How much could I save in rent costs if I had to pay no rent for four years?
Starting in NYC after senior year. My parents own a studio there. They want to sell it, but they don’t need the money for some time, so they said I could live there rent free for ~4 years.
How much could I expect to save in rent from this arrangement?
If it’s relevant, I’ll be at a BB in IB. Not sure if I want to recruit for buyside.
not sure what sort of answer you expect. Don’t wanna come off as a dick but just do basic math and you’ll get a rough estimate
Assuming a very conservative $2000 / month over 48 months is around ~100k.
Is $2000 what most people pay?
Right now I've seen 2k studios due to the COVID-19 situation, but generally you can find a studio for 2500-3000 depending on where you look.
My bank is in Midtown. My parents apartment is in that area (only like 300sqft though). I saw that apartments in the FiDi are generally cheaper, but only GS and DB are nearby.
Hypothetically, would it be impractical for someone at a Midtown bank to live in the FiDi?
It will be a ton. $2,000 a month is normal. Legit 100k and if you make decent average investments maybe more. The money you are saving is now all discretionary income, its not like the money comes with other bills or taxes. This is like getting an extra 35k a year pre tax bonus.
Probably just going to put 50% in an S&P fund and 50% in an emerging markets fund.
Depends on your standard of living and what you would expect to have if not living in your parents studio. Using other studios as a comparable is not going to be accurate if you don't see yourself living in a studio without the option of your parents place. Jump on Zillow to get a baseline and do some basic math, it's not that hard. For me it's about $4k a month but that of course isn't a studio.
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