Best NYC neighborhood to live if working in Midtown?
Hello all. I’m going to start working Summer as a 1st yr AN in Midtown Manhattan. I am trying to learn more and more about the city as I am not very experienced at all with it.
What are the best neighborhoods to live in for a 1st year that is going to be working in Midtown Manhattan? Priorities would be something like:
- Somewhat affordable (for the classic 6 figure base + bonus 1yr salary)
- Ability to walk / subway to Grand Central in ~30 mins or less if possible
These are really the two most important things for me. I am definitely willing to have a roommate or up to 4 roommates total in order to cut down costs. Any good suggestions?
Without knowing too much other context, would recommend Kips Bay / Murray Hill / Turtle Bay as they're all reasonably priced (especially if you have roommates) and would be a pretty short commute to Grand Central. Overall as long as you're on the east side and close to the 4/5/6 trains you'll be fine.
I've been getting told that finding a place under 2750 anywhere in Manhattan is a pipe dream... is this unfounded?
Do you mean for your share of the rent, with at least one other roommate... or, do you mean actual monthly rent for a 1BR?
I think the average in Manhattan for a 1BR is still over $5,000/mo, but not up to date on latest numbers. (As of July/August, the average Manhattan rent was $5,588/mo).
https://www.cbsnews.com/amp/newyork/news/manhattans-average-rent-soared…
<=2750 for a studio is definitely doable, though you may have to compromise on location / apartment quality. Nicer studios will probably be 3.3k+. You can potentially get cost down to <2.5k per person if you split with roommates.
Based on the most helpful WSO content, when considering the best neighborhoods to live in NYC for a 1st year analyst working in Midtown Manhattan, there are a few options that align well with your priorities of affordability and a reasonable commute to Grand Central. Here are some suggestions:
Murray Hill: Often recommended for its proximity to Midtown, Murray Hill offers a relatively more affordable living situation compared to other parts of Manhattan. It's known for its younger demographic and vibrant nightlife, which might be appealing. The commute to Grand Central is quite manageable, often within a 20-minute walk or a short subway ride.
Long Island City (LIC): For those willing to live in Queens, LIC provides a great balance of modern apartments, waterfront parks, and a growing number of bars and restaurants. It's just one subway stop away from Midtown Manhattan, making the commute to Grand Central typically under 30 minutes. The area has seen a lot of development, offering newer buildings that might be more affordable, especially with roommates.
Astoria: Also in Queens, Astoria is a bit further but still offers a reasonable commute to Midtown. It's known for its diverse community, excellent food options, and relatively affordable rent prices. Living here, you'd likely rely on the N or W subway lines, which provide direct access to Midtown Manhattan.
Upper East Side (UES): While traditionally considered more expensive, certain areas of the UES can be surprisingly affordable, especially if you're open to having roommates. The neighborhood offers a quieter, more residential feel while still being accessible to Midtown via the 4, 5, 6 subway lines or the new Q line.
Brooklyn neighborhoods like Williamsburg or Downtown Brooklyn: These areas are a bit of a longer commute but are popular among young professionals for their vibrant communities, plethora of dining and entertainment options, and relatively more spacious apartments. The commute to Grand Central would be around 30 minutes by subway.
Remember, when considering roommates, the overall cost of living can significantly decrease, making some of the slightly pricier neighborhoods more accessible on a first-year analyst salary. It's also worth noting that apartment hunting in NYC can be highly competitive, especially in the summer months, so starting your search early and being prepared to make quick decisions can be advantageous.
Sources: Best neighborhoods to live WITH GF in NYC (and timing) - 1st year IB Analyst Midtown Summer 2019
boring and cheap: UES (don't go above e 103 or live in the vicinity of project buildings)
less boring and sort of cheap: Murray Hill
newer apartment and fancier amenities: LIC
you like going out to bars a lot: East Village
I think the trendy desirable downtown neighborhoods (West Village, Chelsea) are fun to go out in but are really not worth the price and are really best suited to those funded by bank of mommy and daddy
Yeah I have lived in Yorkville and that part of the UES is so affordable compared to the rest of Manhattan. Can be a little isolating though so would suggest living close to the subway station.
i’m in east village right now and love it. everyone in my building is sub-25 and there’s so much going on every weekend.
the commute is ~30 minutes door to door but definitely worth it if you want to be around other folks in their mid-20’s that aren’t finance people generally.
+1
East Village is the place to be. Best neighborhood in NYC.
East village
Gramercy park
Flatiron
Any of the villages
Honestly this post has me thinking. What do summer interns do for renting? Surely not getting paid enough for a 1 bedroom and furniture. I’ve never interned so I’m curious what you guys do. Also without roommates say you got a sporadic last minute offer
Certain universities have summer housing like NYU
If you are an incoming SA at any BB there, you won't have much free time; I think Saturdays might have some downtime, but you'll want to be out with friends or just sleeping. I'd suggest sucking it up and paying 3500-4500 for a smaller studio in a condo building. You might save some money and have a bigger place with roommates, but the alone time is worth the extra 800-1000 bucks. Don't budget off that bonus. After this year, half of the people got nothing, and the others exceeded their bonus stip. Save the money if you do get it. I saw a couple of juniors this year at my firm have issues as they budgeted off their bonus and didn't get anywhere close to what they thought.
I think you make a good point.
In most cases, their apartment won't be where they will spend a lot of time, as they will be in the office (almost the entire time), and not have a ton of downtime. They should consider the apartment as more of a home base for their stuff, and to sleep, shower, etc. With that considered, it might be wise to sacrifice the "nice" elements they might want, for actual convenience.
I don't think most realize how much they will be working during that time, or early career, in general.
When I left Grad school, I went into Consulting, and we weren't in the office but on the client site and had many crazy travel hours. I basically only used my apartment to sleep and not even shower a ton, as there was a nice gym and spa as a perk of being on-site. I made 120kish, lived in a decent-sized studio for about $1700, and just paid off all my debts from grad school, leaving me only with my undergrad loans.
For just a SA position, does anyone have suggestions for shorter stays and where to look? I've heard Alohause is good but I'm not American. Any tips would be super welcome.
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