Living in Chicago with a kid 2012? (Oak Park, Irving: apartment, rent, insurance)

[NO1VOODOO]

Hi All,

This my first post here in the forums.I have read lots of threads in the forum but unfortunately I could not find answers / cases similar to mine.

Here is my story and my questions:

Story:

I live in Greece with my wife and we are planning to relocate to Chicago where my wife used to live 7 years ago. We have a 17 month kid. I work here as a project coordinator (in a global Mobile Marketing & advertising company)for 2.5 years and before that i was an electric engineer for 3 years. My wife used to work as an English teacher here and as a customer support manager in a Forex company for around 3 years in total. She also worked in Chicago as administrative assistance and billing manager for two different construction companies for 8 years. We have managed to save around $40,000. I have researched a lot about Chicago and the areas here.

These are my calculations for two years (without me or my wife having a job for two years) after lots of researching:



Questions:

1- Do you think the aforementioned plan is realistic? Should I add anything to it?
2- What is our chances to find a job there?
3- Is there any other expenses that i may have missed and I should add it to my plan?
2- Good and cheap areas to live at in Chicago with a kid? we were looking at Oak Park and the areas surrounding it.

I am looking to relocate because of the situation here in Greece is tough and I am looking for a better future for my son.

Your help is really appreciated.

[gomexico]

Not that you couldn't live on the budget you've outlined, I don't think you'll enjoy life in the city at that level. I believe your Rent, Food, and Car Gas line items are low for Chicago. The utilities number could be low, as well, depending on what's included in your rent.

[Jandur]

As mentioned your rent might not get you very far. You could get a 1bedroom apartment in certain neighborhoods. Portage Park, Irving Park and surrounding areas might work.

As far as finding work. I would generally think that 2 years would be enough time to find employment, but it's generally hard to say. I don't know how much of a demand there are for electrical engineers and English teachers these days. That being said, unemployment has been trending down, so in the next 1-2 years things could be better.

[chet everett]

I would basically double your rent ,mood and utilities. If your gross income is not going to cover those amounts your savings quickly.

Electteical engineering is not something that is easy to just drop into -- firms involved in commercial constructin will want licensed professions engineers. Firms like Nosch want engineers with a product or sector oriented resume. That said engineers who are willing to accept project manager salaries can get hired, though the range of earnings is lower.


Forex is still a huge part of Chicago commodities / futures scene BUT connections are vital even for lower level hiring.


With a child not yet in school there is not a whole lot of parts of Chicago itself that I would not explore. I think your money will likely go farther in Chicago than Oak Park and access to jobs will be easier. Childcare (assuming both of you do work at least part time...) is maybe easier in Chicago too...

[marothisu]

You know, it really depends on where you live in the city. Obviously not all neighborhoods are EXPENSIVE, but even so your budget will pretty much net you a 1 bedroom in some neighborhoods. I'm talking about ones like West Ridge, or Albany Park, or something up there, or south in Bridgeport or something. It won't afford you a 2 bedroom pretty much anywhere in Chicago IMO, maybe in a bad area, but I doubt you want to be there.

The food thing is another story. It really depends, and because you have a child, I know that the food stuff is expensive. However, not all groceries cost a ton in the city. If you were in an area like West Ridge or Albany Park, it would cost less than other areas. There are actually some cheap grocers up there.

The car thing again. Chicago is very public transit oriented, so it's possible to live here without a car. With the newborn though, it might be a little hard. Gas for your car will depend on how much you drive it, but gas is pretty expensive in Chicago. If you don't drive, then there's public transit which you didn't factor in either (max of $86/month per person basically for unlimited pass).



With this plan though, your money will go further in the suburbs IMO. if one or both of you can find a job though, then of course you could very well live comfortably in the city depending on how much you'd make.

[It'sAutomatic]

I'm not sure exactly where electrical engineering jobs are located, but I suspect that they're concentrated in some suburban office parks. A good bet would be to find where many firms are located and move nearby.

[supportyourschools]

I think some of your figures are low. It will be very tough to find a 2br place for $750/mo in an area that you will feel safe raising your child. I am also married with a child a bit older than yours (23 months old); our grocery bill averages $350/month. I don't drive much; I fill my gas tank usually once a month to once every 6 weeks--around $50 a tank, give or take a few dollars depending on prices at the time. Going out--$100--that would mean a meal out with your wife three times a month (or less, if you like drinks and dessert; figure in the cost of a sitter if you want to leave the little one at home and there goes your $100).

[JacksonPanther]

Originally Posted by NO1VOODOO

Questions:

1- Do you think the aforementioned plan is realistic? Should I add anything to it?
2- What is our chances to find a job there?
3- Is there any other expenses that i may have missed and I should add it to my plan?
2- Good and cheap areas to live at in Chicago with a kid? we were looking at Oak Park and the areas surrounding it.

I am looking to relocate because of the situation here in Greece is tough and I am looking for a better future for my son.

Your help is really appreciated.

1. I don't understand how 3 people eat for $300 per month. That's $10 per day, for all meals, for an entire family. How is that remotely possible?
2. You rent is too low.
3. Gas of $40 per month is too low, unless you're never using the car At ALL.
4. Car + Insurance for $4000 per year only works if it's a really cheap (old?) car, and poor (low coverages) insurance.
5. If both you and wife are working, where's your Child Care expenses? That will dwarf almost all these other expenses...
6. If both are working, one or both of you will need to spend on public transportation.

[marothisu]

Originally Posted by JacksonPanther

1. I don't understand how 3 people eat for $300 per month. That's $10 per day, for all meals, for an entire family. How is that remotely possible?
2. You rent is too low.
3. Gas of $40 per month is too low, unless you're never using the car At ALL.
4. Car + Insurance for $4000 per year only works if it's a really cheap (old?) car, and poor (low coverages) insurance.
5. If both you and wife are working, where's your Child Care expenses? That will dwarf almost all these other expenses...
6. If both are working, one or both of you will need to spend on public transportation.

These are all great points. I think #1 is possible to be honest if you cook at home for all meals. There are some cheap grocery stores out there. Guess it depends on how much you eat, and what you eat, but I think it IS possible.

But yeah, the other points you make are very good, especially #5. However I know the OP is saying this budget is what would be if he and his wife didn't have jobs. IN that case, you wouldn't necessarily need child care.

[Dport7674]

I'd add half again as much for most of your list. Rent would almost be double.

Also add in parking and other things your not thinking of and you might want to double you're entire budget.

Edit: Don't be discouraged tho'. People have moved to Chicago and made a go of it with a lot less than $40,000 in savings. Good Luck!