Associate rent/budgets
For those starting off as new associates in NYC this year - I was curious what you plan to set aside for rent / how you plan to budget?
I think most of us are too old with live with roommates, so I was mostly wondering whether you plan to live in a studio or 1 bedroom? Uptown/Midtown/Downtown?
It appears that decent studios in doorman buildings go for anywhere from $2000-2800 (excluding brokers fees) and 1 bedrooms go out at $2500-3500. This is obviously a pretty big chunk of a $100K base salary.
Any thoughts or experiences would be welcome.
5th floor walk-up studio on 11th ave= $1500/month.
Must be a bitch buying groceries and shit. Good exercise, though, I suppose?
How long does it take riding the subway from Queens/Brooklyn to downtown Manhattan?
That is a waste in my opinion. Look elsewhere like Brooklyn/NJ/queens area closeby.
At $100K, youre looking at ~$5600/month after taxes. Do you really wanna spend about half of it on rent alone? Damn, I'd gladly ride the subway daily to save about $1000 each month.
I am not looking to live outside of Manhattan. It is far too inconvenient on the longer nights in this job, especially as a first year associate. If I worked a normal 9-5 or 9-7, I'd consider it.
Realistically, there really aren't too many walk-ups on 11th Avenue - only a handful of high rises which are fairly pricey. I guess I could consider 1st Avenue... but it really does not appeal too much. Additionally, the convenience of having a doorman building is immense in this job. I don't foresee doing my own laundry as a first year associate, for example...
I guess I'm just looking for validation that others plan to be as wasteful as I am being. This is a first for me, but I don't see too many other viable options.
"Must be a bitch buying groceries and shit. Good exercise, though, I suppose?"
how many groceries do you plan on buying?
paying the extra money to live closer to the office is 100% worth it..a ten minute commute each way vs an hour commute each way is a massive difference in what limited free time you'll have
http://www.mns.com/manhattan_rental_market_report
In case anyone is interested... A pretty good report of what the rental market looks like today.
I live on 11th ave in midtown. There is no decent studio you will get for less than 2600 at least in clinton/midtown west, if you want a doorman. A good number of associates/vps/svps live in my building and studios start at 2900 but with a month or two free per year
I suggest you either drop the doorman and go for walk up builduings or look at murrayhill or FiDi area.
Goodluck
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