Why don't more people gas up the idea of living in chicago over nyc? Looking on zilllow it seems the COL is way cheaper, pay is around the same, and the apartments are way larger/in better condition. Is there something I'm missing here? Is the nyc lifestyle really that much better?
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Chicago is, for the most part, awesome. Yeah, you get your occasional crime-wave, but those are generally limited to certain areas. And yeah, weather sucks for 3 months in winter. But can't beat summers/fall in ChiTown, tons of fun crap to do, great-looking city, much cleaner than NY and tons of fun bars/outdoor restaurants/co-ed sports. And yeah, you can get awesome new apartments in Chicago with great amenities for 50-60% of comparable NYC apartments.
Of course, lot more finance opportunities in NY (though there are plenty in Chi... just not nearly on same scale). And you only get the NY energy in NY. Some people hate it, some people love it. Personally, I love NY energy... for about a weekend, maybe a week. Then I prefer living in a much more comfortable, clean city, like Chicago. And oh yeah, as has been said on this site, purely anecdotal, but finance people just seem to be nicer in Chicago. Not as many hardo type A's.
Well, I don't know what you thought it was. There's tons of great opportunities in MM banking: Blair, Guggenheim, Baird, Lazard, Lincoln, HW. These are firms that will get you very good MM PE exits, and most pay above Street (pay in Chicago is same as in NYC). Also, decent BB presence, including Goldman, JPM, Barclays, Credit Suisse... obviously, these offices are much smaller than NY offices, as are EB offices like Moelis, PWP and Greenhill (as mentioned above, Guggenheim has office here, it's new, but it's growing rapidly -- around 50 bankers, and deal flow/culture is rumored to be great).
On PE side, some very strong MM PE shops, including Madison Dearborn, GTCR, Vista Equity, Waud, and Linden. These are very strong shops, pay well (275-350,000 for first year associate?). That said, exponentially more PE shops in NYC.
Look, living in Chicago clearly limits your opportunities vs. living in NYC. And if you want to lateral to NYC, it's going to make the process more difficult and more annoying. Is it doable? Absolutely. And if you're intent on moving to a firm in NYC, you can definitely make it happen (just tougher to get away for interviews... but in an era of Zoom with many first rounds being virtual, not nearly as difficult probably as it used to be). I'd say the main finance opportunity that will be the biggest uphill battle for someone from Chicago would be MF PE. (because Chicago lends itself to MM IB, which I believe MF PEs don't look kindly to.
But in Chicago, are there plenty of IB analysts making 200-250K, associates making 350, VPs making 700 and MDs making 2-8 million dollars a year? Absolutely. In other words, you will have a fantastic opportunity to live an extremely comfortable life and amass millions/low tens of million dollars in net worth through Chicago finance. If, however, your goal is to be a Master of the Universe and be worth 50 mil by the time you're 50 years old? Definitely better chance of doing that in NYC.
Yeah Chicago is the best!
Please have more people move to Chicago from NYC so rent goes down for me
Industrials IB is super boring which is most of the IB in Chicago. Chicago crime is pretty rough even in the "nice" parts. I understand why people want to be in Chicago, but I wouldn't say it is like some hidden gem.
Certainly not a hidden gem it's like the third largest city in the U.S. lol. Agreed on the industrials banking point but I've lived for a year in the nicer part of Chi and have never had any rough experiences, neither have my friends. If you're a banker you won't be anywhere near the southern part of Chi where crime is most prevalent.
Depends on who you are. If you are an immigrant with an accent, in Chicago girls will be turned off by you. In NYC it's not an issue. On opposite, there are so many immigrants or 2nd generation citizens, so people will be interested in you cause they have something in common / can relate. Plus, in NYC girls put out. And girls are just more fun in NYC. In Chicago girls are boring and just want to have family and kids and all this boring shit. In NYC girls want to party and have fun and explore life and themselves. So, that's why.
It's all about women, at the end of the day. Places where girls put out (NYC, LA, Boston, SF) are expensive cause men want to be there, so they bid up the market price of real estate. Places where girls are boring and don't put out and instead want family and kids (like Midwest, rural areas, etc.) are cheap cause men don't wanna live there, so low demand for real estate, and prices are low.
What the fuck? Did you just try to explain that real estate is based on how promiscous/slutty the inhabitant girls are?
Also how is Boston and SF full of slutty girls? They're full of immigrant families. Miami, NYC, LA, etc are full of the sluts.
Yeah, that's my theory and I stay behind it.
And a lot of second generation immigrants are actually slutty, or the ones who moved here as a kid, cause their parents are usually strict, so they grow up suppressed, and then like to be chocked out and fucked in the ass.
Yeah, Miami as well, missed it.
You definitely breathe through your mouth.
Crime in Chicago is a real issue, but nothing that NYC hasn't seen and often over played by the conservative Fox News media, just as CNN has other agendas. It's great to point out crime in Chicago when you are a conservative and shit on the Illinois Governor, backwards pension strategy and Mayor Lightfoot, but the reality is far from what is portrayed. If you are a finance bro in the West Village, does it really impact your safwty that the gangsters in the Bronx are killing each other with some poor people getting caught in the crossfires or that in the hood of Brooklyn, the remnants of the Tekashi 6ix9ine fall out with the NineTrey Bloods will impact your weekend plans? Do you really need to hit up that Dominican food spot in the south bronx or can you just order uber eats from somewhere else? Same thing in Chicago. Yeah it's sad, but crime in the south side of Chicago literally does not impact most of my friends whatsoever. Crime down there could be abolished, and most of my friends in River North, Wicker Park, Wrigleyville would not be able to tell the difference.
One thing about the hidden costs of living in Chicago are the sales taxes which are absolutely bananas. State tax, Cook County tax, Chicago city tax, etc. Parked my car once at a cheap spot near Ohare even though I wasn't flying anywhere, and then caught an Uber. Got hit with a "Airport exit tax."
That said, I think the NerdWallet and BankRate cost of living calculators are surprisingly correct.
In the dating scene, finance bros have a presence, but not to the degree and number as New York (which is favorable if you're a guy). Girls literally drool at the thought of dating a banker or another well paid guy, and I saw a couple funny (but real) tik toks and reddit threads about Chicago girls trying to figure out how to date and "investment banking analyst" in Chicago lmao.
Can count in my hand 5 friends making sub $200k all in who legitimately share apartment floors with younger NBA, NFL, NHL, and MLB players. This is unheard of in NYC.
It's literally smaller than only two cities in the country lol, people trying to make Chicago seem like Mobile, AL.
I heavily disagree, and believe the data backs my perspective. I am not some outsider who moved to Chicago for a year or two, but someone who has lived in Chicago all my life. I love this city, have no strong political leaning, so I view myself as pretty unbiased, but things are pretty bad right now.
Students near U Chicago are getting robbed and gunned down in the middle of the day. I am talking like 2 pm on a weekday. Yes, this is on the south side, so lets take another example. Women are being robbed leaving a restaurant on the north side after brunch, at 2 pm on a Saturday.
I dont let increasing crime rates affect how I live my life but believe it is important to acknowledge trends driven by data. Many users reading your post arent from Chicago, and aren't conscious of what it is like to live here. Yes, it is still generally pretty safe. And yes, living on the north side will generally mean you dont have to be concerned with crime on a day-to-day basis. However, crime is still very real. I live in a neighborhood of G wagons and multi-million dollar houses and there are robberies and car jackings on my street. Our neighbors have hired private security to do laps during the evenings and to patrol our alleys.
I live in Lakeview (on the north side and one of the more desirable areas) and car jackings and violent crime has increased 25% within the past year. Stating the only people complaining about crime are conservatives frustrated with the current political climate is a dramatic over exaggeration. Additionally, the current political decisions being made have never been worse, lessening sentences for severe crimes. In NYC and Chicago alike, crime is certainly at a 10 year high.
Dont believe me? Look at crime rates in the high end areas of Chicago. Lakeview, Lincoln Park, Gold Coast, River North, etc. I'm going to link a few articles because data doesnt lie.
Article 1
Article 2
Article 3
Article 4
I've never lived/worked in NYC, but I have lived and worked in many other major cities internationally and in Chicago. The reality is that you can only work one job at a time. Having an abundance of different banks or PE firms is only useful if you plan on changing roles every 2-3 years, which ends for most people in their late 20s in this industry. So I would not place a lot of emphasis on the quantity of opportunities. In terms of the types of opportunities, they are generally different. As mentioned above, Chicago is very well known for industrials, but you can build a very strong career in other sectors as well. Having moved around a lot and spent 15 years in banking / PE, I can tell you that the only people who care about work experience in NYC are people in NYC. Almost no one from Chicago, Boston, LA, SF will discount your experience for being outside of NYC -- only those in NYC will. So if you don't have aspirations to work in NYC long term, don't worry about limiting your future options.
In terms of daily life, it is true that NYC has more options than Chicago. But let's be realistic, as an investment banking analyst and many junior PE roles, you only have time to go out on Friday and Saturday nights. Chicago has more than enough restaurant options to ensure you can eat at a different place every time for years. Having 2000 options is not materially better than 200 (numbers made up), so don't place too much weight on this. Same goes for nightlife options. And crime isn't a big deal in most parts of Chicago, and definitely not a big deal in Boston. Just stay out of the South side of Chicago. I frequently walked home alone at 2:00am or 3:00am and never felt unsafe.
In terms of women, the above comment about all mid-west girls looking to get married and have a family is not true. There are plenty of young, attractive girls looking to go out and have a good time. Dating is also easier because you don't need to drop $300 on a meal or $1000 on bottle service to impress a girl - just take her to a cubs game. Maybe I'm old and jaded but I think the best dates are with a fun girl who is a 7/10 rather than a smokeshow who thinks she walks on water. I know there are lots of guys who party hard into their 30s but pretty much everyone I know lost their party mentality by their early 30s, including those who were IB analysts in NYC.
Lastly, the cost. The savings are real. Living in a newly refurbished 1000sq ft apartment in the loop with a view of the river/lake and full amenities for $2000 was amazing. You just cannot beat Chicago in terms of real estate costs in a major city.
I guess a better question would then be... Chicago vs Minneapolis?
as a minneapolis analyst, chicago by a mile and its not even close
Living in Chicago currently. You can definitely get great value for your time and money. Cheap COL and street and above street pay while working a bit less hours than in NY. everybody in my group is from the midwest and it definitely shows in the culture. We're behind the NY culture shift towards HR-y bullshit which imo is great, but at the price of the groups here being much much less diverse and I've heard some legitimately whack shit from seniors about intentions to keep it that way. But I definitely think we're on the track of dodging all the ideological extremity of the coasts and striking an awesome balance with time.
There's a lot of uncertainty about the future of the city because of decreasing population, mismanaged finances, politics, and crime. Crime might not be ubiquitous, but it has definitely touched more people this year than usual and that's created ripples of paranoia and unease throughout the city. For now though IB in Chicago is a great bang for your dollar and hour worked.
Something to keep in mind for the endless Chicago vs. New York debate. You can only do one thing at a time. One dinner a night, one (or two) clubs a night, one museum or Broadway show a month, etc. This is not comparing Dayton Ohio to New York. New York has 67 Michelin star restaurants; Chicago has 21. Who cares? You're never gonna make it to all of them. NY has 9 pro sports teams, Chicago still has 5 which means there is a game on every night and no shortage of tailgates/bars/playoffs to attend. Of course NY has more of everything, but you'll never run out of things to do in either city.