Evaluating a Major Career Move: Is the NYC Opportunity Worth It?

As someone contemplating a significant career change, I find myself at a crossroads and would love to gather some insights from others who have faced a similar decision.

Currently, I earn $110,000 a year in a remote position that offers little in terms of career advancement. While I appreciate my work-life balance and maintain a comfortable lifestyle, I am considering a job offer from a prestigious private equity firm in New York City. The compensation package is attractive, totaling $220,000, including a base salary of $180,000, a performance-based bonus, and a $30,000 signing bonus. However, this role requires full-time, on-site attendance.

One of the main challenges of the proposed move is housing costs. Rent for a modest apartment close to the office is approximately $5,500 per month, which would require me to share with my partner and accommodate our two pets. In comparison, I own a duplex near Boston where I live rent-free by renting out two rooms, and my current mortgage sits at $4,600 on a $900,000 home. Unfortunately, selling it wouldn’t yield a profit once closing costs are accounted for. If I decide to relocate, I could rent the entire property and employ a property manager to handle the logistics.

Despite the potential financial benefits of the NYC role, I am acutely aware that the cost of living is significantly higher than in Boston, which could eat into my increased income. After estimating taxes and expenses, I calculate my net income after rent in Boston would be about $86,000, while in New York it would approximately be $123,000 (factoring in my portion of the expenses).

Furthermore, my current position provides me with a great deal of comfort, and staying could lead to a more stable life. On the other hand, the prestigious New York job could enhance my career trajectory and provide considerable leverage when I eventually return to Boston, especially as I am still young and child-free, creating ample room for career exploration.

I’m reaching out to gather thoughts on whether the jump to NYC is a smart move or if I should remain in my current, comfortable environment. Any advice or shared experiences would be greatly appreciated! Thank you!