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?
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