Can you live in NYC for 80k a yr?
Looking to get out of IB and have an offer in strategy at a really interesting company, two things turn me off this though the salary/city with HCOL. I'm a A1 in Chicago right now on 110k. Is 80k not enough in NYC? I wouldn't say I'm the best with money either
You’re going to be scrapping it. Are you expected to earn a bonus? Quality of life will fall dramatically, as CHI is so cheap compared to NYC.
I have a lot of friends who live in NYC on 80k. They generally all live with multiple roommates, often times not in Manhattan or in unideal neighborhoods, or without things like laundry in building. It’s doable and tons of people do it especially at your age, but you really want that 80 to go up to 100 in a year or two. If it’s the right company and opportunity, I’d say go for it. I’d target paying 1500 or less on rent, likely in a three+ bed unit.
Stay in chi
Yes but you won’t have any savings and will live in an in-ideal neighborhood
Not gonna do it then, will wait til after my 2 yrs and hopefully make over 100
Let me know what firm you at.
Eb
Curious as to why you want to make this jump? are you burned out or culture wise.
Is 80k all-in or base?
Base, TC 105-120
You can def do it, just need roommates. Savings will be tight as well but if it’s for the near term shouldn’t be an issue.
You’ll have to live in Queens, or the outer parts or Brooklyn or even Long Island
You definitely can but probably won’t want to
Yes but your QoL will substantially decline
Lol at these responses
Plenty of people who live in New York with way less than 80k.
Depends on where you live in New York.
You'd prob pull...
$4250/month NET with an $80k gross salary in NYC + higher COL
vs
$6100/month NET with $110k gross salary in Chicago + mid COL
If you have extensive student loans/credit card debt then no
The tough thing about making 80k in NYC is that you don't qualify for any assistance from the government, however, it is not enough to have a decent quality of living in NYC. Average lunch is 16 bucks, coffee is 4-5 bucks. You'll definitely need to drink coffee at home and make PBJ and do a lot of cooking at home. Delis will charge you 10 bucks for a panini/sandwich that has barely any meat on it. That's 30 bucks a day on food minimum if you eat out. Hopefully your job is strictly 9-5/9-4 and offers flexibility. The average fitness work/out class is 25-30 bucks. Gyms are on average 150 a month. 2.75 to use public transit for one way. You'll have to do the math to figure out if buying an unlimited card is worth it for you. Bars will charge 15 bucks for a drink on average, beers can be cheaper 8-10. Pre-covid, I used to make 73k and it wasn't great. I did pay 2100 for a studio so my rent wasn't so bad, but my savings barely went up for the years I made that salary (and I had a great deal for a gym like 70 a month). Average club entry is 50 bucks minimum. In NYC we have a website called streeteasy, look at that site to see rents. Upper east/upper west/murray hills/etc will be your best bet if you really want to be in manhattan. Astoria Queens should also be a lot more affordable, and the commute isn't that bad if you're by the train station.
Plug the above numbers in an excel spreadsheet, and you'll see that although you'll be in the city, you may not be able to enjoy it as much. Also if you're a single guy expect to blow min 50-60 on a date. Two drinks each will land you in that range, and that's at a low end place. If you go to a speakeasy, that will go up to 70-90. NYC has crazy tipinflation, and restaurants and most business are looking for 20% tip. My controversial opinion is that I'll give 20% at a restaurant, but won't give a penny at cafes, etc. However, I wanted to point this out as I have friends that succumb to pressure and tip everywhere, which eats into their cash flow.
What about a $100k base salary in NYC? With a smaller bonus (~20%)
I think a lot of what he said would still apply...
What comp (base / TC) would you consider "livable" in NYC?
10 years ago i was living in nyc making 75k (benefits but no bonus). I was living with my gf in a crusty 1-bed for $2,800 (nice neighborhood tho!) and split the rent. The salary was certainly livable but I remember having a couple of evenings where i get caught up drinking too many beers in midtown along with a couple of burgers and wings and all of a sudden its a $300 night. That would certainly throw my budget off for the rest of the month.
Once I moved to $100k, my lifestyle got noticeably better. I was still living in the same apartment, but i could actually save a little chunk beyond my 401k match. And those "splurges" didnt break the budget.
Given the time thats passed and recent inflation, I'd bump all those numbers up by 20-25% and say it holds. So personally, would say $80k is not worth the struggle right now.
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