How do people afford to live in this city? (Chicago: college, utilities)

[Chi-town Native]

Originally Posted by EastBoundandDownChick

Another factor is the Wall Street money that circulates throughout the city. One out of every three dollars spent in the city is generated by Wall Street. The average worker there (this is even with support staff factored in) makes roughly 450K per year, while the average Joe makes about 50K.

good analysis.

I'd quibble just a bit with the Wall Street line, as Wall Street doesn't "generate" money so much as it siphons it away from the rest of the country. let's be honest here, Wall Street is the ultimate service economy, they make their money off of small commissions.

as a friend of mine in the biz says, "It doesn't matter to people in Wall Street what the Dow Jones does on any given day, what matters is the volume of sales."

[cubssoxfan]

30K Millionaire's; good observation & description. All "Big Hat & No Cattle".

[MannheimMadman]

Originally Posted by cubssoxfan

30K Millionaire's; good observation & description. All "Big Hat & No Cattle".

I read that last sentence in Hawk's voice. Why does he haunt my mind?!

[HumboldtParkShiner]

Originally Posted by nowincal11

I do know several former NYCers who grew up there and decided to move to Miami in the past few years. It offers the same wages in the same industries as NYC, with a much lower cost of living. They also cite Miami nightlife and two things that NYC doesn't have; good beaches all year round and the excellent weather (humidity not included).

A few NYC neighborhoods still have good schools, primarily the ethnic neighborhoods in Brooklyn and Queens, but are quickly becoming unaffordable.

In LA, the newest generation is the first that is likely to mostly grow up in apartments even if their parents make six figures.

Anyway, most of these concerns are not on the minds of 20 somethings. Mostly we are concerned about jobs decent enough to pay rent and entertainment. The entertainment must include a mix of sporting events, music venues, restaurants, and nightlife.

So cheaper options like Miami and Las Vegas will still be top destinations, especially once the recession turns around.

ill vouch for this. left chicago two years ago and currently living in miami right now. pretty awesome so far. has it's downfalls like any other city, but is way better than chicago.

[odannyboi]

Originally Posted by HumboldtParkShiner

ill vouch for this. left chicago two years ago and currently living in miami right now. pretty awesome so far. has it's downfalls like any other city, but is way better than chicago.

Chicago would probably be among the most desirable cities to live in if the weather (yes, I will continue to hate Chicago weather).

However, watch out about Miami... I've heard people love it the first few months until they realize how narcissistic, macho, and discourteous the culture is down there (don't kill the messenger). I do love visiting however (almost went to the "U" this fall).

[savalas]

Originally Posted by HumboldtParkShiner

ill vouch for this. left chicago two years ago and currently living in miami right now. pretty awesome so far. has it's downfalls like any other city, but is way better than chicago.

Good for you. Bye.

[Jandur]

Originally Posted by odannyboi

Chicago would probably be among the most desirable cities to live in if the weather (yes, I will continue to hate Chicago weather).

However, watch out about Miami... I've heard people love it the first few months until they realize how narcissistic, macho, and discourteous the culture is down there (don't kill the messenger). I do love visiting however (almost went to the "U" this fall).

I don't know anyone who has stayed in Miami long term and liked it. It's really a pretty dirty place with a few exceptions. Nice weather and hot girls though I guess.

[reppin_the_847]

From my one trip there I got the sense that Miami Beach was a hedonistic, fun, crowded fantasy land filled with tourists from Latin America, Europe, NYC, etc. There didn't seem to be too much of an economy on the island asides from entertainment. Across the bridge into downtown you had most of your corporate offices which I understand are often Latin American HQ's in USA or American corp bridges to Latin America. In other words, it may be a pre-req to be able to speak Spanish to get a job at one of those places. Downtown looked alright, but not full of too much life except for certain pockets. I did get a chance to check out Club Space which was wild and a must-visit for electronic music & house music fans. The "neighborhoods" on the mainland outside of Miami seemed slummy and dangerous. The suburbs seemed nice, but somewhat boring like suburbs anywhere else in America including Chicago. Best of luck to the OP, no hard feelings. Life is short, so go where you feel happy.

Originally Posted by Jandur

I don't know anyone who has stayed in Miami long term and liked it. It's really a pretty dirty place with a few exceptions. Nice weather and hot girls though I guess.

[Vlajos]

Miami is nice to visit. And very expensive.

[Lovegun]

Originally Posted by Caldus

I'm a single guy with no kids and I make 70K a year. It makes me wonder how many other people around my age (20's) can afford to live in the city (Lakeview, Lincoln Park, Gold Coast, Bucktown, Wicker Park, etc.). Surely not everyone is making 70K or even 50K. I'm a conservative spender myself and I see people throw hundreds of dollars away at bars and such on a Friday/Saturday night. Where do they get all of this money from? People mooch off of their rich parents? Deal drugs? I know some people my age are making way more than even me but a ton of people aren't. So, how do they afford to shop on Michigan Ave. and then spend tons of cash at bars that night?

Not everyone is a conservative spender. Maybe some people live pay check to paycheck. Or maybe they make as much or more as you and you just don't realize it.

Maybe they live in studios, room mates, have no debt, kids, or no vehicle?