What do YOU think is middle class income in Chicago? (sale, rent)

[romnation]

Just curious as to what everyone would consider a middle class income in this city. I make 35k and my girlfriend makes around 20k, (which is obviously a lot less after taxes), this would supposedly put us in the middle class, with Chicago's median household income at at around $43,000. We still struggle many months living in this city when random stuff comes up such as car repair. We find that we aren't able to enjoy the countless city amenities as much as we'd like to due to lack of funds. We definitely don't really feel middle class, we feel quite poor sometimes, especially having both moved from cheap Indiana. Our apt is $1150 a month, utilities included in Logan Square, but with things like $200 a month car insurance everything starts to add up real quickly.

[oakparkdude]

Can you live car free?

[hlcvd]

middle class probably include everyone with household income of anywhere between 35k to 150k, and the median household income in the country is about 50k.

[romnation]

Originally Posted by oakparkdude

Can you live car free?

Not really because then we couldn't take any weekend trips home to see our families or nature getaways.

[fortwaynebandit]

When i lived there, I was making about $75k and I thought that I was doing OK. Many people live there making far less, although I don't see how. I was living in SW Chicago, near Midway so things were somewhat cheaper over there. If you live in Lakeview,Kenwood/Hyde Park,Andersonville or the Gold Coast, you may end up paying a great deal more so $75k may not be that good.
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From my perspective, to be "middle class" and live inside of Chicago, you need to make between $60-100k per year. That way you can afford the rents/mortgages, the taxes, the high cost of living and you can still save some money. You will also be able to afford a car if you earn that much.

[sfcambridge]

Originally Posted by romnation

Just curious as to what everyone would consider a middle class income in this city. I make 35k and my girlfriend makes around 20k, (which is obviously a lot less after taxes), this would supposedly put us in the middle class, with Chicago's median household income at at around $43,000. We still struggle many months living in this city when random stuff comes up such as car repair. We find that we aren't able to enjoy the countless city amenities as much as we'd like to due to lack of funds. We definitely don't really feel middle class, we feel quite poor sometimes, especially having both moved from cheap Indiana. Our apt is $1150 a month, utilities included in Logan Square, but with things like $200 a month car insurance everything starts to add up real quickly.

You guys sound young, and honestly, you should be able to live together just fine on those incomes. Maybe you should try writing out a budget to see where you $$ is going. And start prioritizing.

Shop around for cheaper car insurance, get rid of cable and use the library/netflicks/Hulu etc.., shop around for cheaper cell phone plans, call your internet provider and ask for a lower rate or threaten to leave (!), make your coffee at home and don't waste $5 at coffee shops (buy plain coffee if you must buy it out...), be smart with your use of utilities, drop the gym membership and work out at home/ride your bike/jog along the lake, don't drive much and maybe take fewer vacations, cook at home more and don't eat out as much, shop for clothes at 2nd hand stores (there are fantastic ones in Chicagoland) and only buy things on sale if you buy new,... find where you are losing $$. Really keep track of where the $$ is going for a month and you may be surprised. I recommend reading the blog Mr Money Mustache.

There are also tons of low cost/free things to do in Chicago... especially in the summer months. If you like the arts/cultural things, think about buying season tix (much cheaper in the long run) and scour Goldstar for cheap tix.

[UnderTheLiveOaks]

Originally Posted by romnation

Not really because then we couldn't take any weekend trips home to see our families or nature getaways.

Between car repairs and car insurance (which you cited as significant expenses), you could probably rent a car for the odd weekend trip and still come out way ahead. And that's assuming you don't have a car payment. And you just have one car, right? Not one each?

[romnation]

Originally Posted by CarolinaBredChicagoan

Between car repairs and car insurance (which you cited as significant expenses), you could probably rent a car for the odd weekend trip and still come out way ahead. And that's assuming you don't have a car payment. And you just have one car, right? Not one each?

A car each, she gets her car insurance paid for by her mom, I pay mine myself. No car payments. and yes, we're young, I'm 23, freshly out of college, she's 21 and still in college.

[oakparkdude]

Originally Posted by romnation

A car each, she gets her car insurance paid for by her mom, I pay mine myself. No car payments. and yes, we're young, I'm 23, freshly out of college, she's 21 and still in college.

That sounds a bit luxurious even with the parental insurance subsidy. Obviously its your choice, but if you want to cut down your expenses, that seems to be the obvious first step. If you sold your car, you'd have extra cash in your pocket plus $200 extra per month from the insurance savings. You could drive your girlfriend's car for the weekend getaways, right?

PS: $200/month for car insurance on one car seems awfully excessive unless you have a really expensive car.

[Anne C M]

For a couple my opinion is at least $70,000 to be middle class. I wouldn't quite consider $55k for a couple working class, but certainly lower middle class. If you and your girlfriend were not living together, however, and she was a single person making $20,000/year she absolutely would feel very poor and lower/working class. Combining incomes as a couple makes things much easier.