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I recently received an offer for a major financial services company in Manhattan. I'm a graduating college senior, and will begin employment fall next year. I have some questions with regard to living/working in the city...
-As a 22 year old with an $80k salary (no wife/kids), what kind of lifestyle would I be able to maintain?
-If I'd like to be in Manhattan, what are some practical options for my living situation (ie a studio apartment, having a roommate or 2)?
-What areas in Manhattan are geared more toward young professionals?
-When should I begin apartment hunting?
-Or, would it be wiser to live in Jersey and commute to Manhattan every morning?
With an $80k salary you can definitely afford to live in Manhattan. Your max rent budget will be $2,000. You do not need roommates with that budget. You can easily find a studio, and there are also plenty of 1 bedrooms in that price range. It just depends on how you want to live. Do you like to eat out a lot, go out to bars/clubs a lot, buy expensive clothing, etc? Will you have a car (not recommended)?
In what area in Manhattan would I be able to find 1 bedroom apartments? What kind of neighborhood/apartment type would I be able to afford? And to answer your second to last question, all of the above . I do intend on having car, but probably leasing and not using it often. Thanks!
For $2,000 East Village and Upper East Side will have the most options, but you will see some (not very many) in Upper West Side and Midtown. If you want to eat out, buy expensive clothing, have a car, your rent should be less than $2,000. Keep in mind that you might have to pay for a parking spot in a garage, which will run $200-700+ a month. You really should try not to have a car, the expense of the car payment and parking spot will really eat away at your income.
You cannot afford a lavish lifestlye on that salary in Manhattan- keep that in mind. You can afford a decent one, but not lavish. I guess if that's what you want then either look at the boroughs or look for a roommate. Your take home pay will likely be around $4300 a month.
Thanks for all the information newyorker, it's been really helpful. Would having a roommate allow me to live in a better, upscale apartment for less than $2000 rent (on my part)? Assuming we both pay maybe $1500 ($3000 total)?
Haha, thanks miyagi. You are right, I am currently at Cornell. That $80k is without bonuses, so there might be some extra spending money.
i would recommend getting roommates even if you can afford not to, because it's a great way to start life in the city. most of my friends live with roommates for anywhere between 2-8 years and then move out to live with their wives/GF's or on their own. but it's all up to your personal preferences. some guys like to live on their own and prefer having their own place after 4 years of living with other dudes who don't clean their **** up. others have trouble being by themselves.
what kind of area are you interested in? you got hipsters, sake bars, nyu kids, alternative scene in the East Village, fratty+preppy up in the Upper East Side, nightclubs in Chelsea/Gansevoort, shopping/tourist-trap in Soho/Tribeca, etc. what are you looking for? there's also brooklyn which is a pretty good commute if you're working in wall st and you want to chill with fauxhemians
You can probably find a 2 bedroom (might be a convertible 2 bedroom) in the financial district in a newer (meaning renovated) luxury building (doorman, gym, concierge, parking, etc) for around $3,000 right now. And many of those buildings have on site leasing offices so you wouldn't need a broker. But you'd have to go outside of FiDi to find the bars, clubs, nice restaurants, etc. In other areas newer, luxury buildings are harder to find so the rents are higher. Is your job going to be in FiDi? If so you should strongly consider that area- with a roommate though.
You're 22...you don't need to be living in a "luxury" building when you have the rest of your life (heck, the rest of your late 20's!) to enjoy that stuff. Just find 1-2 guys you'd want to live with and rent a place in a cool neighborhood- East Village/ Union Square/ Murray Hill/ Lower East Side are all good places for recent grads where you should be able to find a 2-3 br to share for $2500-3600/ mo ($1200ish per share).
Your social network will increase ten-fold if you get roomates for a year or two, plus you'll get a good handle of what kind of live you're going to live in Manhattan (ie, bottle service at clubs and taking dates to Eleven Madison Park for dinner or laid back darts & beer at East Village dive bars) and a track record for raises/bonuses at your firm.
Plus, it will give you a chance to SAVE $$$. I cannot tell you how many guys I know that are my age (30 now) were "living the life" until Lehman, etc folded two years ago and they moved home with MOM & DAD. These are guys who were making $250-$500k++ a year and blowing every penny of it.
Suck it up, get roomies, and tough it out for 1-2 years until your income increases. Then you'll have a much better rest of your life. I promise
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. I do intend on having car, but probably leasing and not using it often. Thanks!
