1st Year Analyst - Where To Live In Washington DC?
Hi all,
I was wondering if anyone could shed some light on how to optimally get an apartment in DC and for how much. I'll keep it short to two main questions:
- Any recommendations on apartment buildings, townhouses, etc. and strategies on getting the best deals?
- What portion of a 1st-year analyst's gross salary should be put in rent in DC? (Base + bonus gross should conservatively be around 100k-110k)
I was hoping DC would be cheaper than NYC, but it's still making me want to bash my skull in. Currently trying to reach out to alumni/friends to see if there is rooming potential as well.
Any insight would be greatly appreciated.
Hi marcus636, the silence is deafening, sorry about that.... Any of the threads below helpful?
If those topics were completely useless, don't blame me, blame my programmers...
need to know what area of DC youll be working in...it's huge
Yeah this is really important since it's best to live on the same metro line as your office is. If you'll be around Metro Center, I'd recommend looking around Dupont given your salary, or maybe even Foggy Bottom/West End, but it just depends where you'll be working.
Yeah I'll be working around the downtown area, so right at the center of DC. Unfortunately, most things I'm looking at around there are pretty expensive (e.g. ~1700+ for a decent studio).
Yeah, that changes the advice. Now you're not making the choice I put forward. I would live in D.C. at that point. Getting into D.C. is a beach + the experience of D.C. is cool.
As others have said, it depends a lot on where you're working. That being said, a good rule of thumb is to try to keep rent less than 30% of your gross income, which at $100k a year is about $2,500 a month. That'll get you a solid to great studio in a lot of DC neighborhoods, or probably a slightly below average to average one bedroom.
As for recommendations, a lot of recent college grads live in Shaw and Navy Yard (Navy Yard is very pricey, but also fun). Dupont is a very solid choice, and if you're willing to go slightly outside of DC Rosslyn and Courthouse have a lot of young professionals. The rents won't be much cheaper, but you'll get more square footage and better amenities for the most part.
Thanks for the recs, +SB
Everyone always says make a budget as if you get no bonus. Don't make it off of 100k, make it off of your base.
I like that mindset, thanks +SB
Very sound advice
Piece of advice from a lifelong Washingtonian--you don't need to live adjacent to a neighborhood in which you'd like to drink and pay a huge rent premium to do so. We have this crazy thing called Uber/Lyft and the D.C. Metro. For many people, they'll spend 90 minutes a day commuting to work so that once or twice a week they can get to their preferred bar by foot, and they'll pay a huge rent premium for the privilege.
Unless you actually work in the District of Columbia, I have no clue why you'd agree to pay more in income taxes and more in rent to incur a miserable commute so that you can walk to a favorite bar on Friday night. It's beyond asinine but is a regular form of stupidity exercised by many Washingtonians.
Good point. Here's an alternate view: if op is a single dude, then it's easier to go to his favorite bar, meet an overworked damsel in distress looking to chill out, then suggest let's grab a nightcap at my place two blocks away. Vs let's hop on the metro and ruin the mood w/ a 30 min commute.
That's a really expensive lay. Like, $6,000/year in additional rent and 5 hours a week in additional commuting.
I'll be working in the downtown area so I definitely want to stay close to that area. Agreed on your point though if you don't work in DC.
Shaw/U Street area are great places to live and have tons of young professionals, bars, nightlife, etc.
I would recommend when looking around there, try to find a place in a row home (english basement, terrace level). This will be a nice alternative to an apartment and will afford you to live in a good part of town.
I'd recommend checking craigslist for apartment listings. Especially if you're open to living with roommates, you can score some great deals in more traditionally expensive areas. Just make sure to do the appropriate due diligence of course. With a six figure salary + bonus, you'll be able to find a nice spot while still living comfortably within your means.
Also, just a general rule of thumb- try to live a walking distance away (preferably 10 minutes or less) from the metro. It makes commuting to work a lot easier and sometimes lets you skip the $20 uber ride when going to a more distant pregame/bar.
Sounds a little too groovy for me, dude
I'd try actual housing networks like WIHN or WISH
If you are working downtown (I'm assuming that means near Metro Center) then Chinatown, Shaw, Foggy Bottom, Dupont, and Mt. Vernon are good neighborhoods for you. Potentially SW Waterfront, Adams Morgan, and U Street if you dont mind a slightly longer commute. Would suggest living in the District.
If you're working by metro center you have a reasonable commute on essentially any metro line. If you want a big apartment building with pool/amenities then go chinatown, shaw, or logan. The first few years in DC I'd recommend a group house unless you're from the area. It is very insular and meeting people as an Analyst can be tough.
what's your game? you trying to save money or have an easier lifestyle?
DC might be expensive still but you'll typically get more bang for your buck (i.e. WD, dishwasher, more sf). plenty of "cheap" places that you can find. you don't need to live in the shiniest new building in downtown. group house will definitely save you money and could be a great way to integrate in a new city.
I'd say Mt. Vernon, Downtown DC, Dupont, Shaw/U St, Penn Qtr are all areas that have good social scene and would offer short commute to downtown. Cleveland Park is cheaper, farther out, and more residential but is on the red line and quick to get to downtown for work. whatever you choose, i'd say a short walk to the metro is key.
another consideration, if you're traveling a ton for work, i recommend being closer to union station or DCA either by way of metro or uber. long weeks of traveling are so much better if you can throw a rock at your place from the airport/train station.
anecdotally, when i first moved to DC i lived in the suburbs to try and save money but probably ended up wasting more money and time on ubers for night life. no, i've not done a cost benefit analysis on paying higher taxes living in DC but the point is, i got tired of spending 30-40 minutes in an uber whose cost added up week after week.
happy to provide more detail if desired.
Shaw/ Dupont, ideally with one/ two rommate(s). The proximity perks outweigh the cost in my opinion.
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