Living in NYC vs JC ($160k pa base salary) (Hoboken: sales, apartments)
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I got an offer from a leading investment bank in Manhattan, NYC and have been offered $160k base salary. I have never been to east coast for more than a few days.
I am exploring NYC/JC features for me and family and will really appreciate your inputs. I am 29 years old and recently got married(no kids). My preferences in daily life will be:
1. living in a decent lively place (NYC or Newport looks good to me)
2. more than just decent saving per month.
3. have no debt
4. not a big party guy, but will go for outing on weekends. 1-2 times a week to medium expensive restaurants.
5. have long working hours as this is front office Investment banking role
6. $160k pa base salary, role-Vice President, and cannot comment on year end bonus (though I expect decent bonus)
7. plan to buy a condo after 1 year
8. plan to pay no more than $2200 pm as rent for 1 br apartment and prefer a lively place
9. ** Important - would like to meet lot of people working in Finance and don't want to miss that opportunity just if JC isn't a good place to invite people.
Given my situation, please suggest me what can be better option for me - NYC or good areas in JN like Newport/Hoboken/Weehawken.
My primary concern is that I know that I can get a decent/ok apartment in NYC, but I don't know what is the difference between daily expenses - like grocery, medium expensive restaurants, general shopping etc.
I'll highly appreciate any comments/suggestions for me.
Forget Newport nice apartments but not much else there. Manhattan if you can find an apartment you like for $2200. Hoboken has a lot to offer.
Other parts of a Jersey may work and you could probably keep a car.
$2200 sounds a little low for a decent place in Manhattan, but if you can swing it, it's probably more up your alley. Hoboken might be a little more realistic for that budget.
Hi,
Congratulations, that's a nice starting salary.
As a VP, and doing occasional home entertaining, I would go with Hoboken for a start. Build up your furnishings there, and into the career a year, seeing how you do, buy the condo in Jersey.
If after a year or two, move to the City.
It's a nice salary, but things can be eaten up very quickly on ancillary NY expenses.
Thanks guys for all the useful points made.
1. Can anyone living in NYC comment on general expenses compared to JC. e.g. cable, internet, electricity, grocery, sales tax etc?
2. I see ads for lot apartments in Harlem/Inwood. Any comment about these areas? Are these localities decent/safe?
Hi,
Congratulations, that's a nice starting salary.
As a VP, and doing occasional home entertaining, I would go with Hoboken for a start. Build up your furnishings there, and into the career a year, seeing how you do, buy the condo in Jersey.
If after a year or two, move to the City.
It's a nice salary, but things can be eaten up very quickly on ancillary NY expenses.
Agree. I just don't want a flashy salary but really want to do some savings too. My primary concern is that I have heard Wall street big shot guys consider NJ as bit non-decent area (which is not true IMO) so little confused if networking/occasional parties thrown at home may be an issue.
I got an offer from a leading investment bank in Manhattan, NYC and have been offered $160k base salary. I have never been to east coast for more than a few days.
I am exploring NYC/JC features for me and family and will really appreciate your inputs. I am 29 years old and recently got married(no kids). My preferences in daily life will be:
1. living in a decent lively place (NYC or Newport looks good to me)
2. more than just decent saving per month.
3. have no debt
4. not a big party guy, but will go for outing on weekends. 1-2 times a week to medium expensive restaurants.
5. have long working hours as this is front office Investment banking role
6. $160k pa base salary, role-Vice President, and cannot comment on year end bonus (though I expect decent bonus)
7. plan to buy a condo after 1 year
8. plan to pay no more than $2200 pm as rent for 1 br apartment and prefer a lively place
9. ** Important - would like to meet lot of people working in Finance and don't want to miss that opportunity just if JC isn't a good place to invite people.
Given my situation, please suggest me what can be better option for me - NYC or good areas in JN like Newport/Hoboken/Weehawken.
My primary concern is that I know that I can get a decent/ok apartment in NYC, but I don't know what is the difference between daily expenses - like grocery, medium expensive restaurants, general shopping etc.
I'll highly appreciate any comments/suggestions for me.
If you want to reduce your taxes, live in JC. You will not pay NYC income tax if you live outside of NYC (Queens, Brooklyn, Bronx, Manhattan, Staten Island). NYC income tax is 2-4% and at your base pay, it will quite a lot. Especially more so when it goes up with bonus.
For filing single at 160k, you are looking at roughly 6k for NYC income tax on top of Fed and State. Actual number will differ depending on what you are able to deduct and if you have additional income such as bonus.
If you live in NJ, you get credit for taxes paid to NYS and they basically cancel each other out. Therefore saving 6k.
All that said. If you want to invite folks to your place for some networking, JC while is convienent many don't want to come because it is across the water. Just like if you live in Queens and invite some one over. People just do not want to cross the water
2200 is bit low of budget fyi.
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