Should I relocate to NYC for $220,000 or stay in Boston with my comfortable job?

One of the toughest life decisions anyone can make is whether or not to relocate, especially regarding a job offer. Moving can and will disrupt your whole life, often taking you to a faraway place where you may not know anyone, but it also opens up the door for a whole new adventure and potentially more money. 

This is precisely what is happening with one Redditor posting in r/Fire. They are now considering moving from Boston to New York City for almost double the pay. Currently making $110,000, they received an offer for $220,000 in total compensation, but they also know their costs will jump up. 

The Job Opportunity 

This Redditor lives in a duplex near Boston and lives almost rent-free as they rent out rooms. Their mortgage is currently $4,600 monthly on a $900,000 home, but they are concerned they wouldn’t make a profit if they sold it when they factor in closing costs. However, there is a consideration that they could rent it out completely and hire a property manager. 

In other words, figuring out their current Boston situation is problem one, but problem two is also a big deal, as they are currently earning $110,000 at a remote job that the original poster says has minimal growth potential. However, there is an outstanding work-life balance, and they are already satisfied in this role, even without growth potential. 

The crux of this conversation revolves around a recently received job offer in New York City at a private equity firm that would offer $220,000 total compensation. This breaks down to $180,000 in salary plus a bonus and a one-time $30,000 signing bonus for five days on site. A major incentive of this role is that it’s a “reach” position, so it will be a big resume boost when they want to find even more growth. 

Of course, they are also looking at how expensive NYC housing is, which would cost them around $5,500 per month for a smaller living situation, plus two pets and a partner. You also have a higher cost of living in general, but the poster also weighs age and not having kids as reasons to do this right now. 

To help lay the groundwork for some Reddit advice, the Boston net take-home would be around $86,000, while the NYC after rent and tax would be $123,000, so there would be a $37,000 difference. 

The Next Step

It stands to reason that living in NYC is a lifestyle choice, and the hustle and bustle of being in one of the largest cities in the world isn’t for everyone. It’s a tough sell when you factor in the cost of living being 200% higher than the national average while giving you less space. Of course, you must also consider the access to incredible dining and cultural opportunities with museums, parks, and history. 

One big consideration is work-life balance and how much this Redditor will sacrifice. You are talking about having an outstanding work-life balance right now, but five days in the office will completely crush it. There is a non-zero chance at a PE firm that this Redditor will make it out of the office at 5 PM daily. 

The Redditor needs to ask himself if he is okay with taking a more expensive apartment with two people and two pets, with a worse work-life balance, for $37,000 more a year in pay. The challenge is that the answer isn’t just the money, it’s also the knowledge they will have far less free time to spend this money. 

Reddit Recommends

If you jump into the comment section on this post, there is a solid balance between taking the job and not. People are mostly reminding this Redditor that the PE life isn’t for everyone, as 80-hour weeks are common when you start, which speaks directly to eliminating any work-life balance. 

There is no question that this Redditor is enticed by this new role’s title and the doors it can open, which is hard to ignore. Aside from maxing out retirement and HSA accounts, which the original poster says they will do, this lends directly to other Redditors asking how else they plan to spend money they won’t have time to enjoy. 

If the Redditor can figure out a less expensive cost-of-living situation in NYC, I’d say this might be something to consider. However, as someone in the comments who greatly values a work-life balance points out, money isn’t the only good thing in life.

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