Am an associate at a BB in AM - base circa 150k with bonus expected to be around 50-60k this upcoming year. I have been fortunate to be from NYC so have been able to live with my parents paying minimal rent in the outer boroughs (50 minute commute in) which I have been able to manage with due to the fact that AM hours are not nearly as bad as IB.
However, I am now 4 years out of college and while I have managed to save what I deem as my safety number (-250kish might seem low for the IB folks but AWM bonuses are a lot less as a cost of having more of a life / predictable hours), I am torn between biting the bullet and moving to Manhattan. My dating life is definitely quite non-existent due to where I live and even though I am able to hang out with my friends who do live in NYC, I feel like I miss out a lot. While I theoretically could afford 3.5k on rent, I would really prefer to be no more than 2.8-3k. I see plenty of decent 1 beds for that price in Manhattan, Brooklyn, Astoria.
Kind of curious what folks in similar base salary positions pay (function agnostic obviously as I understand that IB folks do get a chunkier bonus to help make up that bonus).
Based on the most helpful WSO content, your situation aligns with many professionals debating the trade-offs of living in Manhattan versus outer boroughs. Here's what you need to know:
Rent Expectations for Your Budget:
General Rent-to-Income Ratio:
Trade-offs of Moving to Manhattan:
Tips for Finding Apartments:
Community Insights:
Ultimately, moving to Manhattan or nearby areas could enhance your social and dating life, but it’s essential to weigh this against your long-term financial goals. With your savings cushion and income, a $2.8k-$3k rent seems reasonable and sustainable.
Sources: Millionaire by 30, Best neighborhoods to live WITH GF in NYC (and timing) - 1st year IB Analyst Midtown Summer 2019, NYC is Paradise
If I were you, I would probably bump up that budget and target trendy neighborhoods in Manhattan. For example, I loved hanging out in the LES / East Village area in my early 20s with friends on weekends. If I could afford it and was in that age demographic, I would move there. I imagine the dating / nightlife there might match up with what you're looking for.
If you decide on Astoria, I would go up to ~3.5K apartments. As someone whose apartment searching on and off in that area, everything below 3K is mostly subpar. Every few weeks, there will be a great apartment posting in that price range and it gets de-listed within days.
Why not get a roommate?
Reprehenderit ut dolores voluptatem eum. Facere et natus nostrum voluptates possimus repellendus. Accusamus enim dolorem provident.
Qui eum molestiae cumque consequatur numquam reprehenderit veniam voluptatem. Veniam dignissimos quia et delectus et.
Sit adipisci nesciunt sed est autem beatae. Iusto est quasi sed quo maiores possimus. Aut tempora quibusdam vitae iste. Et est sit sequi consequatur.
Dolores molestias veniam ipsa at suscipit velit sint. Ea ut autem accusantium placeat autem neque optio. Expedita similique ut perferendis magnam odio temporibus consectetur. Soluta quibusdam earum iste deserunt possimus. Et magni blanditiis commodi aliquid sequi. Voluptas illum eum non sunt animi at sint omnis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...