200k in Chicago vs 250k in NYC?
From strictly a tc perspective, not social In which city would my money go further? Explanation in the comments would be really helpful! I’m a male in my young 20s so definitely leaning towards nyc, but would I be missing out on savings/quality of life picking nyc? Also, does the answer change if I live outside nyc (like in jersey city) and commute?
Your money will go farther in Chicago and the city itself is cleaner with nicer people.
Is it significant enough to justify one over the other without considering other factors like the social scene? My impression was apartment adds 30k and taxes maybe another 20k to nyc. What else makes nyc that much more expensive?
I'd say both have plenty to offer when it comes to social scene. Weather is also not a major difference between the two. The biggest difference is going to be cost of living and the culture. Pick the one that suits you best.
Chicago is cheaper than NYC and also chicago has best downtown in US
200k will go very far in Chicago, especially if you are curious enough to learn the neighborhoods and avoid the few extremely hot areas where prices are a bit out of control. You can own a real single family home and have a car (if that's your thing) or live in a nice high rise near downtown for that TC, and still have enough to save.
You can live outside of NYC and commute in?
Do NYC and move to Hoboken,NJ. The commute is insanely easy esp if you're in the financial district. A few minutes by ferry or path train. Don't move much further inland otherwise your commute goes up to an hour. Based on your responses you already know that you'd prefer NYC and you're looking for a way to justify Chicago
With 800k you can get an okay condo in the outer boroughs in NYC. In Chicago you get a gorgeous multi story town house. The cost of living in Chicago is so much cheaper its shocking. I know someone who bought a nice 1 bedroom for 230k a few years ago. 230k you get a dump far far away in NYC. I'd say 350k would be worth it in NYC
Missing out on savings? Yes. Missing out on quality of life? Definitely not, do not conflate savings with QOL. If you are in your young 20s, for the love of god do not live in NJ to save $ thinking that you are still getting a proper NYC experience, live in NYC properly for at least a year, and then you can move somewhere cheaper after.
JC or Hoboken you're looking at 2400-2800 for a nice apartment, and you'll pay 7-9% income tax. Commuting is not bad but getting home from Manhattan if it's late at night is a little annoying (if you want to ball out an Uber is 40-50). Chicago is like 1300 rent and 5% income tax iirc, so you're starting out 20k/year ahead post tax. If you have your parents address you can use, as a new grad you can avoid NYC tax for the first half year you live there after graduation, and you can decide the year after if it's worth living in Manhattan.
I worked in NYC for a few years. It’s mostly finance over there, which is why I left. Dunno about Chicago.
Both offers are from prop trading or hedge funds LOL
Can I dm you for the names of the firms? Going to Chicago too in a few weeks to work for a prop trading firm as well.