NYC 180k budget question

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NYC 180k budget question

Postby Anonymous User » Thu Apr 19, 2018 12:18 am

Hi Everyone, I'll be starting as a first year associate at a biglaw firm in NYC this September. Originally, I planned on living with a couple friends; however, that wasn't able to work out. So I'm looking at getting a studio.

I've never lived in NYC full-time before, so I'm wondering if anyone could let me know if it's financially feasible to get a studio for $2500/month, and pay around $2000/month in loan payments. I will have approx. $125k in federal loans.

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Re: NYC 180k budget question

Postby generaltoast » Thu Apr 19, 2018 12:39 am

Definitely feasible.

As a data point, I just finished my first year of 180K in NYC. Paid 2200 rent and 3000 in loans. Still saved 40K and I wasn't exactly frugal with my money. It really just comes down to how much you want to save/invest.

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Re: NYC 180k budget question

Postby NoLongerALurker » Thu Apr 19, 2018 12:47 am

You can surely shade that down to closer to 2000...especially if you’re open to studios rather than true 1-beds.

But yes, you can make it work at 2500. I know plenty who do with about those figures.

If you’re concerned, though, definitely look a little harder...it’s not impossible to find something for around 1850, and will be prett easy to find something south of 2300 anyway.

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Re: NYC 180k budget question

Postby almondjoy » Thu Apr 19, 2018 1:20 am

generaltoast wrote:Definitely feasible.

As a data point, I just finished my first year of 180K in NYC. Paid 2200 rent and 3000 in loans. Still saved 40K and I wasn't exactly frugal with my money. It really just comes down to how much you want to save/invest.

How can this possibly be accurate? You spent a little more than 8200 a month without food, other bills,entertainment, etc? 180 take home comes out to something like 8k a month.

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Re: NYC 180k budget question

Postby lwtpl » Thu Apr 19, 2018 1:54 am

Anonymous User wrote:Hi Everyone, I'll be starting as a first year associate at a biglaw firm in NYC this September. Originally, I planned on living with a couple friends; however, that wasn't able to work out. So I'm looking at getting a studio.

I've never lived in NYC full-time before, so I'm wondering if anyone could let me know if it's financially feasible to get a studio for $2500/month, and pay around $2000/month in loan payments. I will have approx. $125k in federal loans.

$2500 a month for a studio is pretty feasible in Manhattan. If you are willing to commute far north, or into the boroughs, you can pay much less than that or get a bigger/nicer place.

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Re: NYC 180k budget question

Postby h2go » Thu Apr 19, 2018 3:02 am

almondjoy wrote:
generaltoast wrote:Definitely feasible.

As a data point, I just finished my first year of 180K in NYC. Paid 2200 rent and 3000 in loans. Still saved 40K and I wasn't exactly frugal with my money. It really just comes down to how much you want to save/invest.

How can this possibly be accurate? You spent a little more than 8200 a month without food, other bills,entertainment, etc? 180 take home comes out to something like 8k a month.


8k like after 401K contributions maybe... Tax isn't that high... also may not be factoring in when you max out social security at the end of the year.

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Re: NYC 180k budget question

Postby Anonymous User » Thu Apr 19, 2018 4:43 am

almondjoy wrote:
generaltoast wrote:Definitely feasible.

As a data point, I just finished my first year of 180K in NYC. Paid 2200 rent and 3000 in loans. Still saved 40K and I wasn't exactly frugal with my money. It really just comes down to how much you want to save/invest.

How can this possibly be accurate? You spent a little more than 8200 a month without food, other bills,entertainment, etc? 180 take home comes out to something like 8k a month.


Agreed, these numbers don't really make sense. Assuming takehome of around 105-110k and assuming he/she didn't contribute a dime to a 401k, 62k to rent and loans and 40k saved still means he/she practically spent no money on anything else in life.

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Re: NYC 180k budget question

Postby 2013 » Thu Apr 19, 2018 6:29 am

I’m assuming the 40k in savings takes into consideration a maxed out 401k. I wouldn’t necessarily call that savings, though.

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Re: NYC 180k budget question

Postby generaltoast » Thu Apr 19, 2018 7:20 am

Anonymous User wrote:
almondjoy wrote:
generaltoast wrote:Definitely feasible.

As a data point, I just finished my first year of 180K in NYC. Paid 2200 rent and 3000 in loans. Still saved 40K and I wasn't exactly frugal with my money. It really just comes down to how much you want to save/invest.

How can this possibly be accurate? You spent a little more than 8200 a month without food, other bills,entertainment, etc? 180 take home comes out to something like 8k a month.


Agreed, these numbers don't really make sense. Assuming takehome of around 105-110k and assuming he/she didn't contribute a dime to a 401k, 62k to rent and loans and 40k saved still means he/she practically spent no money on anything else in life.


Should have been more specific, guess I was pretty misleading. This included my stub year (about 4 months) and 401K savings (not maxed, more like half).

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Re: NYC 180k budget question

Postby minnbills » Thu Apr 19, 2018 9:33 am

What neighborhoods are you looking at? I'm in fidi at the moment and looking to move. Starting biglaw next year. Shooting for 2500/mo in rent

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Re: NYC 180k budget question

Postby Anonymous User » Thu Apr 19, 2018 11:17 am

I was planning on budgeting $2500-2750 on rent. This post is making me wonder if this is to much.

Assuming single, and no dependents, roughly, how much do you take home post-tax?

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Re: NYC 180k budget question

Postby minnbills » Thu Apr 19, 2018 11:45 am

at 180 you should be bringing in roughly 8k/month (assuming bi-weekly pay periods).

I keep going back and forth about rent. It seems to me that rent in manhattan is out of control if you want to live in a cool neighborhood. When I look at neighborhoods like greenwhich village, nolita, etc, it seems like you've got to 3000/mo at a minimum to find a place that isn't gross.

If your firm is downtown, then living in brooklyn is a solid option. You can get a nicely updated 1Br for 2500/mo.

my office next year will be in midtown east. UES makes the most sense from a cost standpoing, you can get a nice updated place in a walkup building for 2500/mo. Only problem then is you're isolated from the nightlife downtown.

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Re: NYC 180k budget question

Postby Anonymous User » Thu Apr 19, 2018 12:41 pm

So does this mean that it's not possible to find a studio in manhattan for $2500/month, even with a walkup? My firm is midtown east, so I was thinking of looking somewhere murray hill, kips bay, hells kitchen etc.



minnbills wrote:at 180 you should be bringing in roughly 8k/month (assuming bi-weekly pay periods).

I keep going back and forth about rent. It seems to me that rent in manhattan is out of control if you want to live in a cool neighborhood. When I look at neighborhoods like greenwhich village, nolita, etc, it seems like you've got to 3000/mo at a minimum to find a place that isn't gross.

If your firm is downtown, then living in brooklyn is a solid option. You can get a nicely updated 1Br for 2500/mo.

my office next year will be in midtown east. UES makes the most sense from a cost standpoing, you can get a nice updated place in a walkup building for 2500/mo. Only problem then is you're isolated from the nightlife downtown.

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Re: NYC 180k budget question

Postby minnbills » Thu Apr 19, 2018 12:58 pm

You can definitely find a studio at that price, and an updated one at that. The neighborhoods you mentioned are all doable.

I was talking more about a nice place in a trendy neighborhood. The top neighborhoods like chelsea, soho etc are out of control with rents.

I will probably end up copping an updated 1BR in a walkup building on the upper east side. There are good options and you can probably get a concession (1 month free on a 12 month lease). The only drawback is there is no nightlife. Which, as a single guy, sucks. On the other hand, probably won't have much time to go out anyways.

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Re: NYC 180k budget question

Postby Anonymous User » Thu Apr 19, 2018 1:15 pm

above. murray hill sucks as its a frat house neighborhood and it's pretty dead. hells' kitchen, can you elaborate how you are getting to midtown east in the morning ti midtown east? I have more of a flexible budge up to 4500 to spend as spouse makes money and pays for shit, still not getting any luck. I'm thinking about UES but man those co-op requirements are killing me (requiring steep one-time fee upfront with relatively doable rent)

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Re: NYC 180k budget question

Postby smokeylarue » Thu Apr 19, 2018 1:28 pm

minnbills wrote:You can definitely find a studio at that price, and an updated one at that. The neighborhoods you mentioned are all doable.

I was talking more about a nice place in a trendy neighborhood. The top neighborhoods like chelsea, soho etc are out of control with rents.

I will probably end up copping an updated 1BR in a walkup building on the upper east side. There are good options and you can probably get a concession (1 month free on a 12 month lease). The only drawback is there is no nightlife. Which, as a single guy, sucks. On the other hand, probably won't have much time to go out anyways.


Won't be that bad man, subway for 30 min to 60 min can get you anywhere you need to go, even faster if you're down to take a taxi/uber.

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Re: NYC 180k budget question

Postby minnbills » Thu Apr 19, 2018 1:45 pm

What co-op requirements? You mean application fees? That should be nominal if you're just renting. I paid a $100 application fee for my current place in FiDi. And even if there's a broker's fee, you should be able to get the landlord to eat it in this market. While rents aren't dropping, renters are getting pretty good concessions.

Hell's kitchen to midtown east means you are taking the E train across town, plus a fair amount of walking. It's totally doable.

If you are working on the east side, then it will definitely be easier to live on the east side too. You should also look into long island city and astoria. Long island city has some sick developments right now. You can get a brand new 1 BR in a new construction with a view of the city, but the neighborhood is dead.

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Re: NYC 180k budget question

Postby minnbills » Thu Apr 19, 2018 1:48 pm

smokeylarue wrote:
minnbills wrote:You can definitely find a studio at that price, and an updated one at that. The neighborhoods you mentioned are all doable.

I was talking more about a nice place in a trendy neighborhood. The top neighborhoods like chelsea, soho etc are out of control with rents.

I will probably end up copping an updated 1BR in a walkup building on the upper east side. There are good options and you can probably get a concession (1 month free on a 12 month lease). The only drawback is there is no nightlife. Which, as a single guy, sucks. On the other hand, probably won't have much time to go out anyways.


Won't be that bad man, subway for 30 min to 60 min can get you anywhere you need to go, even faster if you're down to take a taxi/uber.


Yeah and if I'm saving $500+ a month on rent then paying for an uber a couple times a month (which is probably the most I'll be able to go out anyways) is no big deal.

I just broke up with my long-term SO and I am nervous about being isolated in a neighborhood without a lot of young people, which is the UES' reputation. Though it seems like more people are moving there.

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Re: NYC 180k budget question

Postby Anonymous User » Thu Apr 19, 2018 2:59 pm

I wouldn't call UES the coolest neighborhood, but a LOT of new associates who work in Midtown East or even downtown will live in that area. If you're looking to date, there are a lot of good restaurants and bars up there. And it's easy enough to get downtown for weekends for clubs/bars. Don't live in Soho/Chelsea/West Village -- you're throwing money away.

If you're working in Midtown East, UES/Yorkville, LIC, Astoria are all good options.

If you're working downtown, I highly recommend looking at Brooklyn. Brooklyn Heights is beautiful, there are a million new rental buildings in Downtown Brooklyn, and depending on what trains you need, Ft. Greene/Prospect Heights/North Park Slope are great. To the poster with a budget of $4500 and a spouse, look in Brooklyn -- you can get a lot more space in a cute, fun neighborhood for a lot less money.

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Re: NYC 180k budget question

Postby minnbills » Thu Apr 19, 2018 3:29 pm

Thanks for the advice - much appreciated

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Re: NYC 180k budget question

Postby ughbugchugplug » Thu Apr 19, 2018 3:38 pm

Go to Jersey City, grove street neighborhood. 40 min commute to midtown east, vibrant place with lots of youths, save 8k a year in taxes, live in a palace for 2500.

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Re: NYC 180k budget question

Postby nealric » Mon Apr 23, 2018 10:52 pm

ughbugchugplug wrote:Go to Jersey City, grove street neighborhood. 40 min commute to midtown east, vibrant place with lots of youths, save 8k a year in taxes, live in a palace for 2500.


40 Min commute is absolutely awful in biglaw. I’ve done it.



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