Where to Live in the Tri-State Area
Everyone who works in the finance industry in New York from Analyst to Managing Partner has to decide where to live and what method of transportation to use to get to work every day. In the NYC area there are many options that you have when deciding your transportation and location of residence, but as we all know, the job is a major factor in the decision.
As an analyst in the banking division the trend is to live as close as possible to the office so that you can walk to work and do not have to bother with the trains when it is 2AM and you are wiped out from the long day. Anor a analyst however usually lives in East Village, Chelsea, or any other area where you are close to a more exciting nightlife as in these divisions you get off between 6 and 8pm and it is not as important to live very close to work.
Someone who is a senior VP or an MD and has a family usually lives in Jersey, Connecticut, Long Island, or another similar area outside the city. This most likely requires an hour or longer commute and I have seen that people take the train or some even drive to and park in the city, which can be a major headache, as those of you who often drive in the city during rush hour experience. Some higher level employees however, choose to live in the city where they take advantage of a short commute but have to sacrifice the size of their living quarters, which can be tough if you have a large family.
Although these are the common trends, I have seen outliers. For example, I have worked with someone who lived in South Jersey and either took a 2+ hour ride on the NJ transit, drove his car and incurred the usual gas and toll expenses, or if he was in a hurry he would take the ferry that takes you to the World Financial Center, but the daily round trip ticket would be around $40. The worst part is, this person had to wake up at 5AM to be in the office between 8 and 9. The reason he lived so far is because his girlfriend had a job that required her to live close to her office in Philadelphia.
How do you approach your living and commuting situation? Is proximity to your office a primary factor in where you choose to live? Or is it based on a nightlife preference or a family situation. I would love to hear unique experiences from those who work in NYC to share where you live and what factors were considered when you decided on your living situation.