The Post-Grad NYC/DC/Boston/Philly Budget Thread (REAL EXPERIENCES PLEASE)
hey guys - i just graduated and am trying to decide where to go for my full time job.
I have one major offer each in NYC, DC, Boston, Houston TX, and Philly.
Anyone living in those cities on a first year salary want to help us out with your monthly budget breakdown? Would be greatly appreciated and would help lots of us on this board.
Not sure which city is worth it after taxes and living expenses. But just from a gut feeling, I feel DC would be worth my money more, even if my potential total comp in NYC could be 100k but my base in a DC tech job is $79k with no bonus.
http://cgi.money.cnn.com/tools/costofliving/costofliving.html
Somewhat contrary to the above, DC is more expensive than you might think.
DC is shit for girls too. I say go for NYC and party or save money by going to Texas. Though I think Boston is another respectable choice. Not sure about phily.
I currently live in NYC, and here is my monthly breakdown (live with girlfriend, both have jobs, so really this is for 2 people):
Rent: $3,000 TV + Internet: $110 Cell Phone: $140 Food (mostly groceries): $900 Subway: $104 Entertainment: $350 Clothing: $100 Random (haircuts, etc): $200
Total: $4,904
On top of that we pay about $150 a month for health insurance and $30/month for renter's insurance.
We also pay for student loans, but not including that since I have no idea if you have any loans.
So all in just over $5k a month before student loans. That leaves us plenty of money to put in 401K (15% each) and leftover money for travel, etc.
I've spent meaningful time in each of those cities so here are my thoughts:
NYC: If you're not dead-set on going to NYC, I wouldn't recommend going. The kind of folks that love NYC are the "balls-to-the-wall, need to be in the center of the world" type people. Doesn't sound like this is you.
Houston: Houston will get you the most bang for your buck, but honestly I'm not too big a fan. Summers are absolutely brutal. There is also a very significant influence from immigrants from Mexico -- how's your Spanish coming along? That said, Houston does have elements of "Southern" charm and the airport (IAH) gives you quick, easy access to both the USA and South America.
DC: I personally like DC a lot. I'm not big into politics, but you'll feel right at home if you are. The architecture is nice, there seems to be plenty of nightlife, and there are patches where the cost of living is reasonable for recent college grads. Couldn't ask for better weather (compared to your other choices).
Philly: I'm torn on this one. My personal take is that Philly is a great city for a couple but not so exciting for a single "early 20s" guy. Philly has lots of good places to eat and a number of bars/pubs, but it is also dangerous if you find yourself in the wrong areas. The good news is that you have easy access to both NYC and DC if you need to get away for a weekend. If you've got friends that are connected to the UPENN/College party scene, my guess is you could have a pretty enjoyable few years in Philly.
Boston: My home turf, so I'm a bit biased, but probably my favorite of the bunch (just ahead of DC). Boston has an incredibly vibrant social scene for young folks due to the ridiculous number of colleges in the area. That said -- it isn't well concentrated, so you've got activity spread out around Boston and the outskirts of the city (Allston/Brighton). Lots of places to eat / things to do (although nowhere near NYC, obviously). Cost of living can range from very pricey to moderately cheap, depending on where you want to live. Just be ready for some pretty cold / miserable winters.
Second CompBanker on DC and Boston.
4 years in DC here and currently in Boston (home town also). Both cities offer a good nightlife and work opps (DC less so for Finance). Boston summer > DC summer, but DC winter > Boston winter.
Current Boston Monthly Budget:
Rent: $2600 total for large two bedroom with two bathrooms in a townhouse TV + Internet: $125 Electricity: $50 Cell Phone: $80 Groceries: $200 Restaurants/Bars/Entertainment: $550 Subway: $59 Misc: $200
^^ I'm a Boston guy too. Huuuuuuge fan. R5 sounds like he lives in a very nice section of downtown judging from his rent. In my early- to mid-20s I spent a lot less on rent than he did (still lived right downtown) but I spent a lot more on restaurants/bars/entertainment. My rent was always in the 750 -800 range (my half of a two-bedroom). And I probably spent closer to 900 or 1000 on boozing/bars/eating out (I'm an animal though).
PM with any Boston questions.
SD - For rent, it helps with a roommate in PE.
bump for NY budgets
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