NYC MBB new grad rent budget

Hi all, just accepted an offer for NYC MBB office. Base salary around 112k. What should I be looking to spend on rent in NYC? Ideally want to live in manhattan and with roommates.

Also are there any neighborhood reccs? My office is in FiDi.

its a bit tough to think abt how much I wanna spend on rent since i'll be traveling/away from apt so often. So im just curious about what others do

8 Comments
 

Going to the same place too haha, following. Thinking East/West Village might be the best options as a new grad, cause places closer to FiDi are too expensive for travel + less community with older population. And living close to office not as big a deal if we're only there once a week. 

 

lol ya am person above but I’ve heard fidi is not that expensive. But I agree I want to live near friends and we might not be on in office cases. Dyk if there’s more in office work bc it’s nyo and more ny clients? Aside from pe 

 

Besides PE I think it's unlikely you'll be on a ny case. I'm sure there's a decent amount of cases, but anyone from any office could get staffed on them.

 

Heard the firm is trending regional now. Also our stuff is more relationship based staffing after a while and inevitably NY partners will be that

 

I think it’s a personal choice here but living in fidi isn’t that fun but you’ll save on $$$

Distance to office isn’t going to matter that much since you’ll be on the road most days

If cost is the only factor, yeah, go for fidi or Brooklyn. Would rather live in EV, Chelsea, or LES though. 

 

As someone that's been lived here for a few years, the beauty of NY is that you don't need a big place at all. You're out all the time, either at work, traveling for work, or exploring the city. Why do you need a ton of space? Unless you live in the outer boroughs, or you're the hosting type, you can spend less on rent and more on going out. 

I strongly recommend roommates. Not only does it save you big money on rent (I pay 1k with two roommates in a decently sized place next to the train), you have forced socialization which, if you don't have a lot of friends in town, is a huge advantage. You will at least get to have other people to talk to, a luxury in a city moving this quickly, and if you get along, you'll get some new friends. 

As for where to live, I advise people against living in the Financial District. It's not very interesting, and the pockets where there are places to go out and socialize are too expensive to live in. Brooklyn might be your best bet, maybe Boerum Hill or Clinton Hill– Interesting neighborhoods, still somewhat affordable. If you want to be in the city, and can find roommates, the LES or Chinatown is even better. Artsy neighborhoods and cheap eats (been going to the same places since my college days), and still relatively cheap. I know people with 3-beds for 3.5k on the eastern side of Allen, which is a dividing line in Chinatown these days. Oh, and please get your name in for housing lotteries. They will get you a reasonably-priced, rent-stabilized apartment, and once you're in, even if your income increases beyond the initial limits, you stay. Yes, the waitlist is many years long, but the financial sensibility outweighs it. 

All this said, this is all about what you prefer at the end of the day. Do you like the idea of a big place, or being close to work/transportation? If so, ignore everything I said. My advice is from the perspective of someone who was making it by on very little in NY for years before I got into banking, so I've made the necessary sacrifices and am happy I did. DM me if you have other questions; I love to help people with this.

 

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