<p>This search turned up 25 or so 1 bedroom and even 2 bedroom units for under $2k/month. A nice 1br does NOT cost $2500. If you're spending any more than $2k per month on housing even in Manhattan, you're spending way too much, especially for a 22-23 year old single.</p>
<p>Who knows how many didn't turn up because it wasn't listed with Realtor.com?</p>
<p>Furthermore the Natl Association of Realtors has a lot more credibility than you barron.</p>
<p>I don't really care what an Indian blog has to say about i-banking in NYC.</p>
<p>It is funny how someone attacks Ibankers and all these CC kids get upset like they have taken a massive blow to their ego.</p>
<p>I can't believe people are debating about how much it costs to live in New York City. </p>
<p>Basically doing Ibanking means you work 90+ hours a week. So if you aren't making 100K by the end of the year than essentially you aren't getting paid enough. It's like holding two quality paying jobs at the same time, which is why business schools actually do respect the Ibanking industry. This is not to build up Ibanking because I think Ibanking is the worst profession in the world, but it's definitely like holding two jobs at once. So really if you aren't making 100K you suck at your job.</p>
<p>Here is a reality check for futurenyustudent.</p>
<p>You basically have to have cable to get TV reception in NYC. The lowest level of Time Warner cable service is $65/month plus taxes and rental fees for the cable box and remote -- leading to charges of approximately $78/month. This cable service doesn't include things like CNN, FoxNews, the Weather Channel and Mtv. For those, you are going to pay about $100/month. Could you possibly get it cheaper? Maybe. It certainly won't be $25-30 though.</p>
<p>Yes, if you live outside of NYC you won't pay NYC tax. Fine. You will also potentially spend a lot more time commuting (time value of money). In your scenario, where you live in Fort Lee or Newark (unfortunately, Newark is just not an area where young professionals are looking to move), you have to pay tolls in your fancy brand new $16k car (please point me to where you find one of those -- and don't forget to include sales taxes, registration fees and inspection fees in your price), pay for gas, pay for incredibly high insurance rates in the tri-state area and pay for oil changes and other maintenance that costs more than double the rates outside of the tri-state area, etc. You will also have to suffer through the time and aggravation of sitting in traffic in and out of Manhattan. Where were you going to park that car? On the street in downtown Manhattan? Those spots don't really exist unless you want to accumulate a whole lot of $90 per incident parking tickets (more for parking within 15 feet of a fire hydrant) and towing fees (oh, those are a great time). A parking garage downtown near your fancy Wall Street office is going to cost you upwards of $400 per month, or you can pay for daily parking of approximately $40 + per day. Come to think of it, parking in Brooklyn, Fort Lee, Hoboken, etc. is not easy either. Wow! It sounds like owning a car and living outside of NYC will probably cost you a lot more than just living in NYC and sucking up the NYC resident tax. </p>
<p>After working 90+ hours a week at work (let's be realistic, 100+ hours are not unusual), you won't have the energy to leave the island of Manhattan anyway.</p>
<p>As for real estate prices, realtor.com doesn't have a clue. Do you want to know why? Because realtor.com looks only at real estate values that are listed through the multiple listing service. While this may have some validity most places in the country, it has absolutely no bearing in NYC because apartments in NYC are generally not listed through the multiple listing service. NYC is one of the last places in the country where realtors don't share listings. You can not look up most sales and rental prices in NYC because there is no centralized database (and, as far as sales go, sales of co-op apartments, which comprise a significant portion of the housing stock in NYC, are not searchable because people who buy co-op apartments are buying shares in a corporation which entitle them to live in a specified apartment, not apartments themselves). Rents for apartments in desirable neighborhoods (didn't I say that earlier?) that are clean, safe and not infested with roaches will be $2000-2500/month, easily. You will certainly see listings for less, but I can virtually guarantee that you won't want to come home to those apartments after your grueling day as an investment banker. Living with a roommate won't make apartment expenses much cheaper because larger apartments are more expensive. Yes, you can split your $100 cable bill with your roommate.</p>
<p>I've lived (and continue to live) in Manhattan. I've worked on Wall Street. I think that living in Manhattan is amazing, and I would never try to convince you not to live there. I'm trying to help you by giving you some very real information about living in NYC.</p>
<p>Tell me 5 22-23 year olds who drive brand-new cars. I assure you, with the lack of credit history, cash reserve and job security, driving a brand-new car would be a stupid move for anyone under 25. Most will most likely drive used cars, IF they drive.</p>
<p>Honda Civic goes for around $14k base.
Honda Civic coupe goes for around $14k base.
Toyota Corrola goes for around $14k base.
The 07 Honda Fit goes for around $13k base.
Nissan Sentra goes for around $13k base.
Scion tC goes for around $16k base.</p>
<p>Look at the first 3 pages of this search...you can also find a few NEW ones listed for under $10k.
<a href="http://autos.yahoo.com/newcars/shopguide/shopguide.html;_ylc=X3IDMgRzZWMDbmF2BHNsawNuZXh0?plo=&phi=24999&budget=economy&sort=price&sortway=up&year=&start=31%5B/url%5D">http://autos.yahoo.com/newcars/shopguide/shopguide.html;_ylc=X3IDMgRzZWMDbmF2BHNsawNuZXh0?plo=&phi=24999&budget=economy&sort=price&sortway=up&year=&start=31</a></p>
<p>This isn't about what car you would drive. You could buy a 30-year old Fort Pinto for that matter. The costs to park it would be the same. The tolls would remain the same. The cost of gas is just as high. Traffic is just as bad. Somehow I think you missed the entire point of all that I wrote.</p>
<p>Just a real life FYI too -- a $14,000 base model car, with a few minimal added features plus sales tax plus registration and license fees -- oh, and financing fees too, unless you have the cash to buy the car sitting in the bank -- would make your car cost several thousand dollars more than the $14,000 you're using as an example.</p>
<p>You still haven't named 5 22-23 year olds in their right minds driving new cars.</p>
<p>Also with the $3650 you pay in the NYC tax you can buy a decent used car FOR CASH.</p>
<p>You want to be a banker? With those math skills? You will pay as much to park your car in a garage for work for a year in NYC ($400/month x 12 months) as you would pay in NYC taxes. Finished. </p>
<p>Please explain exactly why I need to name 23-23 year olds who drive new cars? </p>
<p>Are you just trying to be argumentative or do you really just not get it? I'm really sorry now that I tried to help by giving you some detailed factual information about costs of living. I wish you the best of luck.</p>
<p>
[quote]
Please explain exactly why I need to name 23-23 year olds who drive new cars
[/quote]
</p>
<p>To show that 22-23 year olds rarely drive new cars, if they even drive at all.</p>
<p>
[quote]
You want to be a banker? With those math skills? You will pay as much to park your car in a garage for work for a year in NYC ($400/month x 12 months) as you would pay in NYC taxes. Finished.</p>
<p>Please explain exactly why I need to name 23-23 year olds who drive new cars?</p>
<p>Are you just trying to be argumentative or do you really just not get it? I'm really sorry now that I tried to help by giving you some detailed factual information about costs of living. I wish you the best of luck.
[/quote]
</p>
<p>Don't waste your time replying to him. He likes to be argumentative and then when you prove him wrong he just says 'stop being confrontational' . It's not worth it.</p>
<p>I don't really see how Ibanking pays as well as you think it does...figuring the 100K salary (before bonus) that people keep referring to, (assuming 2 weeks vacation?) </p>
<p>100,000/ (90hours*50 weeks) = about $22/hour</p>
<p>The fact is that no other job really lets you work the amount of hours to make that much. That's why it pays well. It also pays well in terms of exit opps, probably better than most fields.</p>
<p>Even police officers can work 80+ hours and make well over 100k after a few years (my friend's dad is a regular police officer in Westchester- made over 150k last year because of overtime)..but there is little career movement.</p>
<p>everyone hates police officers</p>
<p>Also, you can't really say that you average 90 hours a week. From what I hear it's more like 80ish. </p>
<p>If you make 100K in salary BEFORE bonus....holy crap you will probably get one big bonus. Most starting ibankers make 100k AFTER bonus. See...the idea is that you work for 2 years, go back to business school, and then come back making 200k a year, with your salary having the potential to double every 3-4 years. </p>
<p>Not to shabby IMO.</p>
<p>Assuming every other expense is equal (which it's not, food/entertainment/whatever will be lower outside NYC)</p>
<p>NEW YORK CITY
Rent: $2500/month (as you said)
Transport: ~$150/month for MetroCard
NYC Tax: $304/month
Cable: $100/month
Monthly expense outlay: ~$3154/month+personal expenses</p>
<p>FORT LEE
Rent: $1600/month
Transport: ~$1000/month for car
NYC Tax: 0
Cable: $40
Monthly Expense Outlay: $2640/month+personal expenses. </p>
<p>It's definitely cheaper to live outside NYC even if one pays for the outrageously expensive parking passes, insurance, registration, titles, whatever. The $1000 is a very high estimate btw.</p>
<p>Assuming you paid cash for a car:</p>
<p>$400/month for parking
~$100/month for insurance
~$150/month for gas
~$50 for licensing, fees, whatever</p>
<p>That's $700.</p>
<p>
[quote]
Also, you can't really say that you average 90 hours a week. From what I hear it's more like 80ish.
[/quote]
</p>
<p>Heh, who ever told you that is lying to you.</p>
<p>"I don't really see how Ibanking pays as well as you think it does...figuring the 100K salary (before bonus) that people keep referring to, (assuming 2 weeks vacation?)</p>
<p>100,000/ (90hours*50 weeks) = about $22/hour"</p>
<p>man that sounds really low, 22/hour? CC threads are causing me to think twice about becoming an IB</p>
<p>also, does any one know how much paid vacation they get in a year, i mean u can't possibly work 100 hours/week all year long?</p>
<p>Vacation? Haha.</p>
<p>The only real week vacation i've heard of are for people in trading, there's a mandatory week off to check your books.</p>
<p>I know at least for your summer internship that its frowned upon to take any amount of time off, even half of a day is still frowned upon.</p>
<p>And 22 dollars an hour or less sounds right. I know one 1st year analyst and he works till 12 am on SUNDAYS. So yes, long hours and lack of vacations are normal.</p>
<p>You guys realize that even when you get into banking, if you want to go into PE/VC/whatever what you do as an analyst still matters right? That means you'll want to be in the top of your analyst class which will require harder work on your part.</p>
<p>
[quote]
everyone hates police officers
[/quote]
</p>
<p>Why would u say that? Ohhh a cop gave u a ticket and now u hate cops forever? Grow up, stop acting like a child. If it werent for cops, our country would be pathetic.</p>
<p>All this talk could definitely make me second guess my potential to go into investment banking. I just know that business is for me, and I'm going to NYU, but I'm not set on my major in finance yet. I do know, however, that I'm going to have a lot of student debt to take care of. I need a job that's going to take care of that debt, which will subsequently be a job that satisfies my needs monetarily (you see, I plan to take care of my family with money I make in the future) so what major should I choose? Eventually I would like to be an entrepreneur, so this is why money is important to me.</p>