Living Expenses in NY?
Starting as an analyst I at a MM IB in NY, how much should I be spending on rent? I was considering around $2100 a month. Thoughts? Is that too much to throw away on rent?
Depends on what you want. If you want a studio or convertible in one of the nicer new buildings (basketball court, golf simulator, rooftop pools) in West Loop/Streeterville/River North that's close to where you're going to be working in Loop, you can pull that off for that price. Or you can get a two bedroom in one of those buildings for probably that price. One bedroom will probably cost you 2500-3000 in one of those buildings, which is kind of steep for first year. Of course, if you don't care about being too close to work or don't need one of the better new buildings, you can obviously get something for closer to 1500-1700. Based on some older friends who don't live close to work, most say they wish they moved into place that was much closer to work, especially when it gets cold. For money you'll be making, 2100 (IMO) is not a bad price to pay as long as you don't have car, and if you utilize the gym (which will save you gym membership).
accurate
Like the previous commenter said, depends what you want / your situation. If you have roommates you can get the price down much lower than that. Also with work from home, being right next to the office isn't necessary currently. So if you wanted to go a bit further north and save more money that could work too.
I think it’s a lot cheaper now. I was looking and there was a luxury 1 bed in the loop for 1300 / month after considering the free months
Is a 15-minute walk from the office a good distance to aim for while balancing cost and convenience?
In Chicago, 15 minute walk is great... from May-October. Actually, you can even swing it in November and some of April. But you'll love walking to work for 5 months (May-Sept), tolerate it for 2-3 (Oct-Nov) and Dec-March? Well, that's just gonna suck. But that's why there's Uber. I think walking to work is underrated: gets your blood flowing, your mind working and will give you 30 minute of activity a day.
To be honest you could get a better deal if you want. Lots of good deals all over, you could find a nice 1bedroom for 1800.
Is it worth getting a 1-bedroom over a studio, or is it better to save a few hundred bucks since I'll be in the office so much anyway? (assuming my firm starts going back to the office late-summer or fall)
Personal preference but I hate studios. I like separate spaces.
If I were you, I'd save the 500 bucks a month. Invest. Compound. Get rich quicker. Also, if you don't like studio after a year, trade up to 1 bed in same building.
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