Can bankers afford to live on Park ave or Upper East Side? What about TriBeCa
Can a1-4th year banker afford to live in these places? How long will it take for them to live comfortably at these places. Are only VP's and MD's here? Are analyst stuck living in queens?? How long will it take them to live the "rich" lifestyle;sending their kids to boarding school, living in the Upper east side throwing birthday parties at fire island and having their family vacation at the bahamas every year?
1) Park Ave is not all $5M penthouses.
2) There are actually many affordable places in the UES, but as a young banker you probably don't want to even live there given lack of real nightlife and stuff.
3) TriBeCa has some affordable places too.
The rest is really dumb and subjective and I won't even bother.
Here is my answer (although this doesn't really seem like a serious question):
1) Most analysts don't have kids, so they are not concerned about sending their kids to boarding school.
2) Upper east side? Sure if you want to. Although I wouldn't really consider that the "nicest" area of nyc to live. Personally I enjoy the Columbus Circle area and the upper west (around 70-75th). I do not work in ibanking, and I am a little older than most on here but when you make ~150K you can pretty much live anywhere in NYC (as long as you don't have huge student loans). $3-3.5K will get you a nice one bedroom.
3) I vacation just about every year. A vacation isn't really that expensive. My wife and I can usually spend a week away for around $5-6K.
So, yes an analyst can enjoy NYC, but it does depend on the amount of debts you graduate with.
"Comfortably" is a highly subjective term. Did plenty of Americans "comfortably" buy homes/cars/material items that they couldn't afford using credit with a negative savings rate?
You could technically afford to live in the aforementioned areas as early as a 1st year analyst if you had no interest in saving money. There are too many variables (i.e. college loans, debt, trust fund, credit card limits, etc.) that would affect your ability to live "comfortably".
The "rich" lifestyle is a highly relative term (especially in a place like NY) because if you are the type of person obsessed with money you will almost always feel poor in NYC because there are just too many people who will have more $ than you (and plenty who will have less) if you work in IB.
Boarding school ~ $30-40k per year per kid Bahamas trip (Atlantis) ~ $10-15k UES apartment - buy $4-20 million rent - $3k - $15k
Most people think "afford" means they can make payments. Hence the state of consumer debt,
You're a freshman at Stuyvesant. Focus on HS.
The upper east side is safely the most overrated neighborhood in the united states.
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