What are yall's mortgages/rent looking like?
Curious to see what HF folks are paying COL wise. I always was curious because your income tends to be very unpredictable, especially in the MM world. What kind of monthly payment do you guys commit too while still being able to sleep at night? or do you just buy a pad in cash after a big year? I know it may be naive/personal to ask but hey im a college student and this is an anonymous fourm.
Hi Intern in HF - EquityHedge, the silence is deafening, sorry about that.... Any of the threads below helpful?
More suggestions...
Hope that helps.
bump
NYC - UES. $5.5/k month for 1,200sqft 1 bedroom. Split 60/40 with my wife
rent or mortgage?
Rent. I wouldn't go any higher than this unless it was a mortgage, maybe.
Live in UES NYC paying $6k for a 1100 sqft 2b/1b split 2/3, 1/3 with long term gf. Pay 3k/mo for parents' mortgage as well so they were able to retire in their early 50s. Work at an MM and have had a couple 0 bonus years in my ~10y career already so tend to be fairly conservative on finances.
What’s your average earnings? What did you do prior to being at a MM?
Started career at small startup fund, finally jumped ship for MM when I realized having equity in something worth 0 is worth 0. Been at a couple MMs since and moved from Analyst->Sr->Jr. PM in that time.
For above, what is your average comp?
6k/mo rent in luxury building, but I'm lucky to have a PM that has given me a relatively high floor on comp while also keeping a lot of upside (ie won't get 0'd unless we blow out).
Are you at a MM?
Multi strat with an MM like structure, but not exactly an MM. I trade macro/RV not equity L/S
Attempt number 3 to have my post go through. We bought our place and after 3 years paid it off with a big year. Before that $6.5k/month in rent.
What is your monthly costs now that you own vs rent?
Housing costs or everything?
Right now it is: ~$4k in taxes and $2k in HOA
Mortgage was around $15k before we paid it off, so we were paying about $21k/month (although you get small tax savings with the mortgage interest deductions).
When is the right time to buy if all is stable in your personal life (i.e., kids, married)? Any rule of thumb or simple heuristics to follow for expected comp over 2-3 years vs. total price of home?
Buy when you're sure you want to be here for 5+ years and have a place that you'd like to live in for at least that time. It's not the optimal financial decision most of the time given NY cap rates, but there's positive emotional value/stability from owning your home.
Re pricing, from my peers/seniors on the HF side who have highly variable income, most buy property well below their means and have enough in liquid assets to pay off their mortgages. E.g. 5mm liquid own 3mm place putting minimum down, or 10mm liquid with 5mm across two homes. On the banking/PE side I have friends who were more aggressive, buying 2mm places while making 500k.
Any tips on managing your finances in this kind of career beyond a public forum? Hard to ask colleagues given sensitivity around personal finances, but really lost as I didn’t grow up with money and somehow ended up in IB->PE->HF career path with meaningful disposable income.
Would you consider shopping around for a competent certified financial planner?
thebrofessor would you be able to chime in?
Be more specific, happy to opine
and if you'd rather take to PM, I'll keep it confidential
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!important;}[class^="tile-picker__CitrusBannerContainer-sc-"]{display:none !important;}a[href^="https://geniusdexchange.com/"]{display:none !important;}maybe they had a lot saved up / put more down, but if putting the standard 20% down (and not splitting the mortgage with a SO), how is buying a $2mm apt while making $500k pre-tax a financially responsible thing to do? haha
I agree. I think HF guys and other high earners have a unique problem with owning property...
The bullshit associated with owning property is not worth the headache and distraction from your job.
The only time it's worth it is if you have family and need the stability.
Currently scoping out in SoCal. Prices are not friendly at the moment. At minimum, looking at least $800k-$1.2m for a house.
I pay 6500/mo for a 3br in Brooklyn. Was clearing mid-6 figures at a SM until last year, when I moved to a MM and had a big year (mid-7 figures). Debating buying something.
Mid 7-figures as an analyst or are you a PM?
Kind of in between, sleeve with a formulaic payout
First year in prop, ~500k guaranteed comp (~250k base), 4k/m rent in EV.
edit nvm
LI NY, 1600 sqft 4 bedroom with 2 baths; $3,400/month (includes taxes and insurance). Locked in 2.7% mortgage.
6k/month on a house in CT. Way below market at 2.75%
I could easily pay it off (750 remaining), but why?
How far along in your career did you buy? What city are you in?
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