I’m making the transition from Charlotte to as a 2nd (hopefully soon to be 3rd year analyst) to New York City. I currently live a great lifestyle giving charlottes low cost of living, but was wondering how I should be prepared to live in New York. I currently have a brand new 1br apartment in CLT, was wondering if it’s feasible to afford a nice studio as an analyst? Are there any recommendations for areas to live or budget I should be spending on an apartment? Overall, just trying to anticipate what lifestyle changes I should except and what’s the max I should spend on rent?
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The rule is generally 40x the rent payment to qualify for an apartment. Since you already have W2s showing you make a bonus, they will take that and you can flex up a little bit beyond 40x base if you need to, but NYC is expensive and encourage you to view your base salary as your spending money for the apartment.
125 base / 40 is around $3,100 max budget. You are not going to get luxury like you will in Charlotte but you can find older studios in less desirable areas for around $3k. NYC is in general incredibly expensive and you are going to have to budget more carefully to avoid spending a ton of your bonus.
I would prioritize:
1. close commute to the office - recommend you don't live right next to your office... but ideally direct subway with no transfers and no more than 10 min walk on either end. Getting north/south is a lot easier than getting east/west. Recommend plugging some addresses into the transit function on your map to see what the commute looks like.
2. laundry in building - you are probably not getting W/D in unit at this price range, but laundry in building is fine. not having to go to a laundromat or pay $$$$ to send it out is nice
3. May not be affordable but I love having a doorman in IB. You are not going to be around to sign for packages and dry cleaning that's getting delivered.
Thanks! This is super helpful, I really appreciate this. Last question, do you have any areas you’d recommend in that 3k studio price range that are safe and a close commute to Hudson Yards?
In order of preference
1. where the M34 bus goes. Kips Bay/Murray Hill staying close to the bus stop on 34th street. It's a meme on the finance accounts for a reason... lots of young people and affordable studios in this area.
2. where the 7 train goes (midtown close to 42nd street - I would stay well away from Times Square but the area around Grand Central and 5th Ave stops are fine). Long Island City is also on this route and would be within your price range, but if you are new to the city and trying to make friends and date, I would live in Manhattan to start.
3. The A/C/E and M11 bus are also in play, but those will mostly go to areas in Lower Manhattan well out of your price range. On the north end of these routes, Hells Kitchen is fine but not the best area to live in, and then UWS is a quieter but nice neighborhood so that may be worth looking in (don't go above the 90s though). I know I said no transfers, but the 2 or 3 train to the 7 is a very fast transfer if you land in the UWS.
Thanks again
It’s all personal preference / what you value spending money on, but will have more leeway than you think as long as you are sensible with the rest of your budget. As a third year I made $150k base and was comfortable spending up to $4k/mo, which was enough to get a nice 1 bed in a luxury building. Was still able to put $500/mo from base in savings as well.
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