NY Housing 2024
I'm transferring offices from a reasonably HCOL city (SF / LA / BOS) to NY at the end of my first year of IB. I have my PE offer in NY already, so the move seemed to make a lot of sense until I started factoring in rent. It's absurd how much further the dollar goes here; seems like even 400 (or less) sq foot apartments on StreetEasy go for ~$4K+, which would get me a massive luxury apartment here...
I know there are plenty of posts on NY housing already but most of these seem to be a) interns moving to NY for the first time b) pre-2024 when rents seemed to be considerably lower or c) from incoming PE associates. I'll be making a fair amount more than a) and fair amount less than c), so thought I could afford a 1 BR in Chelsea / WV / etc, but is that a pipe dream given current rent conditions?
What do incoming analysts or A2s who aren't living in Kips Bay / Murray Hill paying? Is anything south of ~4K for basic amenities even possible?
Based on the most helpful WSO content, navigating the NYC housing market as an incoming analyst or A2 can indeed be challenging due to the high cost of living. Here are some insights and tips that might help you in your situation:
Budgeting for Rent: As you've noticed, rents in NYC can be significantly higher compared to other high-cost cities. For analysts and A2s, it's common to spend a substantial portion of their salary on rent. While finding a 1-bedroom in Chelsea or the West Village for under $4K might be tough, it's not entirely impossible. You might need to compromise on size or amenities.
Alternative Neighborhoods: Consider looking in areas that might offer more value for your money. Neighborhoods like Long Island City, Astoria, and parts of Brooklyn (e.g., Williamsburg, Bushwick) can offer slightly more affordable options while still providing good accessibility to Manhattan.
Roommates: Many young professionals in NYC opt to live with roommates to offset the high cost of rent. This could be a viable option if you're open to it. Living with a roommate in a 2-bedroom apartment might allow you to stay in a better location or a nicer building for the same price as a small 1-bedroom alone.
Flex Apartments: Some apartments in NYC are marketed as "flex" apartments, where a temporary wall is added to create an additional bedroom. This is common in areas popular with young professionals, like Murray Hill and Kips Bay. It could be a way to get more space for your money, though it often means sacrificing some living room area.
Timing and Negotiation: The rental market can fluctuate based on the time of year. Typically, winter months might offer slightly better deals. Additionally, don't hesitate to negotiate on rent, especially if you're signing a longer lease.
Long-term Planning: Since you mentioned you have a PE offer, your income might increase significantly in the coming years. It might be worth considering a less ideal living situation for a short term, saving money, and then moving to a preferred neighborhood once your financial situation allows for it.
In summary, while $4K might not get you a luxury apartment in the most trendy neighborhoods, with some flexibility and smart searching, you should be able to find a decent place to live. Keep an eye on new listings and be ready to move quickly when you find a good deal.
Sources: Analyst Budget Thread Follow Up--Actual Expenses For An Analyst & Associate In Chicago, Is my IB analyst personal budget realistic?, 1st year analysts: stupid to move into NYC right now?, IB analysts Chicago rent, Q&A: Middle Market IB Analyst
Congrats on Boston!!
Commodi earum eum aut voluptatem quia corporis dignissimos. Beatae ea aut et perspiciatis et voluptatum. Corporis totam qui possimus ut sit ullam.
Tempora distinctio occaecati voluptas iure alias recusandae architecto vel. Quis quas modi expedita. Enim quisquam ea quas ducimus libero.
Sunt delectus nobis occaecati aut soluta ducimus. Qui sit saepe libero odio illum sed dolores repellendus. Tenetur commodi dolor minima iure amet. Perferendis omnis velit debitis est iste. Assumenda esse sed officiis tenetur cumque quibusdam.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...