I know all the logic behind living in manhattan for ib people.
But just talked to a fellow in a BB who lives in JC and says the commute isn't that bad. He works in midtown and says it takes him the same time to reach the office as a lot of his co-workers who live in the upper east side, and he saves a ton of money.
so is manhattan not worth it if its not walking distance from the office (of course i am not considering ambiance/nightlife etc, manhattan beats the others hands down).........this guy pays 1100 for a nice 2 br (shared with one roommate). i mean come on. thats a lot of savings.
How does he commute, subway? I've given this some thought as well, particularly because I thought the taxes would be lower as well in JC, but someone told me that people working in Manhattan have to pay a supplement if they live in JC. I wonder how long his commute is?
This is a common urban legend that I've heard before. You save the 4-5% NYC income tax by living in JC. There is absolutely no supplemental tax to make up for the boon.
Its 30 mins if I remember correctly from Exchange place in JC to 33rd and 6th, now if you don't live right next to Exchange place or work somewhere in Midtown, it's gonna be a 1hr15mins, one way.
you take the PATH trains from nj to nyc
he works midtown, and says its 30 mins door to door for him.
Correct. I stayed with my buddy in Jersey City 2 weeks ago - the commute from Exchange Place in Jersey City via the Path, then 4/5 express line to Grand Central Station took exactly 27 minutes. If you work at JP Morgan, UBS, DB off of Park it's another 5 minutes walking to your front door. Not too bad as far as time goes (I commute an hour each way in goddamn traffic in my car now), but waiting/switching trains can be a pain in the ass, and the PATH can be a royal pain in the ass late night and on weekends, I've heard, in the case that you just have to pop into the office for 10 minutes and end up spending 2 hours commuting.
I've considered Long Island City. Some brand new high-rises at reasonable rents ($1800) just one short stop on the 7 train to Grand Central. To midtown it would be 15-20 minutes tops. Anyone shed some light on living in LIC?
How old was the guy who commuted? Was he an analyst?
Things to consider
1 - Car commute for black cars late at night when the path runs infrequently.
2 - Where will you go out? I worked in Newport/JC for a summer and it is nice over there, but not in a banker way. You could have a social life, but it is very drab.
3 - Do you need to save the money?
he is a first year analyst. as will i this july.
you are right about missing out on social life...its something important to consider.
black cars can't directly go to JC somehow? (pardon my lack of knowledge of commuting between JC and manht.) night travel on the path will definitely be a big negative.
i won't mind saving as much as I can. Who knows what happens in 2-3 years. a nice fat savings accounts will make the hours go by a lot faster, thats for sure.
You also save 4% by not having to pay the NYC City Tax, which ends up being a lot of money in your 2nd or 3rd year (assuming bonuses stay high). If bonuses trail off, like they have before, and you are making under 6 figures again, then it really isn't a major issue.
I have stayed at Newport - Jersey City and commuted to midtown. Its a 30 minute commute door to door for the most part (depends on how far from the Path station you live). Most good appts are within 5 min walking distance from the Path station at Newport. Rent for a NICE 1 bedroom is about 2000 and for a NICE 2 bedroom is about 2700-2800. The buildings have all amenities (pool, tennis court, club house etc. etc.) not that you would have any time to use the amenities. I would say its better to live in Newport than to live on UES because you get a better appt with same commute.
yeah i lived in Hoboken during my internship. taking a black car home at night was dead easy to both JC and Hoboken. the only problem was going out and coming back on weekend nights - irregular PATH service is hard to stomach while drunk
Don't trust your internship experience in terms of commute. You put up with the travel for 10wks, but its a different story come FT. My buddy did the same thing during his internship (JC) and then moved in to the City for FT cause he couldn't put up with a year of cab costs, lost sleep and hassle on going out nights.
I also agree with that other comment. When you go to people's place to pregame but they can never come to yours cause you are out in JC, you'll quickly be known as "that guy"
It's ok until you become known as "that fag who lives in Hoboken." Unless you have financial reasons or family nearby in a suburb, I would advise living in the city. It just makes life much easier.
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