Where do MDs/Directors/VPs live ? (NYC)
I’m curious to see where the MDs and VPs live in NYC. Especially since how pricey the city is, do they all live in suburbs of NY, NJ, CT or are they paying a ton of money to be living in a nice NYC condo that they own?
Haven’t been able to see much from my bank but IK one of the MDs I work for live in the city but that must be Isa let expensive. However, this guy is our head of HC group so he must be pulling 7 figures (not sure if that’s the case for every MD)
I think you'll see a mix. As I've grown up around this area my whole life - I would say the best places are in North NJ for best bang for your buck. A multimillion dollar home in Franklin Lakes will be most likely a lot nicer than the same price in Nassau County, LI.
If you're settled down and at the age where sightseeing / nightlife isn't of interest to you, Manhattan doesn't hold that much appeal for many. So most live in the suburbs of NYC / Jersey and many actually live in Connecticut if they're senior enough (and don't need to be in office all the time)
You are asking a question that doesn’t have any one answer: are you asking about MDs because of the specific job (hours worked/industry)? Are you asking if someone at that level can afford to live in Manhattan (I.e., a comp point)? Or is it something else? Because once you figure out if the comp is high enough it ends up being a personal choice (how much do I want to save? Do I want to own a home with a backyard or a condo? What about school district? Etc).
For most MDs (outside of smaller shops or certain groups) the comp is high enough to afford manhattan and enjoy other things (travel, good schools for children, etc). So, yes, it can be done it just becomes a preference thing.
From the MDs I know it is mixed. I chose Manhattan (although at HF but similar level) because I love nyc, others can’t stand living in a city.
Every single MD lives in Paramus, NJ. Literally, every single one. Even MD's who commute to offices in Charlotte, NC. They make the drive every single AM from Paramus, NJ. Doesn't matter what they prefer or how much they make. All senior bankers must live in Paramus.
i grew up in ridgewood this made me lol
UES luxury building with a driveway that makes it feel fancier than it is
I’m only at the vp/about to be director level.
But even at nyc prices, if you save and invest well in your grunt years you can afford apartments.
I own a two bedroom in Manhattan and a couple of apartments in Hoboken.
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