How much are you Associates spending on rent these days? Seen a lot of threads discussing Analysts rent etc. but less so for Associates and beyond.
Do you still stick around the 40x rule or are you way below/still sharing apt?
Obviously depends on the individual case, but curious to benchmark as someone who has stuck around the same price range of ~2k since analyst and considering potentially making a large jump to the 3.5-4k range for a substantial upgrade.
I pay $3500 for a 1100 sq ft 1bd/1ba in a very nice highrise. This price gets you an equivalent or similar apartment at any top highrise in the city. Probably doesn’t seem like a lot for folks in NYC, but anybody that I talk to here is gobsmacked at how much rent I pay.
That's insanely cheap actually. Upper East?
He mentions in the comment that it’s not NYC. My guess is it’s Chicago. Nice 1BRs go for that much. But you gotta live in Chicago
That seems like a great deal. Is this in the city and how did you land the place?
Based on the most helpful WSO content, the discussion around rent for Associates making between $275k to $325k suggests that there isn't a one-size-fits-all answer. However, there are some insights and benchmarks that can be gleaned:
As for the 40x rule, which suggests that your annual income should be at least 40 times your monthly rent, it seems that some Associates may choose to spend well below this threshold to prioritize savings or investments.
Ultimately, the decision to stick to a certain rent range or opt for a substantial upgrade to a $3.5k-$4k range for a better living situation depends on personal financial goals, lifestyle preferences, and other financial commitments.
If you're considering making a jump in your rent expenditure, it might be wise to evaluate your overall financial situation, including savings, investments, and lifestyle needs. Remember, while a nicer place can offer comfort and status, financial security and the ability to invest or save for future opportunities should also be considered.
Sources: How much do you spend on rent as an associate making 275-325?
Bump. Would love to hear from more folks / see some more data points.
I'm in a similar boat. Paying $2k in NYC Hells Kitchen in a 3 bedroom with the boys but moving out in a few months to a 1BR. Hoping that $3-3.5k is doable for NYC but looks like that's only really possible in Queens. Curious to hear from others.
~$2.5k for a studio with parking in SF. Considering moving somewhere for ~$3k a month but probably wouldn't exceed that for now
A little under 4k per month
As an AN1?
Paying 2500 for a 2 bedroom place with a den, 10 min Uber from the office. Obviously not nyc…a nice reminder of what exists outside the big apple!
Top 5 city by pop
I own a condo in NYC. Mortgage is $1,900 a month. HOA: $400 a month.
That sounds surprisingly cheap… studio apartment? What part of NYC?
My response was slightly disingenuous. I bought it 14 years ago, pre-banking. Williamsburg.
If you live in NYC, consider Brooklyn (mostly the neighborhoods that veer closest to Manhattan). I spend $2k for a studio in a nice area of bk. Takes about the same amount of time to get to the office as it does from a Fidi highrise.
“nice area in bk” lmao
Just under $3k in Manhattan. Nice studio / building
Where in the city?
just below Murray hill
“in manhattan“ lmao
1st year in BO. Pay $2,000 for 1 bedroom in Chelsea, NYC. Rent Stabilization baby!
How do you find these mythical rent stabilized apartments
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