How much to spend on NYC apartment as 2nd year analyst
Considering moving to NYC at the end of my first year (Currently at a BB in a non-NYC office) and was wondering how much I would expect to be paying for a half decent studio/1 bedroom for myself. I see a bunch listed (primarily studios) around the $2k range but wasn't sure what the norm is for bankers up there.
Where are these $2K studios?
I’ve seen studios for as low as $1.5k. Some are shitholes but others are half decent.
I saw a good amount in Greenwich Village and a few in Midtown, some look half decent in pics but not sure it they'll actually be total sh*tholes (not from NY so no way to gauge what I should be expecting)
Oh ok cool
the ones that look half decent will surprise you on visit. Saw a few myself and those were usually pretty small or didn't have some facilities
I live in Midtown and live in 1br/1ba with a doorman and elevator for $2195.
What’s the catch? I paid $1850 to have a master bedroom in a 2 bedroom
No catch, pre-war building, about 600 sqft, and rent-stabilized. I have new appliances but laundry is in the basement.
if you want a nice building in manhattan with amenities (new appliances in kitchen, nice fixtures in bathroom, clean floors, rooftop, parking garage, nice lobby, maybe a gym)
1-bed of decent size (650 sqft minimum...750 sqft is more desirable) will cost $2500/month.
https://streeteasy.com/1-bedroom-apartments-for-rent/manhattan/price:-3500%7Cno_fee:1
if you work downtown, i strongly suggest 2 Gold Street, and you can probably negotiate 1 month free on a 13 month lease
https://streeteasy.com/building/2-gold-street-new_york/3106
if you work in midtown, this UWS building has a gym, pool, tennis court, and is REALLY nice
https://streeteasy.com/building/sessanta-229-west-60-street-new_york/12s
Let me find out you're the RE agent on all those listings... I appreciate it though.
i'm not...i've just lived in all those buildings over the years
My friend lives in a modern luxurious building in murray hill and pays ~2.3k for a studio - apartment has laundry and one of the best views I've seen of the skyline, building has a doorman, gym, etc.. I've seen studios around where I live (around NYU) for slightly higher. I wouldn't worry too much about whether you live in midtown, fidi, or in the village. Commuting to work will take you 15 mins +/- ~5mins from any of these places. If you can then you should consider paying ~2k for a decent sized place in a good building - chances are you face less problems from the outside eg. noise, bars, etc. You can find studios / 1brs from 1.5-2k in those areas
Dope thanks for the thorough response, what’s a good area to live for Hudson Yards to make it a quicker commute? Chelsea seems obvious but expensive
Hells Kitchen (midtown west) is a short commute...but ugh...you don't want to live near times square.
i'd suggest the UWS (upper west side)...short subway ride to midtown / Hudson Yards...and you'll be walking distance to central park.
How much do you guys drop on apartments post-tax? I'm at 32% and I think its too high.
I’m at 30% of take home for my 1/1.5 in Hells Kitchen. I’m definitely paying too much, but space was important to me after living in a 525 sf studio for a while.
From this thread it seems that not only do NYC bankers get paid 1.5-2x what London bankers get, but they also have cheaper housing options
London housing is extremely expensive. I don't know how accurate the assessment of pay differences is tho.
Highly recommend a roommate in NYC if it's possible. The $1.5-2k studios are rare and you'd need to spend time going to each one because most are shitholes
There's just way more bang for your buck with a 2 bedroom - either a decent place that's cheaper with the split or a much nicer place for the same price as your studio.
Not considering a roommate? Me and my buddy are considering a few places near midtown on the east side that are in the 4k range for 2 bedrooms and 1.5-2 baths
Would be living with my gf who's in grad school currently so no roommates
Gotcha. Good luck finding something nice fam, im not familiar with the 1br market enough to help.
With covid, I’d go with a cheaper location + more spacious. UWS or UES as others have mentioned. Or Fidi if your office is downtown
I know analysts who have spent $2500 on rent (pre covid) but they were generally from well off families so saving might not have been as important. I’d put $2500 as the ceiling assuming you’re at $95k base
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