How much do you need to earn to live comfortably in Chicago? (Nashville: appointed, student loans)

[Oramasfella]

Originally Posted by glass_of_merlot

That's great. But are you planning on being single and no family forever, or are you saving up for a bigger family sometime in the future?

I am saving for a future family indeed, but I absolutely have no intention of raising my family to adhere to the over-consumption and overspending values that we all tend to favor. That social narrative won't be part of how I raise my children. One of the things I will never understand is how a family that comprises two parents and one child moves to a three-bedroom, 2.5 bathroom home. What for? This is just my opinion, of course, because my tastes are very minimalistic, and I would rather save for potential medical emergencies and for a relatively stable retirement than spend money on unnecessary upkeep of a gigantic home or pointless trend-based renovations like kitchen islands, sunrooms, or decks. It is all about what some people call "the Pinterest home".

[damba]

Originally Posted by Oramasfella

I am saving for a future family indeed, but I absolutely have no intention of raising my family to adhere to the over-consumption and overspending values that we all tend to favor. That social narrative won't be part of how I raise my children. One of the things I will never understand is how a family that comprises two parents and one child moves to a three-bedroom, 2.5 bathroom home. What for? This is just my opinion, of course, because my tastes are very minimalistic, and I would rather save for potential medical emergencies and for a relatively stable retirement than spend money on unnecessary upkeep of a gigantic home or pointless trend-based renovations like kitchen islands, sunrooms, or decks. It is all about what some people call "the Pinterest home".

You are conflating a few things, in addition to making some assumptions, one major one being preferences of your future spouse and kids’ needs.

[mwj119]

I think $65k would be my cut-off when taking into account my lifestyle and my personal happiness.

That gets me into a reasonable neighborhood, with some coin to throw towards debt, some bars on the weekends, some groceries in the fridge. Anything less than that, it's going to be a pay check to pay check lifestyle.

Add in vacations, a car, additional debt/students loans, and I'd think $80k would be a more comfortable number for most.

[Oramasfella]

Mod cut: Orphaned (quoted post has been deleted).

[M]ost people are incapable of understanding that everyone defines 'happiness' and 'fulfillment' differently. That's why you have some people saying, without irony and with incredible confidence that "[i]n a city like Chicago, if you're doing it right, you're out seeing and doing things on the regular anyway, not being a homebody." Not only is that statement assuming that I am not seeing and doing things on the regular in Chicago (as if dining out in fancy restaurants were the only thing to do in the city ), but it also implies that the only way to "do it right" is doing "it" the way that the comment's author does "it." Human beings tend to be short-sighted and selfish by nature, and that leads to the inability to understand that *shocker* other people do not lead their lives, think, feel, or experience the like one does.
Imagine that.

And yes, I know that my future spouse will have different needs, but that is what is courting is for; to weed out those potential partners with whom we are not compatible. As for children, parents raise kids to eat meat (or go vegan), believe in Jesus or be atheists, and vote Republican or vote Democrat every day, based on parents' own lifestyles. No matter how much lip service they pay to "I let my kids choose", parents truly raise their kids to be like them in almost every way.
I am sure that me raising my kids to be frugal, and to be happy with the simple things in life, is not going to kill them.
If they want to change their minds later in life and lead different lives to mine, good for them.
But it won't be because I raised them to follow the same ole social constructs about money, spending, and 'needs' versus 'wants.'

[Master Jay]

Oramasfella,as I recently wrote in another Chicago post, I am not a world traveler. And I have heard people think I am close minded or missing out because I do not enjoy travelling like them. But I feel comfortable in my own skin to say I am open-minded, accepting of cultures/religions/etc. different than mine. And the bottom line is I am happy and do NOT feel like I've missed out on anything in my life. So I agree with you on your views regarding it be quite ok for people to have different perspectives and rewards!... Regarding parenting, my father tried to force me to play baseball growing up because he enjoyed it, and also never supported my foreign martial arts passion. And nowadays, I have made a career and a lifestyle from teaching Tae Kwon Do and feel I have positively influenced a lot of people's lives who have trained. And because I despised being forced to play baseball from my father a child, I never forced my 3 children to train in Tae Kwon Do. The eldest never trained. The middle child made it to a Red Belt, and the youngest studied for half of a year. They have their own desires and rewards, and I support them to do their best at whatever they do! Master Jay in Milwaukee

[MassVt]

Originally Posted by Oramasfella

I am saving for a future family indeed, but I absolutely have no intention of raising my family to adhere to the over-consumption and overspending values that we all tend to favor. That social narrative won't be part of how I raise my children. One of the things I will never understand is how a family that comprises two parents and one child moves to a three-bedroom, 2.5 bathroom home. What for? This is just my opinion, of course, because my tastes are very minimalistic, and I would rather save for potential medical emergencies and for a relatively stable retirement than spend money on unnecessary upkeep of a gigantic home or pointless trend-based renovations like kitchen islands, sunrooms, or decks. It is all about what some people call "the Pinterest home".

I'll agree on these points---I'll never understand the need for a child to have his/her own bathroom, or granite-top kitchens, or decks, etc. There is a lot of silliness in the "desirable" home market. The McMansions are the worst..

[jfre81]

Originally Posted by Oramasfella

[M]ost people are incapable of understanding that everyone defines 'happiness' and 'fulfillment' differently. That's why you have some people saying, without irony and with incredible confidence that "[i]n a city like Chicago, if you're doing it right, you're out seeing and doing things on the regular anyway, not being a homebody." Not only is that statement assuming that I am not seeing and doing things on the regular in Chicago (as if dining out in fancy restaurants were the only thing to do in the city )'

I resemble that remark. I come from a town in Texas where the fine dining establishments have deer heads and license plates for wall decor. There's a lot to see and do in Chicago that costs little or nothing. Not every place has that.

[OKParker]

I think that this reddit thread (where the average user is younger and closer to OP's age) is more informative than our posts here on this forum: https://www.reddit.com/r/chicago/com...h_for_chicago/

[usamathman]

Originally Posted by OKParker

I think that this reddit thread (where the average user is younger and closer to OP's age) is more informative than our posts here on this forum: https://www.reddit.com/r/chicago/com...h_for_chicago/

You didn't read the OPs original message. His words verbatim were, "Let me define comfortably: Living like a grown up (no roommates) in a clean one bedroom apartment, reasonably safe, walkable neighborhood with solid transit access, money to eat out and travel occasionally and still have some savings each month."

The reddit thread won't help. And ~40k is not enough to live "comfortably".

[Logic87]

Assuming average studio around the loop is around $1,500 (with utilities included) and if we go by the 30% rule (meaning 30% of your take home pay is used for housing) that leaves a take home pay of around $5,000 a month meaning one would have to earn around $90,000 a year to live "comfortable" based on the definition provided by the OP. $90,000 a year is around $5k/month after taxes, FICA, medicare and insurance premiums.

$5,000 budget would be spent accordingly:

-$1,500 towards housing
-$750 towards retirement (assuming 15% savings rate)
-$600 towards groceries and restaurants
-$200 towards transportation (CTA Monthly plus $100 budget for taxis, lyft, uber)
-$1,000 (20%) towards entertainment, clothing, vacations, electronics
-$950 (around 20%) towards savings

$90,000 sounds like alot but it's around what a comfortable lifestyle consist in Chicago by societal standards but obviously if you are thrifty then you could live "comfortable" on much less with roommates, eating at home, local vacations etc..

But going by OP's standards the same lifestyle in most other major cities (ie San Fran, NYC, DC, LA etc) would be much more than $90k. Especially if you have to buy a car which is probably required in all the cities mentioned above other than NYC.