I’ll be starting as an associate in NYC this summer but would like to get a house after a year or two. Is it possible/realistic to live out of the city as a second year associate?
Where do most people live? I was thinking NJ, like Ridgewood area.
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No
At what level can you?
Whatever level you want. Mds aren't going to your bedroom to see where you sleep.
Its like 20-25 extra minutes commuting in the morning from people that live in fidi. Thats not that big a deal. When you go home in an expensed uber at 1am, there's zero traffic so it will take like 20 mins anyways to get home(no train).
Do it op, don't fear the mds
Make VP first.
Do not do this
Checkout this place in Edgewater (10 minute drive north of Hoboken)
3bed, 3 bath, 3400 sqft 860k
https://www.zillow.com/homedetails/1225-River-Rd-APT-2C-Edgewater-NJ-07020/52895873_zpid/
or this place a little closer to hoboken
2 bed, 2 bath 1400 sqft 600k
https://www.zillow.com/homedetails/2201-City-Pl-Edgewater-NJ-07020/82654262_zpid/
But literally how would you get to work?
1) take a shuttlebus to the PATH train from hoboken into the city, and then transfer to subway to your office
2) take a Bus into the city (there are many that goto port authority)
3) drive your own car into the city and park in a parking garage
depending on how often you must be in the office will determine if this is pragmatic
It’s actually not a bad question given the new environment. If a long-term hybrid office/wfh model plays out, then I think it’s totally feasible. If you have to be in the office everyday grinding, then absolutely not.
Under normal circumstances I would say no at least until you hit VP.
Depending on how the WFH model sticks post-COVID I can see situations where this "could" work. Ideally if you're in a group that doesn't care about facetime and you went A2A I wouldn't see a big problem doing so as a senior associate. This also assumes you've proven yourself as a reliable worker to your seniors and juniors. I know a few associates who commute ~40mins from Jersey City or Hoboken now so although valuable I don't think an extra ~25-30mins is a total killer.
If you're joining as an MBA associate (I assume you are since you're starting this summer) I'd caution you against doing so early on. This is just based off of a work process and efficiency standpoint as I would expect you to be spending more hours grinding than your A2A counterparts. Because of this I would put more value on a shorter commute and try to delay the move outside the city until you're fully ramped up and have built up some rep within your group.
I did this as an associate post mba since I have kids. You will be fine.
Live in a closer suburb with a direct train (not nj). Somewhere on metro north is better.
No one cared. It was never an issue. Plus its fun expensing the firm 70 bucks a night to get an uber home when you stay late.
Some suburbs (bronxville mount Vernon pelham) are easier commutes than upper west side and Brooklyn.
what about an analyst at a borough like queens or bronx.
don't do it as an analyst.... enjoy NY. it will kill your social life having to schlep back to queens when you go out.
I’m mid 20’s analyst and I commuted from parent’s home in Queens, I’d say it dampens your social life. Save money though
Also want to add.
Ib usually has chiller mornings (at least before wfh). The 45 mins to an hr you door to door commute will be fine. No one will be like "why is new associate[ ] not able to get to a computer from 8 to 9am , he's bottom bucket now ". No one will care or notice.
You will the days it might be an issue and you can adjust by coming earlier or working from homenuntilnthe firendrill ends
Depends on the team work culture. Definitely know several senior bankers who would disagree with that level of unavailability
The issue is this assumes evergthing works perfectly
I commuted from queens, about 40 minutes door to door in the morning when trains work well but delays happened ALL THE TIME which meant sometimes it became an issue with how late I came in if there was a call / meeting I was trying to make it to. This is even with building in tons of extra time - you can’t plan around a 60 minute delay every morning for what should be a 25 minute subway ride
I did it, would do it again given my circumstances but just wanted to flag realities. When morning fire drills happen (and they do do all sorts of reasons) I had to be saved by a clutch associate who lived near the office and was available to run xyz over to the MD with 30 minutes notice that a meeting got moved up
Thoughts on Long Island City? Esp if you're working in midtown as a new associate - literally a 5-10 min train into Grand Central
ITs good
Don't do it. Spend 2 years living close to work and reevaluate year 3, but would wait until you're a VP.
There are lots of reason but ultimately if your commute is 40 minutes vs 10 min each way that's an hour less that you are sleeping.
It straight up sucks to get off work at 3:30am and have a 40 minute commute and then wake up in 3-4 hours to get back to NYC when the other associates are asleep by 3:45 and wake up at 9. These may sound like tiny differences but it adds up when you're busy
I live in an adjacent town to Rwood. Expensive area. Down the line I'd definitely consider Rwood, Franklin Lakes, Wyckoff, and Saddle River, however a decent house in any of those towns will run you 7 figures. Only obvious downside for Ridgewood would be taxes, almost double most of the other towns listed.
Examples:
Ridgewood
Franklin Lakes
Wyckoff
Saddle River
Some very nice homes out there if you got a $1.5-$3 million.
What are thoughts on Hoboken? I am summering in NY and my fiance doesnt want to move to the city. If I can convince her she would probably want to live in Hoboken.
If summering in IB I would advise against it unless you’re virtual for some component of it. Interning is much more prone to facetime. Everyone saying this is a good idea seriously underestimates the difference the extra 20 min in the morning or 10 min in an uber home makes.
Would it be ok for full-time?
Why do some of you guys think this is a problem?
Ridgewood is ~35 minutes from Hoboken by NJT, plus tack on 10 minute ferry or PATH to FiDi. It's even worse for Midtown, given NJT's Penn Station issues. Commute from Ridgewood to FiDi is about as bad/long as Greenwich to Grand Central.
Even living in Hoboken itself is not ideal if working long hours, but it is not unheard of if working at Citi/GS right across the river. Ridgewood is a completely different ballgame though.
What if you work in Hudson yards?
Absolutely not. Ridgewood is very very far. Unless you are willing to wake up early and work on the train. It is not impossible but I lived 1.5 hours commute away as analyst and it was so exhausting. Even if there is uber at night there is still 45 mins ride. I think jersey city might be a good compromise unless you want to be in a house
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