Intern with offers in Houston, DC, Pittsburgh, NYC - Where do I go?
As the title says I have an offer at a large regional bank that essentially allows me to choose one of their markets. Won't be making IB money but it will be enough to live comfortable and its in more of an outside role. I have no student debt and the job is likely mostly remote when it really comes down to it, therefore cost of living is a bit more flexible than a fully in-person job where debt is a factor.
My goal is to grow my earnings and potentially move to better roles in the future. I want to maximize earnings but also career potential so COL is a factor but not the only factor. Current thoughts but honestly I am pretty ignorant on each city as I have only visited them:
Houston: Apparently hot, relatively high crime in parts, low COL, a lot of employment in energy if I were to switch jobs, hard to switch back outside of Houston and move up because its essentially an island in the middle of Texas. Also horrible heat and energy blackouts.
DC: People are either politicans or rich politically active snobs. City is clean but for its size has pretty poor food and night life when compared to similar cities like NYC and San Fran. Job opportunities are better if making a switch and climate is pretty good.
Pittsburgh: Clean, low COL, boring people and leisure activities, good sports (don't care about), low crime, not many chances to switch careers and exit, apparently has potential for high growth in future but I have also heard since pandemic its been utterly dead.
NYC: expensive as all hell, will have to live with roommate which for me is something I am not a fan of, dangerous in parts you wouldnt expect, still NYC and a pretty amazing place to live outside of those factors for the reasons that everybody knows.
I think DC is your best bet. Benefits of a bigger city career growth wise and not as ridiculously expensive as NYC. Can't speak on Pittsburgh and Houston.
If this is PNC, you should go with Pittsburgh.
Why specifically if its PNC?
PNC HQ is in Pittsburgh. If right now your priority is saving money and not having to pay high rents, then a safe and low CLOL city like Pittsburgh would make sense.
Additionally, if you plan to lateral to other roles after 1-2 years into a city like NYC, you will have more money saved for moving fees + brokers fee. To give you an idea, moving a 1 bed into NYC could cost min 2k, brokers fee ranging from 4-6k depending on your NYC rent.
NYC is by far the city that will offer you the most, but if you want an adjustment buffer post college and save some money prior to lateraling to a preferred role in NYC, a lower CLOL city is optimal imo.
Okay thanks that helps a lot. If you don't mind one last question, how would you rank them exactly? Would you go for a Pittsburgh buffer or go straight for NYC
This is the way. Helps to be at HQ to start out and Pittsburg is a decent enough city, save some money, move to NYC in a few years when your salary can do more for you.
A reasonable 1 bed is NYC is more like 4k++, 2k might get you some unlivable studio in a bad area, or split of a flex 1 bedroom. Think the average rent in Manhattan hit $5k last month.
NYC
Why and would you say that even if it meant almost all my money goes toward rent and food? I can see the appeal of NYC for fun and for career reasons but its just so damn expensive. Could be wrong though I've never lived in a big city.
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