30 days.
Where Pryme fits
A Pryme account can be opened from Nigeria before you move and holds naira and dollars; Swap shows the rate and the fee before you approve. See Swap.
Questions people ask
How much money do I need to move to New York City?
Our example for a single newcomer comes to about $5,730 for the first month; rent is the biggest variable.
Do I pay a broker fee in NYC in 2026?
Not to a broker hired by the landlord. Since 11 June 2025 the FARE Act bars landlord's agents from charging tenants. If you hire your own broker, you pay them.
How much is the subway in New York?
The MTA lists $3 a ride for the subway and local buses, and $7.25 for express buses.
Can I drive in New York with a Nigerian licence?
As a visitor, yes. Once resident, you must get a New York licence within 30 days, and foreign licences cannot be exchanged.
Sources
- NYC DCWP: Fairness in Apartment Rental Expenses (FARE) Act FAQ (updated 2 Jun 2026) · accessed Oct 2026
- MTA: Fares (viewed Oct 2026) · accessed Oct 2026
- NY DMV: Driving in New York State · accessed Oct 2026
- eCFR: 31 CFR 1020.220, Customer identification programs for banks · accessed Oct 2026
- CFPB: Building credit, checklist for consumers with no credit history · accessed Oct 2026
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