Rent NYC - Associate
What do you all consider a fair number to pay for rent if I’m making $160k base and $175k bonus?
I’m penciling for $4k is that a fair number?
Trending Content - Investment Banking Forum
| +355 | Evercore Intern Seizure | 54 | 7h |
| +67 | JPM M&A is Gone??? Purely Coverage Banking??? | 31 | 6h |
| +58 | Is DCM actually underrated ? | 24 | 17h |
| +50 | How do I understand vs. just memorizing? | 5 | 16h |
| +48 | Losing my personality in Banking | 9 | 17h |
| +47 | Are all Tech / TMT groups sweaty? | 38 | 13h |
| +42 | Associate & Above IB exits | 16 | 3d |
| +32 | Incoming IB Analyst: Best Ways to Prepare? | 10 | 9h |
| +27 | Which groups are ideal for laterals? | 12 | 11h |
| +24 | The good and bad with Wells Fargo | 1 | 17h |
Career Resources
Based on the most helpful WSO content, a general rule of thumb for rent affordability is to allocate around 30% of your gross income to housing. With a $160k base and $175k bonus, your total annual income is $335k. This means you could comfortably spend up to $8,375 per month on rent if you strictly follow the 30% rule.
However, many in NYC finance roles aim to save aggressively, especially early in their careers. A $4k monthly rent would be approximately 14% of your gross income, which is a very reasonable and conservative choice. It allows you to save a significant portion of your income while still affording a decent 1-bedroom apartment in neighborhoods like West Village, Soho, or similar areas.
If you're looking for more flexibility or amenities, you could stretch to $5-6k, but $4k is a solid, financially prudent number. Just ensure you account for other costs like broker fees, security deposits, and upfront payments when budgeting.
Sources: Millionaire by 30, How much money to "feel rich" in nyc?, Best neighborhoods to live WITH GF in NYC (and timing) - 1st year IB Analyst Midtown Summer 2019, How much do you spend on rent as an associate making 275-325?
$4-5.5k. Trust me, a poor quality or small apartment will enormously hinder your mental health if you have long hours in IB/PE.
I am an associate making $400k TC. Is spending 5k for a one bedroom reasonable or irresponsible?
Officia sit et nihil consequatur. Harum libero a veniam facilis aut. Minima officiis quos minus voluptates. Reprehenderit voluptas quos similique quis quis. Velit itaque doloremque quis autem atque quod ea. Rem voluptate impedit odio doloremque. Libero esse voluptas mollitia consequuntur non quaerat voluptates.
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...