Where do you live in NY and what do you pay in rent as a Jr. / Sr. HF Analyst?
Currently working in PE making ~$300-325k and moving over to athey have signaled comp to be in the $400-500k range (and if I perform well I guess further upside from there).
I'm in my late 20's (spent 2 years in army so older than most of my classmates) and have been living with my best mate in a 2 bedroom in the UES where I pay $2k a month. Due to COVID, he will be moving out and I have to decide if I downsize to a 1 bedroom in my building or try something new by moving to a totally new area. I was initially thinking Brooklyn (Williamsburg? Dumbo? BK Heights?) or potentially doing an even crazier move by going to Hoboken to save the ~4% / ~$15-20k city tax which can be put towards a nicer / larger apartment (don't really care about "going out"). I considered West Village / Tribeca but most apartments look like shoe boxes and I don't really care for the "vibe" as a key priority.
I'm generally pretty frugal but with COVID allowing my new firm to likely partially work from home, I feel I should at least live in a place big enough to not feel like a shoebox and also have an easy 30-35 min max commute into Grand Central area for days I work out of the office.
Is $2500 rent too frugal for someone earning $400-500k? What is "normal" / range you've seen for rent as % of total pre-tax comp? I know it's a personal decision at end of the day with regards to both location and budget, but wanted to poll others in this forum who are in a similar position (i.e. not asking for the PMs making 7 figures or the banking analysts making <$150-200k a year). It seems you can get a nice 1 bedroom in luxury buildings for $3500-4000 and nice studios for $2500-3000 in current market FWIW.