Hoboken for Banking?
Hi - I have couple quick questions for any bankers working in Manhattan. I just found out today that I was accepted into NYU Stern's MBA program. I plan on matriculating and pursuing IB through the program.
For a variety of reasons - mainly the happiness of my wife - we were thinking of living in either Hoboken or Jersey City and commuting over to NYU for classes and eventually to Midtown for my banking job (assuming everything goes as planned).
Does anyone here have experience with this setup? Is the commute doable while working banker hours? Any pros/cons that I should consider beyond the commute time, rent savings, tax situation, etc?
Appreciate any and all insight, whether it's positive or negative. For what it's worth, I'm a little older and married, so nightlife/dating/going out are not significant to me.
Living in Hoboken or Jersey City while pursuing an MBA at NYU Stern and eventually working in investment banking in Manhattan is a setup that many have considered. Here's what you need to know based on the most helpful WSO content:
Commute Feasibility:
Pros:
Cons:
Additional Considerations:
Overall, this setup is practical and has been done successfully by others, especially those with family considerations. Just be mindful of the trade-offs in commute time and proximity to networking opportunities.
Sources: Why You Should Leave NYC After Your Analyst Stint, Why You Should Leave NYC After Your Analyst Stint, I F***ING HATE NEW YORK, Let's Talk Saving, Why would anyone willingly choose to live in NYC / SF / CHI?
Jersey City might be the worst place on the planet. I would defer to Hoboken between the two but enjoy the Path which has its issues. When you are in a seat, they typically pay for your ubers back but that is also a pain when it is past midnight and you still have a decent trip home, I recall they shut down certain tunnels/lanes at certain hours etc.
Appreciate the insight. Have a couple friends in NYC and they also advised me to live in Hoboken over JC. Nice to know that the bank will cover the cost of an uber home if I have to work a late night. Do you know the typical cut-off time for when they cover this cost?
JC is horrid and the Path is the most unreliable piece of garbage I've ever used in my life
You've never taken NJ Transit I see. I've been taking the PATH for two years and there's nothing wrong with it.
Mixed feelings here:
On a good day, taking the busy from Port Authority to Hoboken or JC is an extremely short commute. However, one thing goes wrong and that commute becomes a bit much.
If you have the flexibility to WFH after a certain time during the day (leave at 7:30pm to finish from home), I would say this setup is fine. Otherwise, I think that commute will suck. At night time, I think a drive back to those places wont be so bad via uber because of no traffic.
For MBA, where you are expected to go out and socialize, the commute back won't be great. Ubers are going to cost you an arm and a leg.
Yeah, I'm expecting some extra difficulty/expense from the commute, but I think living in Hoboken will be worth it overall.
The path during weekdays runs every few minutes so not a big deal at all for getting into the city. Weekends it’s maybe every 20, not a big deal.
Dollar for dollar you get a bigger/newer apartment being in JC. Still plenty of cute neighborhoods, green space, etc. Much easier to own a car in Jersey. Oh and laundry in most apartments.
Most of the Jersey complaints come from people still in the “going out” phase, once you’re in your 30s you can really appreciate how it’s easier over here.
I think people are overplaying that Hoboken / JC are terrible. I love in NY but many bankers once they hit 30 move to Jersey and there are a solid amount of analysts who start off living there due to preference. But this is easily doable.
Also, depends on the bank. If you intern or work at GS, Citi, RBC, then this would be easy because they are close to the Jersey side for example. Brooklyn or Queens might be your vibe as well if you decide NJ would be too much of a headache.
I will die on this hill, besides the view of the city, Jersey City is the worst place on earth. Not even advocating for “going out” culture, JC has the overall culture of the movie I Am Legend (the whole world is zombies). If you are in banking, you can afford a decent apartment in NYC with laundry lol
You’ve gotta get out more if you think JC is the worst place on earth.
Lots of bankers live in Hoboken or Jersey City - it’s perfectly fine and if you want something more quiet and boring, then do it. Rent is almost as expensive as Manhattan nowadays though.
Nobody’s mentioned the best reason to live in Jersey - lower taxes. You’ll save like ~$10-15k as an associate just on taxes.
Thanks for the advice. Nice to know that a lot of bankers live in Hoboken and do this commute regularly.
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