I am in my late twenties and soon moving to NYC with my wife. We are both in PE / HF and have a combined total comp just above $1m ($450k base + >$600k bonus) and expect this to be ~$2m in 2-3 years. The 1/40 rule implies that we could currently afford rent of $11k / month based on our base salaries alone. Probably only wanna spend in the $7-10k / month range but would be interested to hear how much other mid career professionals are spending? When I run the math it doesn't yet seem to make sense to buy a place
We will be looking on the upper east / upper west / chelsea / gramercy park areas
People I know in similar situations typically pay $8-15k combined but think it varies a lot
Paying ~$7k right now. Buy doesn’t make sense from a rent buy ratio in manhattan unless you are putting down long term roots. You’ll want to also account for day care and nanny costs as well as public schools (unless you’re doing private) in a few years time
This guy definitely knows his answer and is probably just looking for praise. Congrats on making a lot of money buddy, if it’s even true.
If OP wants our praise, he can have it, at that level of income he deserves it
There is no debate here. If you plan on being in NYC for more than 4 years buy. The interest deductions alone will be worth more than 4 months of rent.
The least you can spend while being comfortable. My girlfriend and I are in a similar bucket $800k all-in and we spend $5.5k all-in
Commercial real estate pulling $400k+? Would love to hear how you’ve got to it!
His girlfriend makes $700k of that total and works in PE.
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To each his own, but I would be looking at East/West Village and SoHo areas. You can probably get a good place for $7,500.
https://newyork.craigslist.org/search/mnh/apa?max_price=10000&min_price…
Ah interesting, what else can you find on craigslist?
Bro gets 7 bananas in 6min - tell me your secret haha
You can do a lot between $6k-$8k per month. If you haven't lived in NYC before you are going to be surprised at how quickly the overall cost of living adds up on top of that rent figure. Also, put a lot of thought into where specifically you want to be. Picking the right location in terms of where you work, go out and have access to transportation to the other places in the city you typically go will go a lot further than finding the highest end renovations.
The real flex is going to be how much of that income you can save/invest. Lifestyle creep is real and especially in NYC it is easy to get caught up in it.
I'm not sure how true this is. I mean, NYC is obviously expensive, but once you take rent out of it, I think it's probably a lot closer to other places than you'd think.
No car or car-related expenses (e.g. insurance, gas, parking) is the big one. That's probably a thousand dollars a month, maybe much more. Yeah, your groceries and nights out will be marginally more expensive, but that will only be meaningful if you go out a lot. In which case, I feel like you (generically) aren't really in a position to be complaining about COLA issues.
I've always aspired to make that much every year in comp. Regarding rent, I have found you can find a nice place in Manhattan for under $8k monthly. Concur with the poster above that the real flex is being able to invest and save significantly more over time rather than spend it on rent. Additionally, many newer buildings here come with tons of space for amenities, so in those places you have a lot more space and square footage to enjoy outside of the apartment for yourself. Surprisingly, few people use their amenity spaces.
would stay around 7k until you're forced to go above a small 2-bed and have no choice but to buy or move into large 2-bed or 3-bed+. Staying at 7ish allows u to sweep meaningful cash into savings and if you decide to have a kid, staying at 7ish is managable for an extended period of time on one income should you choose to do so.
That is amazing. You can afford many places if you can consistently earn that amount, but agree with others in that you should keep these rental expenses to a minimum while still having great comfort in whichever place you choose.
One could easily get a nice place with 6-8k in a good location with amenities and nice views if you care about any of that stuff. I'd rather save up to get a nice house in a good neighborhood that's far away from all the tourists and noisy streets of nyc
Hi have a slightly different question. How have you found being married while working in PE. Do you guys have enough time for each other in a week, and how many hours do you think you spend together?
Hello everyone, I have the same question but me and my wife earn $2mm. What should we pay for rent?
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