How much to spend on rent as a first year analyst after pay bump?
Assume no roommates. Does the 30% rule work? ($100k*30)/12 = $2,500 per month. Not sure what to expect.
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You need to calculate based on after tax baby
Obviously. This general rule though is a quick pretax calculation.
Is 2500 on the higher end for first years?
Depends on your goals. I think if you want to live alone, $2500 is the minimum for a decent place in Manhattan; you can maybe get below $2500 in places like Washington Heights or Harlem (and maybe Lenox Hill) for under $2500, but your options will be much more limited. If you’re working from home a lot, it might just be worth it to swing for a 1 bedroom so your WFH setup isn’t right next to your bed. I lived in a one-bedroom for a little over $3k when I was a second-year. Currently, my wife and I split a ~$750sqft 1-bedroom for a little over $4k per month in Lower Manhattan. We have 2 desk setups, a small dining area, and entertainment area, and a shared bedroom with 3 closets and 2 dressers and nightstands, but we both WFH about 80% of days.
Yeah would like to live alone. Bank is supportive of a degree of WFH. Looking at LIC
.
You’re seeing studios in walking distance of investment banks for $1500? Not being sarcastic, just wondering if I’m missing something.
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