Where to live, my dilemma
I'm starting FT at a boutique IB in midtown this July. I have a gf of 5+ years, and we plan to live together regardless of location. She'll also be working in midtown for an accounting firm.
Her dad lives in Staten Island in a very large house, and he has offered for us to have our own floor (obviously 100% free of charge) for however long we want. The commute from door-to-door would be approximately 1 hour give or take about 10 mins. (Btw, he and I have a very good relationship.)
Alternatively, we can get an apartment in Manhattan, pay maybe $2,000/mo for a decent one bedroom, and have a commute of ~20-25 mins.
Our thought is that if we can stick it out with Dad for about a year, we'll have enough saved up to make a down payment for a nice place (or at the very least start our lives together on a very good foot).
Clearly, living in Staten Island is far from ideal, but is it worth the extra savings for the both of us? Your thoughts are greatly appreciated.
I would do it if I were you. Its definitely worth the extra savings. It might be a little weird with the dad around but since you're in IB, you'll barely see him during the first year. Trust me, I live in Manhattan and barely have any savings due to the high rent. Plus I doubt you'll find a decent one bedroom for $2,000. Even with the recession, my guess is it'll run you $2500 +, at least in midtown. That $1,000 you save means you guys can eat out often, and a maybe a nice vacation at the end of the year.
Isn't the average salary of NYC only 45k or something? What do the people do who make that instead of 60k+10k like 1st years make.
I'll be starting in July, too, and I'm seriously considering living at home for a year to save some money and pay off some loans. I'm in a different situation than the OP, but I still think he has a good opportunity in living at home.
Have you considered asking for a loan from your father? I can't imagine commuting from Staten Island to midtown as an analyst.
What would that accomplish for the OP?
Abst, not sure how that'd help my situation. Any other thoughts?
I would def do it. Save a good chunk of money and the black car will take you home at night. And Juniorr, I think those that make ~45k like you were saying mostly live further out and not smack dab in the middle of Manhattan(Harlem, Morningside Heights, other Boroughs).
Have you looked into gramercy? Not to sure what the going rate is now but when i was living there i paid just around 1300/month for a 2/3 convertible bed room.
Don't be a retard. Don't shit where you sleep. Dude trust me, those 2 hours in your day that you could spend sleeping but instead you are driving will suck.
Think about it like this - your work day will probably be from 9am-midnight (give or take an hour). That leaves you 9 hours in between workdays (even less on some days), you will be wasting 2 of those with your commute.
Lol I can only imagine when you stay till 2AM re-formatting slides. My advice is to try it out for the first month or two then see how it goes.
NEVER move in to her dad's house...you never know what might happen between the two of you...
i suggest that you two get an apt in Manhattan...There are apts that go for less than $2,000...look around Brooklyn, other parts of Manhattan, NJ (Jersey City/Hoboken) etc.
You can get a pretty decent 1BR for less than $2k, especially right now. There are deals all over the place.
Biggest mistake: the illusion of permanence
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