Best housing choice for incoming Investment Banking analyst?
Hi everyone,
So, I'm an incoming IB analyst. I'm pondering which choice would be better: getting a studio downtown so I can walk to work every day or get an apartment with a roommate possibly downtown or in Midtown (5-7 minutes away). My roommate would be my best friend I grew up with in high school who is working in a similar industry. I'm just curious which option you think would be the best choice.
As I've thought about this, I've developed a few pros and cons for each.
Studio Pros: Short walk to work everyday, low(ish) rent, no need for a car in the immediate area since I can Uber, no roommate disturbances.
Studio Cons: Won't have a roommate and it will be harder to have a life outside of work, won't have a car so I could be stuck in the immediate area (I'm hesitant to spend money on stuff I won't really need), it would be a tiny space that could get depressing if I'm working 100 hours a week, probably a little more expensive than it will be to room with a friend.
Rooming Pros: Will room with my best friend and will have the opportunity to take my brain off of work every once in a while (get drinks with a close friend, etc), lower cost, will probably convince myself to get a car if I have to drive to work so I'll have more freedom to go around Houston, roommate could bring friends over so I could meet more people in the new city and gain community, he's a respectful roommate that would keep quiet if I'm trying to sleep.
Rooming Cons: It could get annoying to live with another person if I'm getting hit hard at work everyday (I have no idea what it will be like until I get there), commuting to work could become a pain in the ass and I could see myself lamenting the fact that I can't just walk to work (if indeed we live outside the city), I might not want as much outside community as I'm thinking right now because I'll could end up hanging out with fellow analysts around the office anyway.
These are the best pros and cons I can come up with at the moment but your experience as readers is very valuable to me. I haven't done this job before, or anything this intense to be honest, so I assume my perspective will be entirely different than it is now after 2 months on the job. As analysts did you find yourself needing outside community? Would it have been good for you to have an old, equally driven friend to kick back with in your free time? How important was a short commute? Did you end up with spending most of your social time with other analysts? Etc...
Thanks so much for the feedback and suggestions in advance.
- BorkLesnar
I worked at a BB last summer and after 9PM the company car will take you home. I doubt you would want to walk home dead tired at 2AM all the time lol.
Living with a roommate is not bad, as long as you have your own room to unwind at the end of a very long day. Since they are in the same industry your schedules will be off and you probably won't see much of each other any-ways.
Studios are a good idea, you probably won't use the kitchen since your meals will be in the office, so it is basically like having one big room. I'd choose this if you really need your alone time and just want a place to sleep. If you want to be cost-effective, splitting rent in a 2-bedroom in Houston can be cheaper than a large one bedroom/studio. Definitely aim for Midtown, I heard its got the best deals.
At the end of the day, you are in your 20s about to make a good chunk of money. It's good to be around people and be social. I would have a roommate, especially since it is your best friend you can trust. Also, your roommate in a similar industry will make connections that you can socialize with as well.
Live with a roommate as an SA and if it ends up failing, find a nice place alone for FT.
Awesome, thanks so much for the comment!
I'm in the same situation.. incoming analyst in Houston except with no familiarity with the city. BorkLesnar, are there any websites/apps you'd recommend for finding apartments/roommates? Is it like New York where you have to wait until basically the month before to lock something down or could I start looking for a place now?
I'm also hesitant to live with roommates, but if I could find some guys in the industry to live with that might be ideal because I have zero Houston connections and it would be nice to have a few friends outside of work.
I would opt for something modest like:
Incoming Analyst: How much do you spend for housing @ nyc? (Originally Posted: 04/03/2015)
Hi, guys.
So I've been seeing couple posts about possible neighborhoods that first year analysts typically looks into, but I was wondering how much do people typically spend?
And are there any specific apartments that you guys would recommend?
Thanks!
I was considering a mansion at the same price range as the one above. It was even cheaply priced - at 800k USD, it was pretty cheap. Only problem, it was in Greece.
I mean, everyone has to have a place to hang their hat at night bro. You be you. Don't let the haters dissuade you from a 100,000 sq. ft. medieval castle. I mean, you might want kids some day so it's good to future proof with a reasonable amount of space.
$1500-1800/month i'd look to spend..try to find a 3-br as it would be cheaper than a 2-br. The neighborhood is something to consider, but shouldn't be a deciding factor when you will spend minimal time in the neighborhood when working 18 hour days.
1st yr: ~1600 with roommate 2nd yr: ~1800 studio by myself, UES
most brokers now are requiring 45x income, so this kind of puts a cap on how much you can spend.
Assuming 85k base, max you can spend is $1900 . Assuming broker uses 40x, then you can get a place for $2125.
I spend $1600 but will be looking to spend around $2000 when my lease ends.
Thank you all for quick reply! My friend and I was looking for a 2 Br, and he wanted something a little over 4k+ /mo - he is making significantly more than I am.. so - I wasn't sure if it would be reasonable to spend a little more than 2k monthly for a rent as first year analyst with street pay (85k base).
I'm an incoming first year as well (85k base) and am looking to spend $1,500-$2,000, although it will probably be closer to $2000. I'm planning on living with a few others making similar money and the general consensus seems to be don't spend more than $2k/month per person.
Out of curiosity, what neighborhoods are you looking at? I'm just starting my search now so would be helpful to hear.
It will be hard to find a true 2br for $4000 in a nice neighborhood. You'll likely have to find a $4,000 1 bedroom and convert that into 2bedrooms.
how is he making significantly more than you? what's he doing
burner789 without getting into specifics, he just finished law/med school and is moving to nyc
What are the sizes on these? As an incoming in HK I'm looking at paying between 2100-2500 p/m for a 1 or '2' bedroom but the sqft on these places are just ridiculous (we're talking 345-580)
Thank you for your insights Big4. My main concerns (which Jeff alluded to above) are: - Commute - Amenities: elevators? hiking up a few flights at 2am every night would be a pain. Also how about security? Would a typical doorman do it or would I need a moat installed? - Also what would typical utility bills run you on places like this?
Thanks!
What are living conditions/arragements like for newly minted analysts/graduates? (Originally Posted: 08/19/2012)
I'm trying to plan for living arrangements in NYC. You don't have to disclose exact addresses but I'm interested in the following if your willing to provide it:
-Which borough do you live in (Manhattan for most I assume)? -How many hours do you work in a typical week? -How long is your commute to work? -What is your rent payment? -How many roommates do you have?
-Do you live in Manhattan because you want to or because it would be too inconvenient to live in outer boroughs (if applicable) -Does anyone work in NYC and live outside of it? If so how do you manage, what is travel time?
Thanks.
Commute wouldn't be too bad. You just need to enlist your company of knights to slaughter any plebs who have the misfortune of straying in the path of your convoy.
Unfortunately elevators were not standard in some properties exhibiting the character I showed above. With that being said, one could opt for a trebuchet and a well placed shot to an open window if said person had an aversion to stairs. I would recommend trouble shooting this part of the process by shooting an ample supply of plebs of your same approximate size to hone in the proper trajectory.
Security would be somewhat costly. I would recommend enlisting a pack of bloodthirsty hounds on the periphery of your estate if you do not want the expense of proper watchmen. You could also opt for a moat full of burning oil if you prefer your home to channel more of the "dread fort" feel.
Utilities will be reasonable as there are none! :)
Somebody has been playing too much Stronghold.
I'm unfortunately in Philly now, but my first year out of undergrad was in NY, so:
Ok, I am comfortable with my ego and don't care about the boroughs. If you recommend budgeting 35 minutes, I would just move to a cheaper neighborhood.
Is it 35 minutes round trip or each way. I'm guessing round trip. I feel like an area like Brooklyn Heights would be awesome. Same time probably cheaper.
-Which borough do you live in (Manhattan for most I assume)? Manhattan, FiDi -How many hours do you work in a typical week? Anywhere between 65-95...there is no typical week for me -How long is your commute to work? 25 minutes by subway, 10-15 by cab -What is your rent payment? Was $1275/mo when splitting but now on my own and paying $2550 (long story but tl;dr I have funds that are required to be spent on my living expenses that expire in the next couple of years so it's not the end of the world) -How many roommates do you have? See above -Do you live in Manhattan because you want to or because it would be too inconvenient to live in outer boroughs (if applicable) Both...need to be able to take a ~15 min cab to work if need be, and also because I just prefer living in Manhattan -Does anyone work in NYC and live outside of it? If so how do you manage, what is travel time? People do, but they have to wake up really fucking early (before 6). Also they generally don't work in IB.
I would suggest living in BK, only novices do otherwise unless you're making big boy money. Besides BK girls are more fun than some girl from Syosset you met in BlockHeads.
If you've never spent a summer in Houston, trust me when I say you're not gonna want to be walking to work.
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