How much should AN1 be paying for rent NYC

Starting as AN1 at BB IB in the next month and I’m struggling to figure out how much to spend, the 30% rule doesn’t seem to be to applicable in NYC at the moment. I’m also someone that regardless of the fact that I will only be home to sleep and the weekends (if i’m lucky), when i’m home I need to be 100% comfortable. (Also extremely scared of most bugs and mice lol… should’ve probably considered other offices outside of NYC). Anyway as most prob know, base is $110k. Signing is $10k (pre tax) plus $2.5k (net tax). Based on the 30% rule, $2750 is an ehh studio that doesn’t check anything off my list besides falling within budget, would a bump to $3k or $3.2k be irresponsible? Was going for a studio. Since i’m moving at a weird time of year, I wouldn’t be able to roommate with a friend.

Also side note: I don’t know where this lands between whiney or woke but NYC rent is ridiculous. I get that in the grand scheme of things $110k isn’t a lot, but it’s insane that I’m making significantly more money than people I graduated college with, some parents in the neighborhood I grew up in, and even one of my own parents who works in k-12 education , and yet i’m struggling to find somewhere affordable to live. It’s just so bizzare that someone make over $100k can barley afford a studio. And to reiterate, I know it’s not a lot of money but to some people (real working class people, outside of finance), it’s a decent living.

 

Actually just signed a place. Was in same mindset as you. Reality is with bonuses going to be low this year + maybe next, I wouldn't look to splash out. I think 2500-2800 is fair. Not sure where your office is, but a lot of updated studios for 2850 in midtown/Hells. I just got a place for 2500 that's large and updated. Got it the morning it was listed. Just stay on top of it. Wouldn't do more than 2850. 

 
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It's always interesting seeing these posts as if it's some surprise, or some profound commentary, that one of the most populated and popular cities in the world is extremely expensive.  At the same time, you have some pretty high expectations... no roommate, 100% comfortable, presumably interested in a 'sexy' neighborhood.  You're able to acknowledge that you're highly comped (relative basis) but seem to be missing the perspective of the vast majority who make less than you and still live in NYC.  They have roommates, they live uptown or astoria or brooklyn or the bronx, etc. 

If you're unable to find anything on streeteasy ~$2,750 that "checks things off your list" I'm very interested in knowing what exactly is on your list.    

 

I think you missed the entire point of my side note. I’m from NJ, I do understand the why. But it doesn’t make it any less ridiculous.

As far as checklists go

- A gym (I take working out fairly seriously, and it would be easier to have it as I tend to fall off my routine when time gets tight, and the commute takes too long)

- Washer / Dryer in Unit or Concierge ( I would literally buy new clothes during my internship because I couldn’t get to the laundromat or drop off at the dry cleaners when they were open, not doing that again) 

Nothing too crazy being asked for, I don’t think

 
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My fault, didn't realize you're from NJ, that changes everything.  I think it's silly that you're about to start your first real job, want to live in NYC, by yourself, in a building with a gym, in a unit with washer/dryer, and are complaining that you can't find anything affordable.  Why don't you just tell me what you want to hear and I'll repeat it back!

 

A strike to claim it. A strike to claim. Anddddddd he got it!! WHO DO YOU THINK YOU ARE, I AM! Charles pulls no punches. 

 

You’re missing the entire point lol. Too deep in the finance bro hole to realize, I’m afraid. The point is most people are lucky to get offers out of college around $70k, which is still more than teachers and other working class americans.

The fact that living “comfortably” (i.e. a 400 sq ft studio) in NYC is almost unattainable making over $100k, more than what some Americans will ever make is insane. To say it’s not bizarre, lacks both empathy and perspective. 
 

 
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No you're missing the entire point lol.  Too deep in your own burgeoning view of adult world whereby you think feigning empathy for people (but doing nothing beyond that) makes you somehow noble, I'm afraid.  Then having the nerve to use the word perspective while whining about not being able to afford a solo luxury apartment with all the amenities in the most expensive city in the world, as a 22 year old.  But somehow at the same time, bragging about making more than what some Americans will ever make?  What an impossibly lame smoke screen for an incredibly entitled "problem" that you're facing.  

I'm done being an asshole, sorry.  Adding you to my novena so you can continue sleeping with 100% comfort, absent the fear of ("gasp") mice.

 

Washer/dryer in a studio is going to be very hard to find, as well as a concierge. Those are unrealistic items unless you head out to Jersey City— I don’t even think in Astoria you can get those for $2800. If you want comforts I’d recommend getting comfortable with at least a 30 min commute - it’s what I’ve done. 

Like the unadjusted- only with a little bit extra.
 

Just find a place with roommates. It's not an impossible task. Get the studio a few years down the road. 

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee
 
[Comment removed by mod team]
 

It’s not terrible in some areas that border the UES. Good value and close enough to the park. I avoid the area around 125th like the plague though; terrifying even in the middle of the day. 

Like the unadjusted- only with a little bit extra.
 

It takes some luck. Stay plugged in on StreetEasy, contact the brokers for the units you’re interested in. Often times once you start the dialogue, they’ll put you on their email/text distribution list and you’ll know the moment something lands in their court. Having that first movers advantage helps a lot. You can get a recently renovated studio with a part time doorman and in-building laundry if you’re patient, smart, and moving any time that isn’t summer. (Ignoring your comments about wanting a gym and in-unit washer/dryer within your budget as I’m assuming that was a joke.)

 

Last year, I moved to a neighborhood in Jersey City, NJ for an IB Associate position and I only had about two days to secure a rental and place a deposit, etc. Before arriving, I booked several home appointments with a realtor prior to flying in during Thanksgiving week... then, I rode around with the realtor at all the different homes and quickly found a sweet deal for $1850/mo + $100 utilities (fixed rate) with no roommates for ~1,000 sqft with 2 bedroom, living room, kitchen, dining, and appliances, along with direct access to my own basement and backyard for my two dogs to run around; moreover, my commute is about 35-45 minutes. My price for rent and utilities has not changed for 2023 either. 
Also, it's so much quieter.... and it's a few blocks from several gyms, about 2 blocks from the grocery store, and literally 1 block to the public bus that takes me directly to the port authority so that I can hop off and connect--which is so much faster than the subway.  

Moreover, people told me to sell my car... nope, I drove with all of my belongings and two pups to JC. I took a chance and learned that I can easily drive around the town with less congestion--during the week or on the weekends. I drive often to the dog park, coffee shops further away, and small towns in West NJ, and recently drove to PA to go snowboarding. The only thing I'm missing is my own driveway, so I have to alternate where I park often (typically right in front of where I live) which was completely new to me and I learned fairly quickly how ruthless parking enforcement is...

I plan to stay here for a few more years until maybe VP (because why not, it's so damn cheap and convenient...), then I can look for a home either up in north New Jersey (Teaneck, Paramus, Alpine, etc) or north of Manhattan (Putnam Valley / nearby areas) if I choose to remain in this area... 

Moral of the story.... you can find a nice place for a fair and reasonable price, but I have heard "FOMO" from so many people who want to say that they live in NYC... 

 

I'm pretty sure you changed your tag or are using a new one (or maybe you're a different person), because about a year ago someone was posting about IB associate moving to NYC, looking to buy an apartment I believe for 600-800k, asking people's opinions on apartments and cars, etc. As it relates to the car situation, to be fair, you mentioned you were looking at Manhattan. If you had said you were going to settle for JC or Hoboken, people would've been more supportive of you keeping your car

 

Yes, Manhattan is expensive. Yes, it is ridiculous you can work in IB, a prestigious job, but not live in a luxury building in a luxury neighborhood. This has never changed, and almost everyone historically has lived with roommates. 75% of my IB class 10 years ago lived in a Murray Hill 1 bedroom and put a wall up in the living room. I know people who lived in a townhouse with 3 bedrooms and did various configurations to get it to 5-6 people

 

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