Where to find decent rent (NYC)
Recently switched over to a corp dev and strategy role from IB previously - make about $125k base and $15k bonus.
Now that I no longer have a large bonus at the end of the year to add to my savings account, I feel like I've been living paycheck to paycheck. My savings rate has plummeted and I think a large driver is my rent (currently ~$2300/mo). I'd love to increase my comp to ~$150k+ base, which would give me more flexibility and also seems like it's the going rate for most associate level roles; in the meantime, I'm looking for ways to cut back on expenses.
With that in mind, any suggestions for good neighborhoods where I could find a 2 bedroom for <$4k? I've been looking at Greenpoint, LIC, Brooklyn Heights, etc., although I'm not sure how enjoyable the NYC experience is when you're not "in the action" anymore. From my initial research, even BK looks expensive. There's a part of me that's considering leaving the city altogether as I'm fully remote and feel like the COL is insane if you aren't making $250k+, but I've also really enjoyed my time in NYC and would like to make the numbers work if I can. Overall just a little disillusioned with the state of the housing market, so would love to hear thoughts on budgeting tips or neighborhood suggestions.
Aren’t you essentially making the same as most analysts? Why not just stay where you are currently on your analyst salary?
Unfortunately not - previously I was getting a meal stipend and never paying for groceries, plus a pretty material bonus of $60k+ per year. Overall, I was easily saving 50% of base + full bonus which added up quickly.
After switching, my rent went up, and I'm lucky if I save $2,500 a month after taxes and deductions.
Saving $2,500 a month is good at that income level, don’t think it’s easy to get much better than that
I’ve read from numerous personal finance books and channels that the best way to live better is to increase earnings rather than decrease or skimp on your general expenses. Why not look for other streams of income now that your hours would be much less than before?
Idk why you're getting MS as I actually agree to an extent. I think it's a combination of higher earnings + avoiding lifestyle creep where possible.
I haven't really thought about side hustles outside of house hacking. I think real estate ownership is a really compelling investment if you get a roommate to help with paying the mortgage. Unfortunately, it seems like property ownership in NYC is a losing proposition when you factor in maintenance fees, property taxes, and interest payments. I'd love to buy a 1 bedroom and flex it to have a roommate live with me and contribute toward the mortgage, but the timing seems terrible with rates and property values.
Right now, I put all of my excess savings into stocks or money market funds and have been trying to beef up passive income / dividend reinvestments from those assets. It's slow and steady but I probably generated $6k last year from dividend streams which I was pretty happy with. My focus so far has just been to contribute as much as possible to those investment accounts to take advantage of compounding; however, I do think that you're right that there are other avenues for higher passive income generation, just haven't really found a good opportunity yet.
I’d say this is actually the correct mindset to have.
Why eat bread and potatoes for dinner every night when you could actually just eat normal food and enjoy yourself instead
Yep. What exactly are you "saving" for if it means living a physically and mentally unhealthy lifestyle in your 20s? It's different if you make very little and saving anything means skimping like this, but for someone making six figures, saving the extra couple grand a year and eating white rice and frozen veggies every night so you can eat at a steakhouse twice a week when you're 65 seems like a set of misplaced priorities
Hells Kitchen mignt be worth a look
I actually really liked living in Hell’s Kitchen for a bit. Cheap rent and restaurants around. Very affordable area. Only problem is the subway. You need to go to Times Square most times to get downtown. I’m in a more expensive area and while it’s nice and quiet everything around me costs more.
Which part of the city are you living in currently?
I've heard great things about Mott Haven. Heard it's always "popping"
lmao you're tryna get people killed
I had some good luck finding a nice apartment in FiDi. The inside of the building is very modern and there are a lot of subway stations down here so it's easy to get anywhere in the city.
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