How much should I save up before moving to Chicago? (Stanford: real estate, apartments)

[Tylerrice816]

I plan on moving to Chicago next summer from St. Louis. I'm 24 and single. I have a decent job now, would would be a good amount I should have saved up to move? I'll be going to grad school, though Im still in the research part as to which school, the city itself is more of a selling point. From what I've read online the Hyde Park area is affordable and a cool area to live. I don't plan on working a full time job as I do now. Would I have a hard time finding an apartment with no job? Most apartments I've lived in required you to have a job. What is your advice on neighborhoods, as well as a guide for apartment hunting. Also should I sell my car? Any other advice you could give me on making the move would be much appreciated.

[knitgirl]

You don't choose the city and then the grad school. You choose the grad school (if it makes sense to your career) and THEN the city.

[chet everett]

Hyde Park is actually among the more expensive parts of the city. It is also less than convenient to get from Hyde Park, home of the most selective graduate programs anywhere outside of Stanford & the Ivies, to the other colleges in the region...

[bella84]

Originally Posted by knitgirl

You don't choose the city and then the grad school. You choose the grad school (if it makes sense to your career) and THEN the city.

In most cases, I'd agree with this statement. It certainly is the more ADULT thing to do. However, sometimes people just know where they want to live. They make sure the rest all falls into place. Unless the OP is working and seeking a grad degree in a highly specialized field, I'm sure he'll be able to make it work in Chicago.

[bella84]

Originally Posted by Tylerrice816

I plan on moving to Chicago next summer from St. Louis. I'm 24 and single. I have a decent job now, would would be a good amount I should have saved up to move? I'll be going to grad school, though Im still in the research part as to which school, the city itself is more of a selling point. From what I've read online the Hyde Park area is affordable and a cool area to live. I don't plan on working a full time job as I do now. Would I have a hard time finding an apartment with no job? Most apartments I've lived in required you to have a job. What is your advice on neighborhoods, as well as a guide for apartment hunting. Also should I sell my car? Any other advice you could give me on making the move would be much appreciated.

How much you need to save is entirely up to you and your comfort level.

Do you have someone who can co-sign a lease for you? Yes, it is difficult to get a good apartment in a good neighborhood without having a guaranteed source of income. If you have someone (a parent or relative) with a guaranteed source of income who is willing to co-sign for you, you'll have a better chance.

Whether or not you keep your car depends on where you live and go to school. Chicago is definitely not like St. Louis when it comes to cars. You absolutely do not NEED a car in Chicago the way that you do in St. Louis.

Use Zillow or Craigslist (if you dare...) to look for apartments. You can also find a real estate agent or an apartment finder company to help you out. Neighborhood recommendations depend on your budget and preferences. If you share that info, you might have some people chime in with suggestions. I haven't lived in Chicago for five years, so I'm probably not the best person to give that advice right now anyway.

[Tylerrice816]

Originally Posted by bella84

How much you need to save is entirely up to you and your comfort level.

Do you have someone who can co-sign a lease for you? Yes, it is difficult to get a good apartment in a good neighborhood without having a guaranteed source of income. If you have someone (a parent or relative) with a guaranteed source of income who is willing to co-sign for you, you'll have a better chance.

Whether or not you keep your car depends on where you live and go to school. Chicago is definitely not like St. Louis when it comes to cars. You absolutely do not NEED a car in Chicago the way that you do in St. Louis.

Use Zillow or Craigslist (if you dare...) to look for apartments. You can also find a real estate agent or an apartment finder company to help you out. Neighborhood recommendations depend on your budget and preferences. If you share that info, you might have some people chime in with suggestions. I haven't lived in Chicago for five years, so I'm probably not the best person to give that advice right now anyway.

I would like to pay no more that $800 for a studio, as far as other things, I'm a minimalist. As far as preferences go, id rather be in a cooler place than St. Louis.

[marothisu]

So say $900/month after utilities to be safe. If you're a minimalist but still want a cell phone then probably $50/month. $100/month more for unlimited public transit. let's say $200/month for food. $300/month for other stuff to be safe. So that's like $1550 per month. Say 6 months just to be safe is over $9000. Is that something you can do? You don't have to, but if you want to play it safe for a half a year while looking for just any job...

[tommy_407]

I had $3000 when I moved to Chi from NYC and it worked. I am also conservative. I didn't buy anything "new" other than a mattress. I drove all my belongings out here in my Trailblazer. After tolls and gas was (roughly) $350 plus eating all meals out for 3 days while I stayed at my friends place so I started with $2,500. I found a room in Uptown for $375 so with security + rent now down to $1,750. Then minus the $400 bed $1,250. I am also a carpenter though and I can easily find and begin steady work anywhere, I took that into consideration when budgeting.

I wouldn't live in Hyde Park if you're NOT going to be working full time. What kind of part time job you trying to get? I wouldn't live alone if i were a student with a part-time income. Can you do it? Yes..if you're down with burning through savings, living off of loans, OR you have a really lucky part time job bar tending somewhere downtown where you make $500 a night and work 2 nights.

But for real - once you are "done" with school and take it from me YOU WILL REGRET EVERY MINUTE OF THAT "LIVE IT UP WHILE YOU'RE IN SCHOOL" MENTALITY (provided you are exchanging a more fun life during school for more debt or less room for play or savings as an adult)

[coywes]

Have you visited Chicago yet? have you checked out the CTA transit maps etc.? You're looking to spend $800/month. You can find studios in that price range up north from Buena Park to Edgewater. These are all neighborhoods on the north side-Hyde Park is far south from here. Without proof of income, it is definitely harder to move to Chicago. You can use your current job when applying for the apartment here. It's tricky, but it can be done to secure a place. For the actual move, some companies may charge a deposit equal to your rent, or they will charge a move in fee of 100-300$. At the most, you'll need $1,600.00 to move into a place. Depending on your expenses and needs, and you not working? At least $2400.00 a month to be on the safe side.