Stamford Vs NYC
Hello Everyone!
(Job - Trading Commodities)
Living in Stamford (Pros)
- Close to work
- Save Money
- pay 1500 for a one bedroom condo (gym + swimming pool)
Living in Stamford (Cons)
-Nightlife sucks
-Nothing to do
Living In NYC (Pros)
-Its a cool city
Living in NYC (Cons)
- Pay NYC residency tax
- Pay NYC income tax
- Pay 400~500 a month for commute
- commute
- Pay 1500 to split a 1 bedroom with a friend
Extra Notes
- Lived in Tokyo, HK and NYC (4 years): City life is nuttin new
- Plan to party it up in the weekends and crash at friends apartments or just take out hotel room for a night or two
Obvious Conclusion : Live in Stamford?
paying 1500 a month is a plus?? Yikes. And that's why I live in Chicago.
How old are you and how much will this job pay?
Your job is in Stamford? If so, I'd live there for cost reasons alone. Even as a young guy, NY taxes are a bitch, and the CoL is higher there too.
Commuting in as a trader means waking up really early.
Nightlife wise, you would be doing a reverse commute on the nights you wanted to go into the city. Unless you want to go out 3+ nights a week, you would have more time at the end of the week if you chose Stamford.
If you have some friends you can crash with in NYC, you have the best of both worlds
My brother is in Chicago. I think i spend 10 times more then him... then again he rarely goes out clubbing -_-
How old am i? How much does this pay? Sorta find these questions irrelevant and strange coming from, i suspect, a junior. Im 22 this year and graduating (also from ny private target). It pays the same amount as any entry level trading job, but I won't be in a bank.
Thanks rainmaker. I was sorta thinking the same. Graci
Me
NY living, 1200 a month midtown east because of rent control (own room with other guys) decent place although nothing too glamorous Nightlife: Awesome because I'm in NY Commuting: 8 min walk Door to Door Taxes: family's in real estate so tons of writeoff (aka lower than anyone working in Stamford)
Awesome
Currently working in Stamford, living in NYC. I lived in Stamford my first year, doorman building, gym, pretty nice, but I was always too lazy to leave Stamford so i ended up not seeing anyone other than colleagues. I gotta admit, it became a little lonely so I moved in with a college friend in NYC. If you live walking distance from Grand Central, the commutes not too bad. 45 minutes and I sleep on the train, i know a bunch of guys from UBS and RBS who make the same commute for this very reason..
my advice: really think about the lifestyle you want.. you can find a nice apt close to grand central and you won't be a total recluse. which you will be if you live in stamford, lets be honest. i'm paying 1400, 2br, midtown east.
You said you live in Stamford now correct? I would see if you can take a month to month lease out on the place you are in now and get a month or two of work cycle under your belt. If after a month or two you think you can handle the commute and you can afford it move to NYC. It would suck balls to find out you have to be in the office at like 6 or 7 and have to wake up at 4 or 5 to make it on time, because of that you never have time to actually go out and party. If you could get a month to month lease for a month or two, I would test the waters out if I was you.
Two little things:
1) Do entry level traders eligible for end of year bonuses? What would they look like for a commodities trading group (not bank)?
2) From my experience working in nyc i got around 33% deducted from income and a whopping 49% from my bonus. What would these numbers look like if I work and live in stamford?
Best, p
Bonus is same tax rate, as far as I know that is the national rate regardless of where you are. Junior traders do get bonuses, it depends on how your senior does or how your desk does.
Live in NYC or Stamford? (Originally Posted: 03/19/2010)
Im interning in Stamford this summer, UBS S&T. Still trying to make up my mind between living in NYC and Stamford. My priorities:
1.Get a full time offer. 2. Save up as much money as possible. 3.Have some fun. 4. Easy access to a gym.
I am hesitant about NYC because I know that the 5:30am train to stamford wont get there until 6:30. Im on the equities desk and I want to beat my desk to work every day. Is this a big deal?
Anyone with experience and advice I would really appreciate your advice. And has anyone here actually used the gym at UBS Stamford before, is it a real gym with everything you'd need? I figure I could use it to put on some weight and make some networking connections after work.
What do you guys think?
Thanks
Stamford, no brainer. Not sure about the UBS gym, but you can find an apartment nearly twice the size for much less in rent than in new york, and many are part of condos that have their own gyms. Stamford is fun to go out at night, especially during the summer (they have Live @5 every thursday which has different bands playing outside) and you'll have closer access to the beach.
Stamford housing is more square footage than NYC, but apartment prices can be just as high downtown. The cheap apartments are usually in gross multi-family situations.
My advice is to find 3-4 summer analysts and rent a house for the summer. You will have tons of space, and live dirt cheap.
Stamford is NOT fun to go out. It's got a decent happy hour scene, but weekends and late night are garbage. Go to NYC on weekends, go to NJ shore, train to Boston, go to Cape Cod. Do NOT waste your time in Stamford on weekends.
The beach is disgusting. You will get AIDS in that water.
However, Stamford for a summer is likely to be a good choice. You will be able to get to work early. Peripherals are cheaper (groceries, gym membership, etc)
Don't do the reverse commute from NYC until they are paying you a FT salary/bonus for that early morning hell.
Grew up in Fairfield County, Stamford nightlife obviously sucks relative to NYC but considering your priorities Stamford is a no brainer. You can rent out a nice condo/apt for anywhere from $800-2000/mo. Also, there is something to be said for being able to step outside and go play golf after work. Not to mention you can hop on the express train to the city and go out whenever you want. There are a ton of decent gyms in the area and most apts have gyms on site.
PM if you have any specifics.
Ive been looking for a stamford apartment for 2 months...nothing. nobody wants to rent to me for only 3 months. NYC could be my only choice...but then id have to be up at 3am every morning...ugggh
I got a place in Stamford real quick....
Craig's list man, Craig's list....don't limit yourself to Stamford, look at the college areas on the border of NY/CT.
Best of luck man
Second that
Craigslist
Expand your search to Greenwich, Darien, Rowayton, Norwalk, New Canaan, Greenwich, Port Chester, Rye.
You should be able to find something in South Norwalk if you look on craigs list. Other than that, if you have friends at school from Fairfield County, considering if any of them can make a suggestion.
Given your priorities - live in Stamford. I chose to live in NYC and was so glad I did. Yes, you have to get up at 5 am. But I'll my other BB intern friends were getting up at 5 to 530 anyway - so it really isn't that much different. I think getting up early is worth the NYC lifestyle.
Stamford vs NYC Living (Originally Posted: 05/28/2010)
My roommate and I will be working at a bank in Stamford, Connecticut. Would you recommend us to live in Connecticut within walking distance of the office or in the city, somewhere near Grand Central Station (50 minute commute).
Rent in Connecticut is about $1,800 for a 2 bedroom as opposed to $3,000 in Murray Hill (along with a monthly Grand Central - Stamford metro pass for $400). We've heard Stamford is ridiculously boring and we'd enjoy living in the city a lot more. Thoughts?
Would personal reasons like your girlfriend living in the city sway your decision?
Having interned in Stamford, I think it depends heavily on what you will be doing at the bank and the hours that you are expecting. If, for example, you are going to be on the FX Sales/Trading desk and will be getting to the office before 6am, I would suggest living in CT for the first few years. If you will be on a desk in which you can get in later, then I think NYC may be an option. You are also going to have a significantly higher (~$400) disposable monthly income if you stay in CT.
I personally did not mind Stamford and was so tired after doing 6AM-6PM during the week that I never had the energy to go "out" any night except Fri/Sat. If you run out of places in Stamford, South Norwalk has transformed into a good nightlife area. You can still take the train into NYC on Sat night and crash with friends and make it back to suburbia on Sunday afternoon.
It would be IBD.
Thanks for your input!
I would recommend living in Stamford. Its a lot easier to take a train in the city twice a week to go out than to take it 5-7 times a week to go to work. I would also look into housing rentals there. You should be able to find a pretty nice house to rent in the area in the 1500-2200 range.
Okay, check your numbers:
2 bedroom condo in Stamford = $1800
2 bedroom in Murray Hill = $2000
You get more space in Stamford for the money. That shouldn't matter to a recent college kid.
The monthly train pass can be bought pre-tax for commuters= $280.
No NY city tax in Stamford
However, if you got together 2-3 more people, you could get a house in Stamford. I did this one upon a time, and I was paying $600 per month INCLUDING utilities. Heaven for my bank account.
But Stamford truly blows. Okay happy hour scene, but then everyone leaves to go back to NYC, Greenwich, Fairfield, New Canaan, etc. Stamford is ghetto. South Norwalk is one street with bars. It's ok, but a dime a dozen in NYC.
Stamford is known as Man-ford. A sausage fest. Brutal.
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