Where to Stay in New York City on a Budget

New York City is known to be a pricey destination, especially compared to many other cities in the United States. The cost of living in New York City is among the highest in the country, and this is reflected in the prices of many goods and services, including food, transportation, and entertainment. The most expensive aspect of visiting New York City however is lodging.

Wondering where to stay in New York City on a budget? You’ve come to the right place. HomeExchange is here to help. In fact, unless you have friends or family locally ready to let you crash, a home exchange is hands down the most affordable solution for staying in the city that never sleeps.

Where to Stay When Visiting NYC

How much does it cost to stay in a hotel in New York City?

If you want to visit The Big Apple without breaking the bank, your first step would likely involve searching for the best hotels in New York City on a budge. However, you'll quickly discover that the average cost of hotel rooms in the city is considerably high, even for less impressive accommodations. In fact, as of 2022, the average nightly price for a hotel room in New York City stood at $235. While you may come across some deals as low as $100 per day in neighborhoods further away from the city center, the reviews for such places often describe them as "acceptable considering the price." No matter where you're traveling to, taking the time and money to travel there can be an investment and a sacrifice, and we think your vacation should be more than acceptable. It should be fabulous! There are other options when deciding where to stay in New York on a budget, like vacation rentals.

How much does a vacation rental in New York City cost?

Services like AirBnb got started in expensive big cities like San Francisco to accommodate travelers when hotels were overbooked and overpriced for large local events. The most affordable route is a room rental within a private home versus renting out an entire place. This can be a great experience to connect with your local host, but not everyone is comfortable with such arrangements. If like most you prefer to rent out an entire residence when you travel, the price in places like NYC climbs quickly. Post pandemic, by the end of 2022, the average price of an AirBnb here came in just under $200 per night. While with vacation rentals you you'll get some added bonuses like a kitchen and a more local feel, you won't save much. Plus, you can find a lot of added service fees once you begin booking, for cleaning, additional guests, and more. Which leads us to the most affordable option.

Why is HomeExchange the best way to save staying in New York City?

If you have experience with home exchanges for travel accommodation, you already know it's nearly impossible to find a more affordable option. Let's explore the reasons behind this. HomeExchange operates on the principle of service exchange rather than monetary transactions. A yearly subscription to HomeExchange, the world's largest and most reputable home exchange network, is priced at $220. This subscription unlocks unlimited exchange possibilities with over 100,000 verified hosts worldwide. For less than the cost of an average hotel room for just one night in New York City, you can plan an entire year of unlimited exchanges and vacations. Similar to hotels and holiday rentals, you have access to reviews from other members, allowing you to make informed decisions that suit your travel needs and preferences. To further enhance your experience, we provide a handy tool that calculates your savings using HomeExchange based on your destination, number of travelers, and duration of stay. Its rewarding to see the amount you save with HomeExchange stack up before your eyes!

Stay in These Neighborhoods to Save in New York City

The Lower East Side of Manhattan

When most of us think of New York City, we think of Manhattan. The fact the island is relatively tiny and so densely populated is what makes it so pricey. Some areas are of course more affordable than others though, and one of those is the Lower East Side. This historically working class area of NYC is very vibrant and jam packed with history. It's one of the first areas immigrants set up homes and businesses when arriving to America, so it's incredibly diverse. A visit to the local Tenament Museum offers insight into this chapter of America's history and how earlier residents of the L.E.S. used to live. Nowadays, it's popular with students, young professionals, and young families as a more accessible neighborhood of Manhattan where rents, groceries, dining out and more are somewhat more affordable. There is tons going on and its convenient Manhattan location makes it a great affordable neighborhood to consider when searching where to stay in New York on a budget.

Williamsburg in Brooklyn

By now Williamsburg's reputation precedes itself. While it was once up and coming to cross the bridge from Manhattan to this neighborhood of Brooklyn, it's safe to say that Williamsburg has officially arrived. That being said, moving out of Manhattan is a great way to save money, as space is less limited here which keeps prices down compared to the island across the East River. Casual dining, drinking, and shopping is a bit less pricey here in Brooklyn, and Williamsburg has so much to offer. You might want to consider it when selecting where to stay when visiting NYC. Not only is it more affordable, but it also offers spectacular views of Manhattan at night, beautiful strolls along the river, and cool shops and restaurants. It's also easy to commute into Manhattan direct on the L Train of the NYC subway. It only takes a few minutes so it won't stop you from site seeing in the city anytime you like during your stay in The Big Apple.

Astoria in Queens

If you want to know where to stay in New York City on a budget, Astoria is also a great place to consider. This quaint part of Queens is a great way to save on spending in the city and will give you an eclectic local's experience. Astoria is home to several beautiful parks, including Astoria Park, which features stunning views of the East River and the Manhattan skyline. Socrates Sculpture Park is another popular park in Astoria, showcasing outdoor art installations and offering free yoga classes in the summer. This neighborhood's historic 20th century architecture offers all of the typical NYC charm. Astoria is also a foodie's paradise, with a wide range of restaurants and cuisines to choose from. From traditional Greek tavernas to trendy gastropubs, there's something for everyone in Astoria's dining scene. While prices can vary depending on the specific area and type of housing, Astoria is generally considered to be a more affordable yet desirable neighborhood in New York City.

Other Ways to Save in New York City

Now that you know where where to stay in New York City on a budget, you might be wondering if there are other ways to save when visiting this rather expensive metropolis. Your budget will benefit from these suggestions to help you save in The Big Apple.

• Take public transportation. Not only is it the most affordable way to get around the city, after walking for free of course, it's also the most efficient. The subway avoids heavy traffic and you'll get to experience this essential part of New York Life. You can get a card that allows you to pay $2.75 per ride, or opt for a weekly unlimited pass for just over $30.
• Enjoy free attractions. Walk across the Brooklyn Bridge, stroll the Highline, or visit Central Park. These are all free! Many museums offer free admission on certain days or hours, so it's worth checking their website before you go.
• Score tickets at a discount. For popular attractions like the Empire State Building and the Statue of Liberty, purchase tickets in advance or look for discounted tickets online. Additionally, many Broadway shows offer discounted tickets for same-day performances through a program called "rush tickets."
• Eat like a local. Many expensive restaurants in New York City are worth the money, but there's also plenty of affordable options. Try eating at food trucks, street vendors, and less touristy restaurants in neighborhoods like Chinatown or Little Italy. With a home exchange, you can also save money with extended stays by cooking at home and dining in.

HomeExchange is the Most Affordable Way to Stay in New York City

Wether you want to see Broadway shows, ice skate in Central Park, or reach the top of the Empire State Building, there are so many reasons to travel to New York City. The price of accommodations here shouldn’t stop you from experiencing this extraordinary place at least once in your lifetime. HomeExchange makes finding a place to stay in the city that never sleeps more affordable than ever. It also offers a range of others advantages like a local’s experience, recommendations from your host, and the comforts of home even when you’re away. So get in a New York State of mind and sign up for HomeExchange if you’re not already part of the community. You can take your bite out of The Big Apple without breaking the bank!