What do YOU think is middle class income in Chicago? (insurance, how much)

[marothisu]

Originally Posted by Bucktownbabe

Jesus-- you have TWO cars while living in Logan Square on an income of $27,500 each? Uhh, yeah, no wonder you don't feel middle class. You're not going to unless you get rid of a car or two, move to a more affordable neighborhood, or make more money. It sounds like your income level is probably temporary given your ages and education status, though, so that's the good news.

Your age helps explain your high auto insurance rate, by the way, but I still don't understand why it's quite THAT high unless you have a bad driving record or are paying for comprehensive on an expensive car. I would shop around for a lower insurance rate and/or get a cheaper car.

I agree that they should get rid of a car or two, depending on where you work and the daily or weekly lifestyle which is needed. Logan Square is not unaffordable though. The OP never specified what type of apartment (i.e. # of bedrooms) they're even at. Maybe it's a 2 bedroom? Definitely not the cheapest neighborhood, but it's still cheaper than anywhere downtown, Wicker Park, Bucktown, Lincoln Park, most of Lakeview, etc.

[Bucktownbabe]

Originally Posted by marothisu

I agree that they should get rid of a car or two, depending on where you work and the daily or weekly lifestyle which is needed.

You may have missed the "or" in my post. I agree that they could stay in LS if they get rid of a car or two. If they're going to keep their car(s), however, there are much more affordable neighborhoods where you're not paying a premium to live near the Blue Line in the latest hipster enclave. Yes, of course it's still cheaper than the places you listed, which are pretty much the most expensive neighborhoods in the city, but I certainly wouldn't recommend anyone live in those places on $27K each with two cars, either.

[Bucktownbabe]

Originally Posted by ChiGuy2.5

I make $81K as a single adult and still can't afford to live in my own 1 bedroom place in a nice area comfortably.

This is difficult for me to imagine, unless your definition of "1 bedroom place in a nice area" is limited to luxury high rises, and you have a mountain of debt. You can live anywhere in Chicago quite comfortably on $81K for one person if all you want is a 1 BR apt.

[marothisu]

Originally Posted by Bucktownbabe

This is difficult for me to imagine, unless your definition of "1 bedroom place in a nice area" is limited to luxury high rises, and you have a mountain of debt. You can live anywhere in Chicago quite comfortably on $81K for one person if all you want is a 1 BR apt.

Totally agreed. I guess I could see it if they had tons of debt, live in a luxury high rise, and had a car and paid for high rise style parking and possibly were leasing said car, but...

I'm roughly speaking from experience here but at $81K/year even after a 401K, a little bit to a stock program, medical insurance, state/federal taxes, as well as social security and all that jazz, you'll be getting $4000-$4500/month. If you rent out a $1200/month 1 bedroom apartment, have debts where you pay $1500/month, and have a car with $75/month insurance while paying $100/month for gas, and have car payments/lease payment of $400/month while using a $100/month ventra card then you'll still have $575 - $1075/month left over for savings, food, and what not. That is a pretty big debt payment to have too unless you have student loans up the ass.

Using that $4000-$4500/month as a baseline, which is fairly accurate at that salary even after taxes, 401k, a little bit of stock, etc - if you paid $1700/month for an apartment, had no car but used the CTA all the time for $100/month, had $1000/month in debt payments, and took $150/month worth of cabs, you would still have $1050-$1550/month after. Of course, it would add more if you had a car, especially one you didn't own.

But $81K is a very comfortable salary in Chicago unless you're pissing it away. Even if you're saving tons for retirement instead of debt, then I have to wonder why you aren't living in a less luxurious setting.

[chet everett]

Originally Posted by Bucktownbabe

This is difficult for me to imagine, unless your definition of "1 bedroom place in a nice area" is limited to luxury high rises, and you have a mountain of debt. You can live anywhere in Chicago quite comfortably on $81K for one person if all you want is a 1 BR apt.

Originally Posted by ChiGuy2.5

I see middle class as being able to live comfortably and still afford to contribute some money towards retirement. In order to do those things and live in Chicago proper you need to make at least $80K for a couple. A full family of four would not be middle class on this income IMO.

I make $81K as a single adult and still can't afford to live in my own 1 bedroom place in a nice area comfortably. I would be a slave to my mortgage, or rent if I did. I would guess $100K would definitely be middle class. Lower class definitely starts around $50K. Anything between $50K-$100K is open to interpretation depending on your family size and personal opinion on what middle/lower class is.

Seems that they are more extolling the virtues of putting some money aside for retirement as well as living with a roommate or in just a studio than saying that they are truly trying to make a case that they are truly struggling...

[marothisu]

^ Context is good, but $81K/year is still a great salary even for setting aside for retirement though that entirely depends on what your personal timetable is for retirement. If you're 25 and want to retired by the time you're 40, then yeah, but then again you shouldn't be paying tons of money for rent if you want to retire that early.

If you paid $1500/month for housing and had small debt of say $100/month, while having a $300/month car payment, $75/month for insurance, $100/month for gas, $200/month for parking, $100/month for the CTA, $100/month for cell phone, and $150/month for groceries....that's $1375-$1875/month after that.

[ChiGuy2.5]

Originally Posted by chet everett

Seems that they are more extolling the virtues of putting some money aside for retirement as well as living with a roommate or in just a studio than saying that they are truly trying to make a case that they are truly struggling...

Originally Posted by Bucktownbabe

This is difficult for me to imagine, unless your definition of "1 bedroom place in a nice area" is limited to luxury high rises, and you have a mountain of debt. You can live anywhere in Chicago quite comfortably on $81K for one person if all you want is a 1 BR apt.

I COULD put less money into retirement and I COULD go out less and spend less at the bar. I COULD have a cheaper car and I COULD go without my nice clothes, etc. I CHOOSE to spend less money on my mortgage so I can afford those things. My personal preference on what I spend my money on is my choice, I don't need a lot of living space, my goal is to be home as little as possible.

As I mentioned in my post, I would guess I am lower middle class as a single adult. I do live very comfortably in Chicago on what I make.

[Vlajos]

Originally Posted by ChiGuy2.5

I see middle class as being able to live comfortably and still afford to contribute some money towards retirement. In order to do those things and live in Chicago proper you need to make at least $80K for a couple. A full family of four would not be middle class on this income IMO.

I make $81K as a single adult and still can't afford to live in my own 1 bedroom place in a nice area comfortably. I would be a slave to my mortgage, or rent if I did. I would guess $100K would definitely be middle class. Lower class definitely starts around $50K. Anything between $50K-$100K is open to interpretation depending on your family size and personal opinion on what middle/lower class is.

Originally Posted by ChiGuy2.5

I COULD put less money into retirement and I COULD go out less and spend less at the bar. I COULD have a cheaper car and I COULD go without my nice clothes, etc. I CHOOSE to spend less money on my mortgage so I can afford those things. My personal preference on what I spend my money on is my choice, I don't need a lot of living space, my goal is to be home as little as possible.

As I mentioned in my post, I would guess I am lower middle class as a single adult. I do live very comfortably in Chicago on what I make.

A single person with an annual income of $81K is not lower middle class.

[marothisu]

Originally Posted by Vlajos

A single person with an annual income of $81K is not lower middle class.

No kidding. As a single adult, $81K even in Chicago is solidly middle class - a good amount above lower middle class. Maybe he thinks he lives like a lower middle class person because of how much disposable income he has after everything but that's his own problem, which he said he chooses to do. $81K is a good salary for a single person in Chicago

[Ace Rothstein]

Originally Posted by ChiGuy2.5

As I mentioned in my post, I would guess I am lower middle class as a single adult.

As others have pointed out, this is a ridiculous statement.