Worth Finding an Apartment in Manhattan?
I will be in an SA position for summer of 2025. I live in the tristate just outside of NYC and the commute is like 30 minutes by ferry or a hour by train. My salary for the summer after taxes will be roughly $1500 a week.
How important is it as a summer analyst to live in Manhattan and go out after work? The social aspect is exciting to me and I would love to find a flat in NYC, but not sure if I am essentially wasting money when I could just commute to and from work and on nights out just find an uber to the train station etc. What sort of rent should I expect?
Considering your situation as a summer analyst with a commute option already in place, here are some insights from the WSO dataset that might help you make an informed decision:
Commute vs. Living in Manhattan: The choice between commuting and living in Manhattan often boils down to personal preferences and lifestyle priorities. Given your commute options are relatively manageable (30 minutes by ferry or an hour by train), you're in a unique position to weigh the social benefits against the financial costs.
Social Aspect: The allure of Manhattan, especially for someone in a summer analyst position, is understandable. The networking opportunities, social events, and the overall experience of living in the city can be invaluable. However, it's essential to balance this with the reality of your work schedule, which may limit how much you can truly take advantage of these opportunities.
Financial Consideration: With a weekly salary of roughly $1500 after taxes, it's crucial to consider the cost of rent in Manhattan. Rent for a decent studio or a shared apartment in a desirable neighborhood can vary widely but expect it to be significant. Spending a large portion of your salary on rent might not be the best financial decision, especially for a temporary position.
Alternatives: If the social aspect is a major draw, consider finding a middle ground. You could stay at your current residence and allocate a budget for occasional stays in Manhattan during weekends or after significant networking events. This approach allows you to enjoy the best of both worlds without committing to the high cost of living in the city.
Rent Expectations: Based on the WSO dataset, rent in Manhattan can be steep. For a summer analyst looking to live alone, studios can start around $2000-$3000 per month in more affordable neighborhoods, and prices only go up from there. Sharing an apartment could reduce individual costs but still requires a significant portion of your salary.
In conclusion, while the social and networking benefits of living in Manhattan are enticing, it's crucial to weigh these against the financial implications and your personal lifestyle preferences. Given your relatively short commute, you might find that saving money by living outside the city and selectively choosing when to immerse yourself in the Manhattan experience could be a more balanced approach.
Sources: Why You Should Leave NYC After Your Analyst Stint, Best neighborhoods to live WITH GF in NYC (and timing) - 1st year IB Analyst Midtown Summer 2019, 1st year analysts: stupid to move into NYC right now?, 1st year analysts: stupid to move into NYC right now?, How much to spend on rent for 1st year analyst?
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