Analyst Housing
For you analysts, how close (or far) do you live from your office?
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During training - way too far now 30 minutes walk
i made this type of thread a while ago, most of them live very close to the office...but that comes with a price...most live in 2500-3000 dollar apartments with a roommate...so they end up paying 1500 or so per month.
Would like to find out if any BB provides housing stipends/allowances for their junior staff (newly-minted analysts and associates) in NYC? Or any other city for that matter?
If not, I would assume that the reloc. bonus given is supposed to cover for the housing expenses?
no bank gives a housing allowance.
and the relocation bonus, from what I understand only covers transportation, and first month's rent.
The reason why I'm asking is because a couple of my friends who interned in HK this summer were offered full-time positions (in UBS & GS) and their base + sign-on is exactly the same as that offered in NYC, with the exception of one item. They were offered a monthly housing stipend.
I have heard of banks offering housing stipends in their Singapore offices as well. Perhaps its time HRs in the states consider offering housing allowances. What do you guys think?
Well I understand a lot of banks that ask people to transfer overseas for awhile give them a salary plus a house(usually a very fancy condo) AND a car. But that's to make uprooting their lives here in the states and going to some foreign country more attractive.
i think also because Hong Kong from what I've read is a VERY expensive place to live.
Worked there last summer - it's nothing compared to New York.
I lived their for 7 years...and I got several friends from HK who now work in NYC...
Add up your rent for 12 months in HK comapred to 12 months in NYC
AND...given the size you get in NYC compared to HK...per sq foot its cheaper in NYC.
We own a duplex in Midlevels in HK, are you kidding me?
Do you live in Harlem?
There's a big difference between renting and owning in HK. I think we're talking about renting here.
Prior statement was made in response to the prior poster's reference to the fact that he had lived in HK for 7 years. It's a question of experience and exposure to HK real estate pricing, not renting v. owning.
If you want to get specific about it - I've 'rented', for various time periods, outside of LKF, Wanchai, Causeway, Kowloon, TST...all over the place. If your rent in NYC is cheaper than your rent in HK, you either need to move to a better area or you're getting scammed in HK.
LMAO that's fucked up.
LMAO that's fucked up.
If you're living in midlevels the prices are higher for less space. This is where most young expats live. I lived on Conduit rd at the top of the escalator, and my rent 3 years ago converts to 4k US for 1 bed plus den and a kitchen the size of a small closet. For 4k in NY you can get a 2 bed with normal size kit. for less than 4k in a nice neighborhood.
I heard they offer housing because their program is rotational, but I could be wrong.
as far as the housing for analysts are concerend, do you think it wise to attempt to buy a home as an analyst in your first year. the salary for some bb employees seems like it would be enough for a nice home in nj. but the fact that most people leave and go back to school make it seem like a bad idea
1) There is a very high wash out rate as an analyst, you have no idea if you'll like it, so I wouldn't even begin thinking about this until you've been an associate for 2 years. 2) The business school like you mentioned after 2 years. Not the best idea to buy a house when after 12 months(I figure you'll need to wait until you get your bonus before buying) 3) From asking around on this forum it seems like EVERY analyst/associate lives in NYC. Commute from NJ is just too long...even if you live right across the river, thats still an extra 2 hours per day that you'll lose on commute. And when you get so few hours for sleep that'll really kill you 4) Not that important, but do you really want to be tied down to a house so early in life? What if you are asked to relocate? You'd have to decline. 5) You'll be hard pressed to qualify for a loan, since most places want you to have worked at a job for 2 years.
What if you are asked to relocate? You'd have to decline
Rent the place out or sell it. If the rent market's hot enough sometimes it'll be enough to cover mortgage and taxes...but I'm a big fan of owning.
It just feels like if you rent for too long you're like throwing away money to a landlord...and you don't have anything to show for it after you move out.
I totally agree with aspiringmonkey.
Owning a place as an analyst (especially in/around NYC) is virtually impossible, and certainly a bad idea on top of that. To reiterate other comments:
a) You need to be somewhat close to the office (I live in midtown and work in the financial district, and I still get pissed about the commute). Anywhere that you could conceivably afford to own a place would not satisfy this requirement.
b) You probably can't afford it anyway. You don't just pay interest on the mortgage when you own, and your salary as an analyst probably wouldn't cover everything. Not to mention giving yourself a margin of safety.
c) If, in some unforeseen misalignment of the cosmos, you're forced to sell, you may be royally f----d if the real estate market has turned south. Good rule of thumb is to commit to owning for at least 5 years in order to alleviate this risk. For a 20-something just out of college, there's an enormous amount of uncertainty that pervades your life, and a 5-year commitment to ANYTHING is a stretch.
So until you can be 99% sure you're going to stay put, you probably ought to stick to renting.
Here here on all the comments above... just don't buy!! Not right now as an analyst.
But if the compulsion is too much to bear and you absolutely need to get it out of your system, consider an investment property, e.g. Las Vegas. Buy a small condo in/around Las Vegas where the real estate market is better than in other parts of the country.
Next, hire a property management company to lease the property for you. Ergo... you own a home, someone else is paying your mortgage, you're building up equity and establishing a safety net for yourself, yadda yadda yadda.
you should buy if you can get a loan from your rich daddy.
Vegas was the place to be 5 years ago.
Make that along with every other major market.
Hell, I'm in real estate.
Stay away from a) condos and b) Las Vegas (although both have experienced a slight recent downturn).
Sure it is.
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