Houston, TX - Career vs. Lifestyle

Morning Monkeys,

I hope you've all successfully braved the iniquity that is Hurricane Sandy. I'd like to preface this post with the disclaimer that I have never been to Houston (outside the airport), and am thus completely objective in my stance. What I'm looking for is any input and experience that could help me weigh options and move forward with my career.

As I've mentioned in previous posts, I'm in energy and a CFA LII candidate, in a sort of hybrid front- and mid-office position dealing with hedging our production, trading and risk. I hesitantly turned down two middle market IB opportunities out of college to get here, but as of now couldn't be happier with the choice. Absolutely love the industry. As I get more acclamated, more and more the realization is weighing down on me that Houston really is the mecca of the energy world, and that furthering my career (going down the path I'm headed towards energy trading / PE) would likely entail my living there for at least a few years. The analyst before me left in June for a commodity fund out there, and the other analyst I work with is taking a business analyst position with another firm there in January.

I've done my research and have tons of friends from TX, most of which are from Ft. Worth and Dallas. The common denominator in almost everyone's opinion is that you don't want to be there for long, for reasons ranging from weather to lifestyle. Here are some pros and cons I've been given, and would really appreciate it if yall could comment on the accuracy of any of these (or add more, of course).

PROS:

  • Economy. The city is still rapidly expanding and has a plethora of job opportunities for young adults--particularly in the energy industry. Employment rate is below 8% (let's avoid a discussion regarding the accuracy of employment figures).
  • Comparatively low taxes, and thus a more amicable cost of living.
  • Food. I love eating and come from a highly decorated food capital, so this is almost a necessity.

CONS:

  • Weather.. I was surprised to read that Houston is actually one of the cloudiest cities in the country year-round. Summers are blisteringly hot, but at least there's no humidity. EDIT: Apparently it's very humid. Definitely another con.
  • Lifestyle. Apparently, outdoorsmen like myself are hardpressed for anything to do. There's a reason it's one of the fattest cities in America. If restaurants are all there is to do, well....do the math. The only activities I could find were "bike riding" and "water skiing." Riding my bike around the desert sounds about as fun as pricing options by hand.
  • Cost of living. Apparently, this is one of the biggest misconceptions surrounding Houston. People I know who work there say that while the outskirts are full of dumpy cheap housing, living anywhere respectable is no cheaper than any other major metro area (Dallas, etc). One pays $1500/month + utilities for a one bedroom, 900 square foot place. Granted it's a nice place, that seems absurd given the city apparently has no redeeming landscape or features.
    *Other sources say the cost of living is 13% lower than the average city, which should be noted. Surely it depends on where you live.
  • Crime. Everything I read says that it's a joke how much theft and robbery occurs. This is to be expected in most major cities, but apparently it's that bad, and it doesn't have the amenities of NY or Chi to make up for it. My friend went to dinner with his new boss, came out and his out-of-state license plates had been stolen in that hour window. I live in a capital city larger than Houston and nothing quite that ridiculous has ever happened to me.

I'm ambitious enough to put up with undesirable conditions for a few years if it's to my advantage in the long run, but what they say is true: you only live once, and quality of life is important. Does anybody have any experience living in Houston? Or, does anybody have an experience where you gave up a lifestyle and location for the sake of your career (good or bad)? Hopefully anyone else in a similar position to me, whether they be rising seniors or newly minted energy buffs, can learn from what you've got to say.

 

You are completely wrong on 3 of the cons, the weather is CONSTANTLY sunny and hot... which is actually still a con, because you will often find yourself yearning for a day of respite from the intense sun... The cost of living in Houston is ridiculousness cheap, gasoline is cheap, food is cheap, no state income tax, however, depending on where you live, your property taxes may be high, this is usually due to better quality schools. However, if you don't have children or want to send them to a private school this is a huge tax burden and it's not benefiting you in any way. In most suburban areas and uptown areas the crime rate is rather low... so you are also incorrect on that point, and in comparison with cities like LA and NYC the crime rate is substantially lower.

"Well, you know, I was a human being before I became a businessman." -- George Soros
 

The crime rate is substantially higher in every metric (murder, rape, theft, burglary) in Houston than LA or NY. Not sure where you're getting your stats. The cloudy bit came from people posting on city-data.com, but yeah, tha bit does sound a little absurd.
And in terms of living, downtown Houston real estate is no cheaper than most cities (again, look it up), so I really don't see much cost savings there unless I'm juxtaposing it with New York (I'm not). I'm not concerned with sending my kids to prep school, I'm 22. I'm talking about living here for five years or so. Everything else being cheap sounds good though.

 
CaR:
The crime rate is substantially higher in every metric (murder, rape, theft, burglary) in Houston than LA or NY. Look it up. The cloudy bit came from people posting on city-data.com, but yeah, I'd probably prefer that than the blistering hot sun. And in terms of living, downtown Houston real estate is no cheaper than most cities (again, look it up), so I really don't see much cost savings there unless I'm juxtaposing it with New York (I'm not). Everything else being cheap sounds good though.

Honestly, the crime percentage by population differs by only around .3% between houston and NYC so I'd take that as just being the same.

 

Man, I've lived in the houston area all my life and during the summer it is rare for clouds. Honestly there are tons of blue bird days. Also, you are dead wrong on humidity. Freaking ridiculous. Regarding crime: I've been to every part of Houston and I've had no problems. Besides, I'm sure you won't be frequenting 3rd or 5th ward during your stint in Houston.

 
txjustin:
Man, I've lived in the houston area all my life and during the summer it is rare for clouds. Honestly there are tons of blue bird days. Also, you are dead wrong on humidity. Freaking ridiculous. Regarding crime: I've been to every part of Houston and I've had no problems. Besides, I'm sure you won't be frequenting 3rd or 5th ward during your stint in Houston.

Thanks for the feedback man. Having lived there, would you recommend Houston?

 
CaR:
txjustin:
Man, I've lived in the houston area all my life and during the summer it is rare for clouds. Honestly there are tons of blue bird days. Also, you are dead wrong on humidity. Freaking ridiculous. Regarding crime: I've been to every part of Houston and I've had no problems. Besides, I'm sure you won't be frequenting 3rd or 5th ward during your stint in Houston.

Thanks for the feedback man. Having lived there, would you recommend Houston?

Since you are in energy and want to stay in it, there is no better place. I wouldn't want ot live in Houston all my life, but for the time being it's right for me.

Also, listen to Money09, he knows what he's talking about. There are so many good places outside of downtown.

For reference, I live in a newly constructed 2200 sq. ft house and paid ~$180k for it. Yes, it's in a canned neighborhood outside of Houston, but it works for me. Also, my property tax rate is I think 2.99%.

 

Houston isn't that bad. The whole crime thing is stupid, it really is not that bad. You'll have just about the same level of crime as any other major US city. The hill country is only a few hours from the city so if you're looking for outdoorsy things then you'll have that option. And yes Food is BIG TIME here....cuisines from every corner of the world are here.

Which capital city is larger than Houston? I don't think there is any capital city that is larger than Houston, including DC....Houston is pretty damn big.

 
pacman007:

Which capital city is larger than Houston? I don't think there is any capital city that is larger than Houston, including DC....Houston is pretty damn big.

Last time I checked Austin was the capital of Texas or am I completely missing something

I didn't say it was your fault, I said I was blaming you.
 
Neighbor:
pacman007:

Which capital city is larger than Houston? I don't think there is any capital city that is larger than Houston, including DC....Houston is pretty damn big.

Last time I checked Austin was the capital of Texas or am I completely missing something

Austin is the capital of Texas but the capital of New York is Albany. It doesn't mean much.

 
Neighbor:
pacman007:

Which capital city is larger than Houston? I don't think there is any capital city that is larger than Houston, including DC....Houston is pretty damn big.

Last time I checked Austin was the capital of Texas or am I completely missing something

Last I checked Austin was smaller than Houston by a few orders of magnitude.

The OP said "i live in a capital city that is larger than Houston"...which is false bc no such things exists.

 

I really appreciate the feedback. Makes the whole crime and city living expenses thing seem blown out of the water, and being in energy, that's exactly what I'd be looking for. It's probably too early to be asking about exact neighborhoods, but knowing that there are nearby spots that are good is very reassuring. This is exactly what I was looking for, wish I had more SBs for all you guys.

 

Um, there is no capital city larger than Houston. It's the 4th largest city in the country. There will be crime...but unless you live in some shady area I doubt you will ever notice. I hear Chicago has some crime as well. And per capita basis Houston isn't in the top 20 in violent crime, theft, or robbery.

http://en.wikipedia.org/wiki/United_States_cities_by_crime_rate

Cost of living is a misconception to some degree...but most people are usually comparing it to new york, not dallas...so yes it is still relatively inexpensive (again for being a major metropolitan area...this isn't des moines iowa afterall).

Lifestyle: pretty sure everyone i know does some combination of running, biking, fishing, hunting, whatever...yeah you don't hike through downtown houston but again...we're talking a city of 2mm+ people in the city and 6mm+ in the metro area...you want to hike and fish near your office i suggest you check out Boise, Idaho. Huge arts scene, etc. It is not the fattest city anymore, but im sure it's close...that would be due to a large hispanic population. Bad (but so tasty) diet. + low income = fatness. Also describes why Mcallen, TX (which is damn near in mexico) has the highest obesity rate per US News.

Economy: more fortune 500 hq's than any city outside of new york...i hear energy is also doing well.

 

Recently moved to Houston from San Francisco, CA and I can say that the food is more expensive than I thought. Drive-through meals are easily $13+ probably because it's all BBQ based, but thought that would shed some light on the cheap food discussion. Gas is definitely cheaper (about $1/gal lower than SF), but you're spot on with rent. The best area for people our age (mid 20's) is near washington ave; I looked for a 1bedroom there and you're spot on with pricing - about $1,600 all-in per month for a 700 sq ft bedroom. 900 sq ft you're talking almost $2,000 all-in. Been here for about 2 weeks, it's okay, not loving it, not completely hating it. Thought the weather would be a lot worse than it is, but then again, I've only been here 2 weeks. Hope that helps! PM if you have any more questions.

 
RisingSun:
Recently moved to Houston from San Francisco, CA and I can say that the food is more expensive than I thought. Drive-through meals are easily $13+ probably because it's all BBQ based, but thought that would shed some light on the cheap food discussion. Gas is definitely cheaper (about $1/gal lower than SF), but you're spot on with rent. The best area for people our age (mid 20's) is near washington ave; I looked for a 1bedroom there and you're spot on with pricing - about $1,600 all-in per month for a 700 sq ft bedroom. 900 sq ft you're talking almost $2,000 all-in. Been here for about 2 weeks, it's okay, not loving it, not completely hating it. Thought the weather would be a lot worse than it is, but then again, I've only been here 2 weeks. Hope that helps! PM if you have any more questions.

I'm coming from Bay Area and going to move to Houston next week.

I've been to Houston before for a short period of time and know some friends there.

Paying $1600/mo for rent is way out of line for me, especially when i want to save up.

I'm currently looking for something less than $500. Still lurking on craigslist as I'm typing this.

 
slim_ibd_shady:
RisingSun:
Recently moved to Houston from San Francisco, CA and I can say that the food is more expensive than I thought. Drive-through meals are easily $13+ probably because it's all BBQ based, but thought that would shed some light on the cheap food discussion. Gas is definitely cheaper (about $1/gal lower than SF), but you're spot on with rent. The best area for people our age (mid 20's) is near washington ave; I looked for a 1bedroom there and you're spot on with pricing - about $1,600 all-in per month for a 700 sq ft bedroom. 900 sq ft you're talking almost $2,000 all-in. Been here for about 2 weeks, it's okay, not loving it, not completely hating it. Thought the weather would be a lot worse than it is, but then again, I've only been here 2 weeks. Hope that helps! PM if you have any more questions.

I'm coming from Bay Area and going to move to Houston next week.

I've been to Houston before for a short period of time and know some friends there.

Paying $1600/mo for rent is way out of line for me, especially when i want to save up.

I'm currently looking for something less than $500. Still lurking on craigslist as I'm typing this.

You won't find anything at all under at least $650, just a heads up. Like I said, I've lived there forever and have countless friends having to look for apartments all around town. I'd stick the number right around $1,000.

 

Grew up in the Houston metropolitan area, more recently living in the NE. It's not the most exciting place (although there is plenty going on, especially in terms of arts and food as previously mentioned) but there are people who just flat out love it. Lots of my family members could happily do their job in any other city but refuse to leave. Parents had the chance to transfer to nyc and turned it down.

The weather is humid and hot, especially in the summer, but honestly, it's pretty easy to never leave an air conditioned environment for those 3 months. Just take up an indoor sport. As far as outdoor stuff goes, October - April will be pleasant enough and there's plenty of hiking/biking/fishing/hunting a few hours drive away...which brings me to, you need to love to drive. Get a decent car and enjoy your time in it. Aside from rush hours, I find it calming.

Cost of living: My cousin has a nice 1 bed in the Rice village area and is definitely paying less than $1k (about $800?) The other thing to take into account is the fact that $1500-2500/mo in Boston/NY will get you a pretty rundown studio or a really old and rundown 1 bed in a less than desirable location. The same price in Houston will get you a modern, new place in any part of town you want. Go to Zillow and look up the housing prices in the River Oaks/Tanglewood area. Compare what $1M gets you there with what $1M will get you in Boston or NY.

As far as crime goes, there can, unfortunately, be a big difference between shitty parts of Houston and nice parts of Houston. There are a few areas that I wouldn't feel comfortable walking through alone late at night but then and again...I'd be driving, not walking and I don't have any reason to be in those areas anyway. I could see the crime rates averaging out to be worse than LA/NY but I doubt you'll have any problems in the areas I assume you're looking at.

@RisingSun: Eat less BBQ :P and check out the Chinatown. Hands down nicest one I've been to in the US...or probably in any country.

 
mehtal:
Grew up in the Houston metropolitan area....Lots of my family members could happily do their job in any other city but refuse to leave. Parents had the chance to transfer to nyc and turned it down.

also, think about this for awhile.

 
Best Response

so im hammered but let me do my best. i grew up in houston. and im very proud of that.

crime? it's tied with chicago for 3rd biggest city in the US. dont go to the hood and you'll be ok. go to the hood and don't be a dumbass (i had to do community service and have friends out in 5th ward which is supposedly the worst - you'll be fine... look like you belong and no problem) but you can get to any part of the city that you'll want to be in without ever having to go through a bad part of town.. that kind of city. if you do, youll be on a major major freeway. like 6 lanes each way freeway. plus HOV.

food? you already know. this is one of the most international cities in the US by ranking... west of the galleria can compete anywhere, literally anywhere, for food, any kind.

rent? stop choosing stupid areas to live in. everybody hears about like 3 areas out of probably 1-200 in houston and they decide they have to live there. rent for a nice place will run you 900-1000 a month if you're single and actually smart about choosing a place to live. a nice place.

cost of living? if you're single and can't live on 40k a year in houston you don't deserve to live there. let alone whatever you'll be making. ask a local for some help.. thats all expenses except savings.

job opportunities? having lived there the vast majority of my life (in the actual city as well, not the suburbs) the recession has not affected it neeeaaarrrrllly as much as everywhere else. houston is still growing strong. energy? you're set. this really is the energy capital of the world. and eventually, start asking yourself.. which is more important? energy or finance? boom. job security. people are fine here.

i went to school in that chinatown the dude above me is talking about. this city has so many things people don't talk about you'll be thrilled.

yes it's hot - like i said it used to be mexico. grow a pair of fucking balls and deal with it. it's better than fucking blizzards. edit: NYC and Chicago get so cold i don't even know how to describe it. cold you add clothes, heat you remove them. texas girls > nyc/chicago all week. nobody can argue that. so that zeroes that out. moving on.

i don't know what the fuck that dude getting $13 drive throughs is eating but he must not have fit in in SF very well. #2 whataburger meal runs like $8, not $13, and if that doesnt fill you up... "bigger" problems to worry about. edit: whataburger is probably the most expensive fast food in texas too

outdoorsy stufff? you're a little less than an hour away from the gulf of mexico and a huge bay. there are rock climbing gyms, motocross tracks, paintball fields, bike paths, watersports, and so on within less than an hour. if you're willing to drive an hour or two, there's Austin (which has everything outdoors), enchanted rock (hiking/climbing... fuck it i'm done typing on this. you're in TEXAS. in the heart of it. how can you say there's not stuff to do outdoors?

i don't know where to begin honestly. but just make sure you realize that some people belong on texas, and some people don't. people whose main desire is to be in nyc/london/hk will get crushed in houston..

 
Tupac:
so im hammered but let me do my best. i grew up in houston. and im very proud of that.

food? you already know. this is one of the most international cities in the US by ranking... west of the galleria can compete anywhere, literally anywhere, for food, any kind.

rent? stop choosing stupid areas to live in. everybody hears about like 3 areas out of probably 1-200 in houston and they decide they have to live there. rent for a nice place will run you 900-1000 a month if you're single and actually smart about choosing a place to live. a nice place.

cost of living? if you're single and can't live on 40k a year in houston you don't deserve to live there. let alone whatever you'll be making. ask a local for some help.. thats all expenses except savings.

job opportunities? having lived there the vast majority of my life (in the actual city as well, not the suburbs) the recession has not affected it neeeaaarrrrllly as much as everywhere else. houston is still growing strong. energy? you're set. this really is the energy capital of the world. and eventually, start asking yourself.. which is more important? energy or finance? boom. job security. people are fine here.

yes it's hot - like i said it used to be mexico. grow a pair of fucking balls and deal with it. it's better than fucking blizzards. edit: NYC and Chicago get so cold i don't even know how to describe it. cold you add clothes, heat you remove them. texas girls > nyc/chicago all week. nobody can argue that. so that zeroes that out. moving on.

outdoorsy stufff? you're a little less than an hour away from the gulf of mexico and a huge bay. there are rock climbing gyms, motocross tracks, paintball fields, bike paths, watersports, and so on within less than an hour. if you're willing to drive an hour or two, there's Austin (which has everything outdoors), enchanted rock (hiking/climbing... fuck it i'm done typing on this. you're in TEXAS. in the heart of it. how can you say there's not stuff to do outdoors?

i don't know where to begin honestly. but just make sure you realize that some people belong on texas, and some people don't. people whose main desire is to be in nyc/london/hk will get crushed in houston..

This is pretty much exactly what I was looking for. I fly fish as much as possible and have hunted on my buddy's ranch near Ft. Worth a few times so it's reassuring to know there's that if I have the time. I dated a TX girl for a couple years in school, no need to touch on that. Still convinced southern girls are unrivaled.

To answer your question, I'm hoping to end up in energy finance--whether it's trading, IB, or AM is yet to be determined. Just trying to do the best with where I'm at, but as I glance further down the road it looks more and more like Houston is the pinnacle of energy and energy-finance. Also, I love UGK and DJ Screw so there's that. Really appreciate the input, gave you my last SB.

 

while yall are thinking houston is something it's not, this is more along the lines of what houston actually is

edit: TEXANS

edit: for anybody concerned about size, where it says "the woodlands" on that map to "galveston" is probably a 2 hour drive w/o much traffic. houston is HUGE and its size is hugely underappreciated. numbers barely count what houston really is, look at google maps for what gets counted.....

http://www.apartmentshoustonmovingrelocation.com/map_houston_texas_1.gif

edit: also houston looks deceivingly small from the "skyline" pictures. houston is unique in having 3 skylines...

  1. medical center: http://blog.chron.com/medblog/files/2011/08/TMC-skyline-_Nov2009.jpg

  2. galleria: (even though this makes it look tiny, that tall one is one of the tallest freestanding skycrapers in the world) http://en.wikipedia.org/wiki/File:Uptown_Houston.jpg

  3. downtown:

http://www.carlmaples.com/Houston_Skyline_1999.101.jpg

http://pics4.city-data.com/cpicv/vfiles26234.jpg

http://www.alexshay.com/shay-graphics/HoustonSkyline.jpg

To me, this is fascinating. click this picture but read what i'm saying.

http://eoimages.gsfc.nasa.gov/images/imagerecords/43000/43196/ISS022-E-…

YOu'll notice the very obvious center of the city, in the center of the picture. downtown. if you look immediately to the left of downtown, you'll see a green/black blob. along this blob, you'll notice its left edge is pretty straight and vertical. follow this vertical edge to the next bright blob, and you've made a line. this line is a freeway. just to the north (this picture is like any other map) of that bright blob, you'll notice a slightly brighter than the rest line, which turns right (east). this line goes straight again about as far to the right of downtown as we started to the left. it then goes back down, again with the same distance from downtown thing. you have thus completed tracing out the 610 loop. that is a 38 mile loop, and some people only consider houston to be that loop and what's inside it. houston is fucking huge, extremely international. agriculture hub, energy capital, tied-for-first biggest port in US, close to anything outdoors, great food, largest medical center in the world, etc, etc, etc, etc. we havent even begun to talk about the great culture here or the more artsy side of it all. thats for tomorrow. goodnight.

 
TonyPerkis:
thinking about grad school in houston...hows the golf in houston? with the weather being so great, imagine there be tons of great courses

golf is excellent in houston. interned over the summer and played almost every weekend. relatively cheap and lots of courses around.

 

Houston is dirt cheap, you are definitely wrong that a 900 sqft apartment will cost 1500/mo. That is just way off. Although what is true is that the economy has been heating up and that has been in turn driving up prices, including rents, and so it's not cheap as perhaps the reputation would lead you to believe.

Crime is a problem in the city. Third Ward and Fifth Ward (the Bloody Nickel) are areas to avoid.

What you will hate about Houston is you have to drive to get anywhere, everything is so spread out, traffic is horrible, it's hot, there's nothing to do outdoors, and some annoying cultural norms that I won't go into. All that being said, I kind of like Houston. You will hate any place you live if you focus on the negatives.

 
econcomputingCRE:
Houston is dirt cheap, you are definitely wrong that a 900 sqft apartment will cost 1500/mo. That is just way off.

I don't where you're living but it is hardly way off. If anything it's low if you're talking about desireable areas for young profesionals. Rent inside the loop in good spots (upper kirby, etc) can easily be over $2/sq ft. I know at West Ave...which is just a normal, but nice, apartment complex, a 1/1 under 800 sq ft starts at $1900. Cheap by NY standards but hardly in line with what many assume about Houston.

 
PossumBelly:
econcomputingCRE:
Houston is dirt cheap, you are definitely wrong that a 900 sqft apartment will cost 1500/mo. That is just way off.

I don't where you're living but it is hardly way off. If anything it's low if you're talking about desireable areas for young profesionals. Rent inside the loop in good spots (upper kirby, etc) can easily be over $2/sq ft. I know at West Ave...which is just a normal, but nice, apartment complex, a 1/1 under 800 sq ft starts at $1900. Cheap by NY standards but hardly in line with what many assume about Houston.

That's a really expensive apartment by Houston standards. I pay $835/mo for 850 sqft of space and no additional fees, and my place is a modern, updated palace compared to what I had on the east coast. I live closer to the outer loop so out here you can get a really nice place like this for cheap. I'm sure you can find places as expensive as you quoted -- it doesn't mean that is representative of the market!

I have a friend who lives in the galleria, which is another highly desirable area, and he pays $1100 for about the same amount of space and his place is pretty damn nice in my opinion.

I think your standards may be very high -- which may in fact be the case for many people on WSO.

 

I also live in Houston. As far as the weather goes, yeah the summers can get hot as hell, but every place here is accommodated with A/C and its really more of a trade off. During the winter, the lowest it usually goes is around 40 for MAYBE a month 1/2 to 2 months. Aside from that Fall/Spring weather falls along borderline perfect. You could say its the fattest city, but you're 22, and if u can't find a hot girl within 2.5 million people then you're not doing it right, they run rampant on Washington St.. The golf is great and plentiful nearby. You really need to scale Houston farther than just downtown. Galveston and Austin are considered a branch of Houston and literally anything outdoors can be accomplished. If you like hunting, South Texas hunting leases will give you the biggest bucks around, as well as duck, dove, boar, coyote, etc. I've personally been fishing offshore out of Port O'Connor (it's sea depth dropoff is less mileage than Galveston) and caught endless Red Snapper, Kingfish, Dolphinfish, Tuna, you name it. Outdoor stuff like kayaking, biking, horse riding, LAKES are everywhere, floating the river in San Marcos, it's all here. You'll be in Texas, the biggest fuckin land mass in America besides bumfuck Alaska, you're gonna be able to do anything outdoors. I hear all the time that visiting NyC, and Chicago and all these other cities are places you want to visit for 6 mo-1 year, but Houston is a place you want to live the rest of your life. If youre into article rankings, Forbes rated Houston the #1 coolest city based on Food, culture, job opportunity, recreational things to do, and night life. Also, Football is what we Texans breath, so don't expect Hockey or LAX. As far as housing, it's all about perspective. You can either live in a high rise condo that will run you something similar to Other big cities, but I can assure you for the price it is not as rundown. Also, the suburbs of Houston, (Cypress, Kingwood, Katy, just outside the inner loop) are ranked among the cheapest housing in te nation because for what you pay, you get considerably more yardspace and size inside your home. I've seen mansions in neighborhoods nearby that are ridiculously nice that run a couple mil, but for that same price somewhere else you could get a pretty above average house. Think outside the scope of just 1 bedroom apartments. Anyways, with the mortgage lending rate as low as it is now, it's cheaper to buy a home and finance than leasing at the moment. Considering all that, top it off with that your niche in the marketplace is energy... The top energy city in the world. No-brainer for you. Don't be afraid to steal 2nd or you'll always stay on 1st base. Best of luck

 

sure, we can do a local meetup some time later.

where are you guys staying in/hanging out at?

I just found an apartment in the Galleria area, should be moving into there soon later this week. My office is on Post Oak Blvd, but my client is in downtown Houston so I move back and forth between the two.

 
burnt tangerine:

Let me preface this by saying I know it is not easy to be successful in finance, and banking isn't some backdoor way to extreme wealth.

That being said, if you break into Houston IB and either become a career banker or move on to work for some type of O&G investment vehicle, are you able to easily live as a typical baller in Houston?

I'm talking about being able to buy a mansion in River Oaks or Memorial, sending your kids to St. John's or Kinkaid, and joining the Houston or River Oaks Country Club. Is that lifestyle easily obtainable as a financier or do you face fierce competition from other well-off professionals in Houston like doctors, lawyers, and other business execs.

Somewhat shallow question, I know, but I'm just curious.

yes jus make sure u drill in currect places - dun b like BP and fck up twice (in ur case becoming a career banker/wanting to live a "baller" lifestyle in houston)

"so i herd u liek mudkipz" - sum kid "I'd watergun the **** outta that." - Kassad
 

This is a basic math question.

  1. Figure out typical earnings for bankers (analyst to MD)
  2. Figure out property values in said areas
  3. Figure out private school costs at said schools
  4. Figure out membership rates at said clubs

Does the earnings of a typical banker cover those costs? There's your answer...

 

I live in Houston and yes you live extremely well. My group here always laughs at the NYC team since they make the same amount of money we do, yet we live extremely well. The associate that works in my group is 25, just bought a sick two story townhouse right near the galleria, and drives a brand new M3 to work and still saves plenty of money. The nice thing about Houston is that even someone making $40k can live reasonably well. Also you can't join the River Oaks Country Club, you have to be invited in.

Array
 
TeddyTheBear:

I live in Houston and yes you live extremely well. My group here always laughs at the NYC team since they make the same amount of money we do, yet we live extremely well. The associate that works in my group is 25, just bought a sick two story townhouse right near the galleria, and drives a brand new M3 to work and still saves plenty of money. The nice thing about Houston is that even someone making $40k can live reasonably well. Also you can't join the River Oaks Country Club, you have to be invited in.

Nice. And yeah, regarding ROCC I guess you have to hope your boss likes you enough or marry a chick to join. Some Texas country clubs are ridiculously exclusive. I've heard stories that it takes a decade to get off the ROCC waiting list and I've heard that the only way to get membership to the San Antonio Country Club or the Tarry House in Austin is through inheritance.

 
TeddyTheBear:

I live in Houston and yes you live extremely well. My group here always laughs at the NYC team since they make the same amount of money we do, yet we live extremely well. The associate that works in my group is 25, just bought a sick two story townhouse right near the galleria, and drives a brand new M3 to work and still saves plenty of money. The nice thing about Houston is that even someone making $40k can live reasonably well. Also you can't join the River Oaks Country Club, you have to be invited in.

But it's still Houston. One of the most boring and ugliest cities in the country. Not to mention all the rednecks.

 
burnt tangerine:
TeddyTheBear:

I live in Houston and yes you live extremely well. My group here always laughs at the NYC team since they make the same amount of money we do, yet we live extremely well. The associate that works in my group is 25, just bought a sick two story townhouse right near the galleria, and drives a brand new M3 to work and still saves plenty of money. The nice thing about Houston is that even someone making $40k can live reasonably well. Also you can't join the River Oaks Country Club, you have to be invited in.

Nice. And yeah, regarding ROCC I guess you have to hope your boss likes you enough or marry a chick to join. Some Texas country clubs are ridiculously exclusive. I've heard stories that it takes a decade to get off the ROCC waiting list and I've heard that the only way to get membership to the San Antonio Country Club or the Tarry House in Austin is through inheritance.

I don't even know if your boss would have membership. My MD tried awhile ago and just let it go. One guy in my office has the membership because his dad is well connected in the energy world here. They admitted there first black member in 1997.

http://www.bizjournals.com/houston/stories/1997/02/03/story4.html?page=…

Still predominantly white, mostly old dudes in the energy world, few bankers, and tons of lawyers and government officials. A good old boys club.

Array
 
TeddyTheBear:
burnt tangerine:


TeddyTheBear:

I live in Houston and yes you live extremely well. My group here always laughs at the NYC team since they make the same amount of money we do, yet we live extremely well. The associate that works in my group is 25, just bought a sick two story townhouse right near the galleria, and drives a brand new M3 to work and still saves plenty of money. The nice thing about Houston is that even someone making $40k can live reasonably well. Also you can't join the River Oaks Country Club, you have to be invited in.

Nice. And yeah, regarding ROCC I guess you have to hope your boss likes you enough or marry a chick to join. Some Texas country clubs are ridiculously exclusive. I've heard stories that it takes a decade to get off the ROCC waiting list and I've heard that the only way to get membership to the San Antonio Country Club or the Tarry House in Austin is through inheritance.

I don't even know if your boss would have membership. My MD tried awhile ago and just let it go. One guy in my office has the membership because his dad is well connected in the energy world here. They admitted there first black member in 1997.

http://www.bizjournals.com/houston/stories/1997/02...

Still predominantly white, mostly old dudes in the energy world, few bankers, and tons of lawyers and government officials. A good old boys club.

Damn... Do you work with people who are members of the Houston Country Club? I don't think it is supposed to be as exclusive as ROCC but I know George H.W. Bush used to golf there.

 
Ibracadabra:

But it's still Houston. One of the most boring and ugliest cities in the country. Not to mention all the rednecks.

liek dyude sum of the hottest/smartest women reside in Houston lol

i just can't stand the heat, need a colder place 2 live :/

"so i herd u liek mudkipz" - sum kid "I'd watergun the **** outta that." - Kassad
 
mudkipz:

liek dyude sum of the hottest/smartest women reside in Houston lol

I hope that was a joke. Number one fattest city in the country, not to mention most women in Houston are as smart as a Swiss sheep

 
Ibracadabra:
mudkipz:

liek dyude sum of the hottest/smartest women reside in Houston lol

I hope that was a joke. Number one fattest city in the country, not to mention most women in Houston are as smart as a Swiss sheep

actually McAllen-Edinburg-Mission, Texas has lung been considered fattest lol

"so i herd u liek mudkipz" - sum kid "I'd watergun the **** outta that." - Kassad
 

Lived in Houston for quite a while. Yes, you'll live well compared to your peers in NYC/SF. Your average nice River Oaks mansion only runs a few million bucks and you can move into the neighborhood for

 
mehtal:

Lived in Houston for quite a while. Yes, you'll live well compared to your peers in NYC/SF. Your average nice River Oaks mansion only runs a few million bucks and you can move into the neighborhood for <$1 million if you don't mind having a smaller property. St. John's/Kinkaid costs half what the likes of Trinity/Dalton costs in NYC. Maids/nannies are also cheaper. Friends making $40K starting salaries have new cars and nice 2 bedroom apartments. Every so often I wonder why I'm not moving back there...

Lack of quality of life. That's why.

 

Yeah, not having to live in a shoebox and pinch pennies tends to really improve quality of life. I imagine Houston might be quite dull for stay at home moms who have all day to waste but there's really plenty to do for anyone who's working a 40-80 hour week...

 
kingoftheotherroad:

Someone is jealous - NYC and SF are the worst lifestyle/quality of life wise

LOL, are you really talking about beautiful San Francisco, the one with Muir Woods National Park, the Bay, the Golden Gate, Sausalito, etc in the immediate area, the one with some of the best restaurants in the country, walkable and with excellent public transports, and Lake Tahoe 3 hours away by car?

ARE YOU REALLY TALKING ABOUT LIFESTYLE compared to Houston in TEXAS of all places?

 
txjustin:

Did you get gang raped by a bunch of rednecks while in Houston or what?

r u confirming there is an abundance of rednecks in houston then??

"so i herd u liek mudkipz" - sum kid "I'd watergun the **** outta that." - Kassad
 

Redneck: monolingual, uses America as a synonym for USA (thinks America is a country), generally has xenophobic feelings (or "God Bless 'merica" type of), Bible beater, has a concept of "night life" that involves drinking beer and avoiding higher end clubs/lounges (where he would not be let in), enjoys hunting/mudding/potato guns, calls Mexican any Hispanic person (and thinks Hispanic is a race), thinks American sports are superior (anti-soccer inferiority complex especially obvious around World Cup times), has not traveled much or not at all, drives trucks, enjoys chain restaurants, and thinks Macaroni grill or Maggiano is good Italian food.

 
Ibracadabra:

Redneck: monolingual, uses America as a synonym for USA (thinks America is a country), generally has xenophobic feelings (or "God Bless 'merica" type of), Bible beater, has a concept of "night life" that involves drinking beer and avoiding higher end clubs/lounges (where he would not be let in), enjoys hunting/mudding/potato guns, calls Mexican any Hispanic person (and thinks Hispanic is a race), thinks American sports are superior (anti-soccer inferiority complex especially obvious around World Cup times), has not traveled much or not at all, drives trucks, enjoys chain restaurants, and thinks Macaroni grill or Maggiano is good Italian food.

yeah, we know. America blows. Miami is awesome and should secede from the union. Hispanic folk are multilingual and generally awesome. club promoters/djs are where the real money is at. soccer is the most popular sport in the world. etc... So much hate dude. Different people enjoy different things. let it go.

 
Ibracadabra:

Redneck: monolingual, uses America as a synonym for USA (thinks America is a country), generally has xenophobic feelings (or "God Bless 'merica" type of), Bible beater, has a concept of "night life" that involves drinking beer and avoiding higher end clubs/lounges (where he would not be let in), enjoys hunting/mudding/potato guns, calls Mexican any Hispanic person (and thinks Hispanic is a race), thinks American sports are superior (anti-soccer inferiority complex especially obvious around World Cup times), has not traveled much or not at all, drives trucks, enjoys chain restaurants, and thinks Macaroni grill or Maggiano is good Italian food.

Now I remember you. I've never seen someone so obsessed about monolingualism before. Very strange.
 

As you've probably found out, downtown Houston sucks at night. Try Rice Village on Thursday-Saturday night for bars. If you want clubs then Midtown will be your best bet. Midtown also has a lot of bars.

Houston also has a lot of strip clubs if that's your thing. I hear St. James on the North side near Hardy Toll is a good one (never been there). Also Treasures (been there a couple of times and know a girl that works there) on Westheimer is pretty good. If you're into chocolate, then there's Onyx and Harlem Knights.

 

If you're getting an apartment then Midtown or Galleria if you want a nice area. There are also some decent apartments near Minute Maid Park but I really wouldn't sugget anything in downtown Houston.

 

For a first year analyst moving to houston, I would recommend the new apartments going up on the corner of Kirby and Westheimer. There are plenty of bars in the area, and some of houston's best restaurants. It is right at the border of Houston's nicest neighborhood, and minutes away from downtown, midtown, the heights, galleria (it is centrally located). In midtown you will find some poorly made apartments in rough neighborhoods, but there are also a lot of younger people there who arent from houston (probably didnt know any better). After living in Houston for four years, I would highly recommend the River Oaks or Heights neighborhoods. No matter where you live, you are going to have to drive, so you might as well live somewhere nice. Do not live near minute maid, it borders some of the worst parts of houston.

As far as going out goes, midtown is probably your best bet. There are a lot of new and noteworthy bars and restaurants going up in the heights and the galleria area. The village near rice is okay but far from your typical new york bar/club scene. It is overwhelmingly populated with Rice kids and med students, if thats what youre looking for. Any other questions, just ask.

 

I don't know too much about Houston as I've only been a few times, but if you're willing to make the road trip some time, check out Austin (3 hrs) -- has some pretty sweet night life downtown. Dallas (4 hours) is pretty good as well.

 

Front Porch in Midtown is always a good time.

You could get adventurous and go hang out in the Heights.

 

Yeah, Houston is specific. Comparing it to other cities is like apples and oranges. You want energy, yeah Houston is probably the best. Outside of energy, probably not.

I'm just referring to IB in this case. Too hard to speak in general terms because it would come down to personal preference.

 

Amsterdam always has and always will beat everywhere (that includes those of us at 5280+) for "high" finance. They just do it so right.

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 

Any real Texan will tell you to reach down and make sure they're still there. God damn Texans

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 

I was only there for a weekend but I learned this; driving in the northeast can be a bitch (Jersey Turnpike etc) but its even worse when people drive like that in enormous trucks on 98 inch tires with 407 inches of lift.

If I had asked people what they wanted, they would have said faster horses - Henry Ford
 
happypantsmcgee:
I was only there for a weekend but I learned this; driving in the northeast can be a bitch (Jersey Turnpike etc) but its even worse when people drive like that in enormous trucks on 98 inch tires with 407 inches of lift.

psh, 98 inch tires and 407 inch lifts? obviously you didn't get out to the boonies

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 

I mean I'm mainly a basketball guy, but like to run occasionally, do a bit of sailing, and suck at golf but I'm learning.

That was a poorly worded post. I was just trying to get a sense of what Houstonites do for fun in general. Basically trying to compare with New York from a cultural perspective. Never lived in either city.

People tend to think life is a race with other people. They don't realize that every moment they spend sprinting towards the finish line is a moment they lose permanently, and a moment closer to their death.
 
rickyross:
I mean I'm mainly a basketball guy, but like to run occasionally, do a bit of sailing, and suck at golf but I'm learning.

That was a poorly worded post. I was just trying to get a sense of what Houstonites do for fun in general. Basically trying to compare with New York from a cultural perspective. Never lived in either city.

Dude, people run, play golf, and play basketball during the summer here. It's hot, no doubt. Hydrate and put your big boy shorts on.

 
rickyross:
I mean I'm mainly a basketball guy, but like to run occasionally, do a bit of sailing, and suck at golf but I'm learning.

That was a poorly worded post. I was just trying to get a sense of what Houstonites do for fun in general. Basically trying to compare with New York from a cultural perspective. Never lived in either city.

Well there are a ton of lakes within 2 or 3 hours (Austin, Travis, LBJ, Conroe, etc.), the beach is an hour away (although it isn't great), there is a 1500 acre park in the middle of the city with jogging/biking trails, a pretty decent golf course and tennis courts (Memorial Park). You can play golf year round which is nice. As far as basketball you can join the Y or 24 hour fitness as most of them have indoor courts and there are usually pick-up games going on.

Other than that- bars, concerts, all kinds of good restaurants, etc. There are a bunch of museums and there is the Houston Symphony, but I really don't know much about those. Not really my thing.

If you are young you will probably be living inside loop 610 so you don't have to worry as much about sprawl or traffic on the freeways.

 

First of all its Houstonians. And I play a lot of ball too. What you won't find here are urban parks like the ones in NY. We have a bunch of indoor courts and have a few public courts where the ghetto people play (you might get shot/stabbed). I chose to play at the UH rec center, this place is absolutely amazing when it comes to the basketball courts. There's always good competition also. One summer we had Big Baby Davis down there playing with us. We've had Damon Jones and other ball players come down and play at UH.

Houston has a bunch of gold courses. We have a big ass bay nearby so sailing is always popular in the summer time.

People really hate Houston because of the the pollution, heat, bad traffic, sprawly-ness, no public transport....if you're cool with all these things then you should be fine in Htown.

 

As someone that's only ever lived in California and France, I assume all Texans do for fun is drink beer, pray, shoot stuff, eat steak, cosplay as various Clint Eastwood characters, watch NASCAR, beat up Blacks/Jews/Gays, say "don't mess with Texas" for no apparent reason, and then pray some more.

That's just my quick take though. Gotta go now this... tofu isn't going to cook itself/Michael Moore movie isn't going to praise itself/bong isn't going to light itself/PETA donation isn't going to send itself/Prius isn't going to drive itself/debt isn't going to accumulate on its own/non-existent deity isn't going to not worship itself/Communist Manifesto isn't going to read itself/etc.

;)

“Millionaires don't use astrology, billionaires do”
 

Ratione molestiae ut quo vel id. Asperiores quam ex et eos expedita distinctio. Praesentium quos dolor consequatur sunt.

 

Voluptatem autem quod necessitatibus aut deserunt facere facere perferendis. Quas perspiciatis repellat fuga iste commodi animi iure inventore. Iste reprehenderit expedita quasi maiores.

Numquam nostrum repellendus eligendi facilis. Fuga porro illum nostrum ipsam illo odio rerum. Facilis sed et ab nostrum. Sunt quisquam et est temporibus. Deserunt quia quo non blanditiis. Id qui accusamus sed quia et aliquid.

 

Dolores placeat voluptatibus pariatur dolore dolore quod. Quam autem quam provident aspernatur officia excepturi similique. Laborum est aut eveniet ab et culpa dolorum. Consequuntur temporibus id impedit quis.

Qui rem quia impedit minima error voluptas dignissimos ut. Qui accusamus aperiam recusandae iusto quaerat ea eos. Facilis pariatur hic dolorum sint id.

Tenetur hic assumenda repellat qui. Soluta laborum possimus aut consequuntur incidunt consequatur distinctio iusto. Laboriosam amet reiciendis reprehenderit sint. Rem dolore dolorum officia expedita.

Minus provident vel vero minus neque modi quisquam odio. Optio ad sed est tempora explicabo ullam. Excepturi accusantium inventore suscipit dolores placeat.

 

Aut reprehenderit dicta ratione quis. Omnis odit quaerat minus omnis enim atque natus. Eos consequuntur sit ex nisi praesentium.

Provident est quas itaque culpa. Magnam et et autem deserunt qui eligendi ipsum. Reiciendis corrupti aliquid et. Dolor quas voluptatum eum sunt architecto amet et nihil. Voluptatibus cumque est corrupti perferendis qui dolores quae.

Ad exercitationem asperiores beatae. Quo quis dolores porro sint. Consequuntur et impedit nulla suscipit. Ipsam qui et nihil hic ut dolorum. Sit possimus tempore aut ut et.

People tend to think life is a race with other people. They don't realize that every moment they spend sprinting towards the finish line is a moment they lose permanently, and a moment closer to their death.
 

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Sed quia ratione commodi quia porro enim voluptatem assumenda. Numquam inventore saepe quis voluptatum nostrum id sunt. Omnis at ducimus harum odit dolor. Autem dolor sunt aliquam similique culpa alias.

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