1st-year Biglaw NYC - how much for rent? Forum

[mirage1287]

there's a lot more to high nyc col than rent

no. that's pretty much it. the rest is elective

yup, if u save up on rent, isnt it actually cheaper living in nyc, if you take the subway vs car? and walking to places and dont use the car? and stuff like that like for example, in la, you cannot take the subway. so if a person is smart and saves on rent in nyc and lives frugally, isnt it actually cheaper for him vs living in la.

No. There are actually a lot of options for places to live in LA, many of which are actually relatively affordable. Just depends how far you want to drive in each day.

[euskadi]

. . . Your take-home pay will be around $6500/month . . .

Where does $6500 come from? Taxes might be higher in NYC than nearly anywhere else in the US, but one's take-home will not be less than 1/2 of pre-tax.

[El Pollito]

. . . Your take-home pay will be around $6500/month . . .

Where does $6500 come from? Taxes might be higher in NYC than nearly anywhere else in the US, but one's take-home will not be less than 1/2 of pre-tax.

you want me to post my paycheck?

[Anonymous User]

. . . Your take-home pay will be around $6500/month . . .

Where does $6500 come from? Taxes might be higher in NYC than nearly anywhere else in the US, but one's take-home will not be less than 1/2 of pre-tax.

you want me to post my paycheck?

No way your take home is ~80k

[euskadi]

you want me to post my paycheck?

Is it really that bad? I mean, I admit ignorance here. My impression was that post-tax in NYC/Cal was more in the $8100-8400 range (assumption based off discussions on these boards and 1L/2L SAs).

[El Pollito]

you want me to post my paycheck?

Is it really that bad? I mean, I admit ignorance here. My impression was that post-tax in NYC/Cal was more in the $8100-8400 range (assumption based off discussions on these boards and 1L/2L SAs).

It's pretty close to that bad and it is that bad if your firm gives you a loan rather than a stipend, because the loan will be coming out of your paychecks until it's paid off.

[patogordo]

obamas america

[mw115]

there's a lot more to high nyc col than rent

no. that's pretty much it. the rest is elective

yup, if u save up on rent, isnt it actually cheaper living in nyc, if you take the subway vs car? and walking to places and dont use the car? and stuff like that like for example, in la, you cannot take the subway. so if a person is smart and saves on rent in nyc and lives frugally, isnt it actually cheaper for him vs living in la.

Nope. $100+/month to MTA, plus the money you're going to randomly spend on taxi's doesn't wipe out the cost savings, but at least puts the two close. Once you consider that groceries, utilities, entertainment,etc. are significantly cheaper in non-NYC places you've lost all those cost savings by a significant number.

[El Pollito]

there's a lot more to high nyc col than rent

no. that's pretty much it. the rest is elective

yup, if u save up on rent, isnt it actually cheaper living in nyc, if you take the subway vs car? and walking to places and dont use the car? and stuff like that like for example, in la, you cannot take the subway. so if a person is smart and saves on rent in nyc and lives frugally, isnt it actually cheaper for him vs living in la.

Nope. $100+/month to MTA, plus the money you're going to randomly spend on taxi's doesn't wipe out the cost savings, but at least puts the two close. Once you consider that groceries, utilities, entertainment,etc. are significantly cheaper in non-NYC places you've lost all those cost savings by a significant number.

I walk to work.

[Anonymous User]

I think $3500 is a lot, but hey, you are a biglaw associate with no debt. I think if it is your first time living in NYC, spending upto $3~3.5K is ok, not a wise decision though.

If you stay near midtown, the lowest you can go for a studio would be $2K, and probably you'll get somewhere around $2.5~3.5K.

If you don't mind commuting via train for about 40 minutes one way (I don't know how feasible it is in biglaw culture), Queens/Brooklyn might be a good option. You will be able to find rent at much discounted price, usually $1.3~2K range.

I recommend just living here for a year even at expensive rate somewhat near your office, and then make changes after 1 year of lease if you want to.

[legallyblonde21]

spinoff: how much can a couple (both making 160k) afford in rent? we both have significant loans, but want to live in a nice 1br close to work in manhattan (midtown). what is the max rent we should be looking at?

[Anonymous User]

there's a lot more to high nyc col than rent

no. that's pretty much it. the rest is elective

yup, if u save up on rent, isnt it actually cheaper living in nyc, if you take the subway vs car? and walking to places and dont use the car? and stuff like that like for example, in la, you cannot take the subway. so if a person is smart and saves on rent in nyc and lives frugally, isnt it actually cheaper for him vs living in la.

Nope. $100+/month to MTA, plus the money you're going to randomly spend on taxi's doesn't wipe out the cost savings, but at least puts the two close. Once you consider that groceries, utilities, entertainment,etc. are significantly cheaper in non-NYC places you've lost all those cost savings by a significant number.

umm I think some firms cover MTA & parking costs but it's pre-tax so you have to recognize it as a benefit (I think)

[ket310]

spinoff: how much can a couple (both making 160k) afford in rent? we both have significant loans, but want to live in a nice 1br close to work in manhattan (midtown). what is the max rent we should be looking at?

Studio and 1br usually don't differ that much by cost. I would say put max as $4K but you should be able to find around $3K or even sub $3K.

Assuming you guys would be both working for a long time, I would recommend just get a small/cheaper place to pay off loan as soon as you can.

[AReasonableMan]

TWO OBSERVATIONS -

1.) How much better will your life be with a 3500 STUDIO v. an 1800 STUDIO? If it's not that significant, even if you can afford it, you can't know how long you'll last in big law. This is prime money to save. Rent money is all money down the drain, essentially. It's not an investment. You'll never see it again.

2.) Being close to work is being undervalued. Taxis are inconsistent. If you're in this area of Manhattan, there will be many instances where walking is quicker than driving. I'd rather pay more to have a place a block from work. Every second of your commute is a second less of a personal life that you have. If you live close to work, it's Manhattan. You almost never need a taxi.

3.) Pricing. Needs factor in. If you don't need a doorman or luxury, you can go south of 2k. I don't see the use of renting a 4k place in any big law circumstance. You will almost never be there if you also have a social life. If you're dating, a girl won't like you because of your apartment. If she goes to it, she already likes you. Whether she returns will be about your performance, and not how nice the mahogany in the elevator is unless she's a bad person.

[Tiago Splitter]

TWO OBSERVATIONS -

1.) How much better will your life be with a 3500 STUDIO v. an 1800 STUDIO? If it's not that significant, even if you can afford it, you can't know how long you'll last in big law. This is prime money to save. Rent money is all money down the drain, essentially. It's not an investment. You'll never see it again.

2.) Being close to work is being undervalued. Taxis are inconsistent. If you're in this area of Manhattan, there will be many instances where walking is quicker than driving. I'd rather pay more to have a place a block from work. Every second of your commute is a second less of a personal life that you have. If you live close to work, it's Manhattan. You almost never need a taxi.

3.) Pricing. Needs factor in. If you don't need a doorman or luxury, you can go south of 2k. I don't see the use of renting a 4k place in any big law circumstance. You will almost never be there if you also have a social life. If you're dating, a girl won't like you because of your apartment. If she goes to it, she already likes you. Whether she returns will be about your performance, and not how nice the mahogany in the elevator is unless she's a bad person.

Two of your three observations (out of two) sort of conflict; living near the office is going to cost you more.

[AReasonableMan]

TWO OBSERVATIONS -

1.) How much better will your life be with a 3500 STUDIO v. an 1800 STUDIO? If it's not that significant, even if you can afford it, you can't know how long you'll last in big law. This is prime money to save. Rent money is all money down the drain, essentially. It's not an investment. You'll never see it again.

2.) Being close to work is being undervalued. Taxis are inconsistent. If you're in this area of Manhattan, there will be many instances where walking is quicker than driving. I'd rather pay more to have a place a block from work. Every second of your commute is a second less of a personal life that you have. If you live close to work, it's Manhattan. You almost never need a taxi.

3.) Pricing. Needs factor in. If you don't need a doorman or luxury, you can go south of 2k. I don't see the use of renting a 4k place in any big law circumstance. You will almost never be there if you also have a social life. If you're dating, a girl won't like you because of your apartment. If she goes to it, she already likes you. Whether she returns will be about your performance, and not how nice the mahogany in the elevator is unless she's a bad person.

Two of your three observations (out of two) sort of conflict; living near the office is going to cost you more.

Yeah - I meant that's where you should splurge a bit.

It's also not a crazy difference. Some areas of Manhattan are much more expensive than where your firm is on Wall Street or in Midtown. Basically, most rich people value being in a desirable locale to live more than being close to work. The people working in big law budgeting our salaries aren't going to be from the richest families in Manhattan. Anywhere near Central Park where it's beautiful is much more expensive.

But once you're in Manhattan, yeah a few hundred more a month is worth it, because you could save an hour a day. Time has a money value. I'm saying save on things that don't have a tangible value that in your circumstances exceeds the cost. I think for most of us, an hour more a day is worth a few hundred dollars a month, particularly if we make what like eighty-five per hour?

I don't think the luxury is needed for most of us. You can get packages delivered to you in the office, and belong to a solid gym for a hundred bucks. Stairs also aren't that bad. For women, I guess a doorman might be justifiable if they're worried about being raped or something. I can't relate to that fear, but many people like the protection that a doorman provides. Frankly, I think the doorman could potentially be sketchy themselves and I don't want people knowing who goes to see me or to observe my daily behavior. I certainly don't want to pay an arm and a leg for it.

[NinerFan]

. . . Your take-home pay will be around $6500/month . . .

Where does $6500 come from? Taxes might be higher in NYC than nearly anywhere else in the US, but one's take-home will not be less than 1/2 of pre-tax.

you want me to post my paycheck?

Are you doing huge withholdings? My pay check is 8k+, post tax.

[El Pollito]

. . . Your take-home pay will be around $6500/month . . .

Where does $6500 come from? Taxes might be higher in NYC than nearly anywhere else in the US, but one's take-home will not be less than 1/2 of pre-tax.

you want me to post my paycheck?

Are you doing huge withholdings? My pay check is 8k+, post tax.

I don't take home 6500, I was just saying that taxes are egregious.

[AReasonableMan]

How much does being married save? Per kid? Curious as to what point misery becomes worthwhile.

[Hutz_and_Goodman]

. . . Your take-home pay will be around $6500/month . . .

Where does $6500 come from? Taxes might be higher in NYC than nearly anywhere else in the US, but one's take-home will not be less than 1/2 of pre-tax.

you want me to post my paycheck?

No way your take home is ~80k

The only way this is accurate for 160k base is if doing max 401k withdrawal ($17,500).

[Anonymous User]

I'm in an awesome 1-bedroom on the Upper West Side where I can walk to work (midtown west). I pay $2500. I'm very satisfied with my situation.

[bld2414]

Live in Long Island City. Good bang for your buck. One stop on the 7 to grand central. Good food, great hood.

[Anonymous User]

I'm in an awesome 1-bedroom on the Upper West Side where I can walk to work (midtown west). I pay $2500. I'm very satisfied with my situation.

Same, although I'm further up and don't walk to work. Easy subway commute. Highly recommended if you work on the west side of Midtown. You could find a really excellent place for ~3000 on the UWS. I would be perfectly comfortable paying ~3000 if I didn't have any loans. I pay 3k/month to my loans.

[chuckbass]

Anywhere in Manhattan below 125th on the west side and 96th on the east side will be fine. Lots of other places are also fine but you don't need to venture out.

For your own place you can pay as little as around $2000 or as much as $----.

Not sure what else anyone can tell you. It's up to you how much to spend. You'll probably overpay by parachuting into a luxury building in midtown and then complain about how expensive NYC is, if you're anything like lots of other associates.

i always thought in mnahattan of all places, you would need to spend atleast 2000 or 2500, but i see listings like this for 1500, i dont get it. , is this a bad area in manhattan? http://www.nakedapartments.com/apartmen ... 0-1baGQCnP

That's not a great area but more importantly extremely far from anything interesting.

may not be a great area, but when u ask new yorkers abt places they absolutely will not live, is w heights on the top of their list? i dont think so, and i thought its well served by he subway?might be wrong, but anyway just above, i wrote that whats wrong with living in place like this for a couple of years, where u can save some money, pay of debt? or may be its just me.

Most New Yorkers would absolutely not live here is the thing though. There are reasons that the rents are so low.

[Anonymous User]

there's a lot more to high nyc col than rent

no. that's pretty much it. the rest is elective

yup, if u save up on rent, isnt it actually cheaper living in nyc, if you take the subway vs car? and walking to places and dont use the car? and stuff like that like for example, in la, you cannot take the subway. so if a person is smart and saves on rent in nyc and lives frugally, isnt it actually cheaper for him vs living in la.

Your point about not being able to take the subway in LA is false. The Metro is pretty extensive and is a great option to get to work (if your office is DTLA, not in Century City). It's relatively new, clean, affordable, and they continue to expand it to the West Side.