NYC NOT worth living in, unless you make $70k+? Thoughts?
What are your thoughts about making less than $70k/yr and living in expensive NYC, post college graduation? I am NOT talking about landing an investment banking job here - I'm talking about all other corporate jobs.
I know, NYC is the place to be - nightlife is amazing, women are amazing, the opportunities are endless - but let's be real here: How much do we really have to give up to be in a city where we can only enjoy 10% of what it has to offer? Especially when we can have a much better life in a less expensive city?
The reason I bring this up is because I have older friends who graduated from a target and who make about the same salary, but are experiencing completely different qualities of life. Friend A works as a business analyst for a marketing firm and makes $55k in NYC, lives with a roommate in midtown to share the rent, in a converted 1-BR appt into 2 BRs. He barely has enough money to splurge on friday nights, go see movies, and at the end of the year, has almost no savings at all. Friend B also makes ~$55k, but in metro DC also as a business analyst. He lives in Virginia in an awesome 19th floor apt - no roommate to share the bill. He drives his college car to work - 1 hour drive - still has money for gas, food, nightlife, dates, etc... None of them come from rich families. Friend A is pretty much being frugal every way possible. Friend B lives in an awesome rented condo.
So is NYC really worth it if you make under $70k?





As someone who did his
As someone who did his banking years outside a major city, it is definitely worth it to go where you'll get the most bang for your buck. Personally, I'd put the threshold a lot higher than $70k. I think you want $100k in NYC --- that way you can improve your living situation and not start counting your pennies every time you want to hop a cab to save time.
CompBanker
At the same time, if you're
At the same time, if you're not working in IBD, living in midtown is pretty stupid; your friend could be living in Brooklyn or New Jersey, and have a pretty similar quality of life for much less.
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Get roomates. I know
Get roomates. I know Associates with roomates still.
+1 on what CompBanker said
I wouldn't want to live in a
I wouldn't want to live in a state with income tax, much less Manhattan, for under 100k...and that's low. In Manhattan I'd put my floor around $250k single, double that married.
God bless Texas.
completely unlivable at under
completely unlivable at under 70... i think 130+ is the threshold
70k is like illegal immigrant
70k is like illegal immigrant status in NYC. it can be done ... anyway your friend in DC is probably living above his means bc it aint cheap there either
From a convenience
From a convenience standpoint, if you work in battery park or even uptown, living on the Lower East Side or Financial District can be done in a great spot for around 1200/month. You're going to want to go out in the city anyway, and most people at work will be living somewhere in the city, so starting at 70k and living in Manhattan is not unreasonable. Probably will save a lot of time getting to work everyday, and will end up paying a decent amount for commuting regardless if you choose a Brooklyn / Jersey City (woof) / Hoboken option, so it really evens out. Taxes will burn you bad in the city, but its a personal decision between convenience / lifestyle / opportunity cost.
70k is enough to live on in
70k is enough to live on in nyc, what are you guys smoking? you're not saving that much but you're comfortable (unless you like to go out to dinner every single night and go to bars every chance you get).
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BossMode
I don't know how people are
I don't know how people are saying 70k is unlivable - you're not rolling around like hotshots at 22, so unless you require some absurd lifestyle then 70k is more than plenty. Def not saving a ton - but you're 22 - you knew moving to NYC is going to be expensive - might as well enjoy it, as long as you know you have some promising opportunities ahead of you.
I lived on 70k my first year out, doing an analyst program and left right before my bonus to a startup - i was living with roommate in a nice doorman/lux building in Tribeca - going out 2-3 times a week to meatpacking/nice bars. I never ever felt that money was an issue, or thought twice about taking a cab - ended the year with some nice savings (did not get a bonus, but my class was paid 65k) and still live well.
Killers among analysts in my class - going to the finest restaurants (one girl had to eat at Wolfgangs every other week), requiring the nicest wardrobe (trust me, your ferragamo loafers at 22 will not get you laid), and dating girls that are high maintenance - don't be an idiot and 70k is fine and you will still have plenty of fun
I went to Jersey City to
I went to Jersey City to visit some friends this weekend, felt like I was in a different country..don't think I can ever live outside the city
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70k is a good threshold I
70k is a good threshold I think (especially if you are expecting more as a bonus) under 25 anyway.
I did it my first couple of years. It helped a lot that I worked a lot and did not have time to spend the money, and not to mention the company paid dinners at least 4 nights a week.
Also if you are a smoker, please make sure you quit before NYC. $10 a pack nowadays. That depletes your accounts rather quickly.
Also Ferragamo Loafers are great.
This may sound extremely
This may sound extremely asshole, but I don't really care... The reason I say NYC is unlivable at 70k is because I personally would not enjoy life there at that income level. I guess it depends what kind of lifestyle you were accustomed to growing up / in college, but I know that I would not be happy with what 70k before tax can buy you in the city. Saying that it's "illegal immigrant status" is over the top, perhaps, but to say that making 100+k entails being a "hot shot" is also dead wrong. Hotshots have cars, nice apartments, fancy clothes and eat out at nice places all the time. In NYC, that costs 300k+ / year. Analysts at BB in NYC (making well over 100k) are not even CLOSE to "hot shots"... they're getting by, with a little extra cheddar for the finer things in life (models and bottles, etc).
I know plenty of people
I know plenty of people living in NYC on 70K or slightly less. Most people working in IBD can expect a bonus. For your day to day you can get some roommates or live in an efficiency. 70K is not a fortune, but as mentioned above, unless you ball out all the time you can live just fine. 70K a year is street salary and many 22 year olds manage to survive on it just fine. If you are rolling out in a range during UG than fine, have your mom and dad pay for a penthouse.
This whole topic is stupid. You know what, 60K is livable in NYC. You want to know why? If Morgan Stanley tells you your salary is 60K to work as an analyst you sure as fuck better find a way to do it or someone else will. What is the point of this topic? Are you going to turn down a job in NYC because you cannot live on 70K? Show some restraint, don't piss your money away and realize that the goal isn't to be rich day one, it is to get that experience and either move up or move out. How many college kids just out of UG does everyone know that got 100K or more to start BASE SALARY. Get real.
I am giving bananas to all the people who have their heads out of their ass and money shit to the ones living up there.
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Anthony .
International Pimp, thank you for identifying yourself as 1) a freshman and 2) an idiot.
I know plenty of people living in NYC on 70K or slightly less. Most people working in IBD can expect a bonus. For your day to day you can get some roommates or live in an efficiency. 70K is not a fortune, but as mentioned above, unless you ball out all the time you can live just fine. 70K a year is street salary and many 22 year olds manage to survive on it just fine. If you are rolling out in a range during UG than fine, have your mom and dad pay for a penthouse.
This whole topic is stupid. You know what, 60K is livable in NYC. You want to know why? If Morgan Stanley tells you your salary is 60K to work as an analyst you sure as fuck better find a way to do it or someone else will. What is the point of this topic? Are you going to turn down a job in NYC because you cannot live on 70K? Show some restraint, don't piss your money away and realize that the goal isn't to be rich day one, it is to get that experience and either move up or move out. How many college kids just out of UG does everyone know that got 100K or more to start BASE SALARY. Get real.
I am giving bananas to all the people who have their heads out of their ass and money shit to the ones living up there.
haha well, the reason I created this topic is exactly that: 60k might be livable in NYC, or even 70k. But if we landed a 70k job straight out of undergrad in such a competitive place as NYC, you can bet we also have offers at the same salary range in other much cheaper areas like DC, Philly, or even Miami. I wanted to open this up to debate - whether it was worth it to be in NYC on such a salary if you can be in other places on the same salary, work your ass off, then apply for a $200k+ job in NYC...THEN move to NYC and actually enjoy all that it has to offer. Also, in my initial post, I said it didn't cover IBD jobs...but all other "corporate jobs" in NYC. Calm down man.
I am in Philly now. Street
I am in Philly now. Street here is like 60K. Nice loft apts are around 1200/1300 for center city, maybe a little more. We have a city living and working tax, still cheaper than NYC. You might make out a little better, but you are sacrificing a lot of networking and experience. NYC is still the place to be.
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@anthony I think you're
You could always live in
Here's a question: of the
If you are working a 9-5 job
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I also know people in NYC
LOL, well taking the freshman
I took the idiot back also.
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lookatmycock wrote: I know,
looking for that pick-me-up to power through an all-nighter?
@anthony thank you sir, I
Anthony . wrote: I am in
swagon wrote: Anthony .
"If you can count your money, you don't have a billion dollars." - J. Paul Getty
Haha, yeah, that show almost
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I live in Brooklyn and
70K base = $3,800 a month
I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing.