Newark to Nyc, advice?

Chase / Data jlop
Sep 13 14 Comments

operations Analyst in DE moving to NYc for a positive life event. Manager has brought up to me about promotion for the last 2 years, I got excited but others have gotten put up before me. Ive gotten department wide recognition three times this year so they are offering work from home option if I move to NYC.

I don't believe anything they say anymore.

If I move I believe the salary differential can only be 15% greater. Im making 50k after 4 years with the bank, is 57k livable in NYC?

If I apply externally how much more can Iexpect to make with an operations analyst and projects background?
Any job leads?

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TOP 14 Comments
  • Facebook / Data
    Lolbot

    Facebook Data

    PRE
    Criteo, MediaMath
    Lolbotmore
    57K in NYC can be doable depending on your life situation. Are you young and single, married, kids? When I first moved to NYC I made around 60K. I lived with two roommates in Astoria and had plenty of leftover funds for saving, fun, whatever. Living on your own or supporting a family on 60K sounds rough.
    Sep 13 5
    • Chase / Data jlop
      OP
      Thank, I'm married no kids, first time living in New York.
      Sep 13
    • Facebook / Data
      Lolbot

      Facebook Data

      PRE
      Criteo, MediaMath
      Lolbotmore
      Will your spouse work?

      Like someone else on this chain said, you need to make 40x your rent. That leaves you under $1500 a month for rent unless your spouse also is working.

      $1500 a month for a one bedroom is hard but not impossible, but it will mean living in neighborhoods deeper in queens, Brooklyn, parts of Jersey (not that that’s a bad thing, just maybe slightly longer commutes and not a lot to do in the neighborhood). I lived in a decent one bedroom for a few years that was $1600 a month in Woodside in Queens. It’s doable, but don’t have expectations that you can have a big beautiful apartment in Manhattan. For reference though, I now live in a popular area of Brooklyn and pay $3595 for a one bedroom, so this city is all over the place.

      Median income in NYC is $47K, so lots of people make this work.
      Sep 13
    • Chase / Data jlop
      OP
      Thanks, fortunately my spouse will work and we are a little over a hundred thousand combined. The move is in about 3 to 4 months
      Sep 13
    • Chase / Data jlop
      OP
      We are newlyweds so something small will give us something to want to work our way out of but still a start
      Sep 13
    • Oracle pzd
      If the combined family income is around 100k then you should be fine. Somewhere around 85k is actually better than >100k because then you will qualify for the middle income housing units: http://www.nychdc.com/pages/Middle-Income-Rentals.html. A lot of new development take advantage of this hdc provision, so you will get a nice apartment in a luxury building for about 60% of market price (or something like that). Definitely take advantage of this.
      Sep 13
  • Chase
    ptgi36

    Chase

    PRE
    Neuberger Berman
    ptgi36more
    If you move to NYC, leave Chase and join another company. What do you do here? PM me if you need, $57,000 is less than we pay a 21 year old analyst fresh out of college.
    Sep 13 1
    • Chase / Data jlop
      OP
      Thanks,

      there was a conversation about that during a recent CCb or CIB talks which was one of the first where HR spoke "transparently" about pay practices.

      External hires are just given a premium in pay.

      In context sadly I make more than some of my counterparts because I joined from another bank
      Sep 13
  • Compass LInR08
    Pay seems low for an ops analyst with 4yoe. Chase pays banker $60k plus commissions. Only high school degree required. I’m surprised to see this. You should consider looking elsewhere especially when you’re being passed up for promotions
    Sep 13 1
    • Chase / Data jlop
      OP
      Thanks
      Sep 13
  • Kaiser Permanente QqOm60
    You will definitely feel the price hit compared to DE. If you really want to move for your career it’s a good idea. More opportunity but it will be hard the first years
    Sep 13 1
    • Chase / Data jlop
      OP
      Thank you
      Sep 13
  • Oracle pzd
    57k in NYC is going to be near-impossible. My first job paid around 90k back 2012. I paid 1500 for a bedroom in a 3 br apartment in Brooklyn. I thought it was difficult.

    The 40x rule says that you could spend about 1400 on housing with your salary. That will get you a basement apartment in Jamaica, not much more.
    Sep 13 1
    • Chase / Data jlop
      OP
      Thanks
      Sep 13