New York City Vesus Chicago (rent, house, buy)

[mstar]

Need help with a choice that needs to be make, since I can't go into every detail, imagine the following:

A couple plus baby have a choice of two cities, NYC and Chicago. There are pro's and con's to both.

NYC

• One of the partners will earn 125% more in NYC than they would in Chicago
• Overall they'd probably rent a smaller 2BR apt with no garden for same money in Chicago in a good school district
• No need for a car
• A plan trip away from family
• Part-time work position available for other partner
• Substantial potential for saving for a deposit

Chicago

• One of the partners will earn 25% less in Chicago than they would in NYC
• For the same money they count rent spacious 2BR with patio/garden, washer/dryer/dishwasher in a good school district
• Might need a car
• A car drive away from family
• No job, part-time or otherwise, lined up for other partner
• Unknown potential for saving for a deposit on a house

Bearing in mind various Cost of Living calculators have given different results for the same data I plugged in:

1. salary.com said Chicago was 29% cheaper
2. bankrate.com and cityrating.com said I could maintain same NYC level with 37% less (aprox) income in Chicago
3. money.cnn.com said the opposite to everything else and that we'd have to earn 20% more than what Chicago would pay us to have NYC level

I'd appreciate anyone's input and feedback based on this incomplete comparison. I realize there are many factors that are not addressed here that would make a huge difference to many people - however I hope you can still help despite that.

Unfortunately time is a big factor here for us, though I'm hope its an ongoing and helpful discussion for others over time.

Any other pro's and con's you feel are relevant would be helpful too...

[coldwine]

Today I had Cookie Crisp, a cereal I am not at all pleased with.

Has anyone else tried cocoa puffs in the past five years?

[Avengerfire]

I prefer Count Chocula hands down.

Boo Berry and Franken Berry never really did it for me.

Fruit Brute and Fruity Yummy Mummy were abominations that should have never seen the light of day.

[chirack]

Here is a tip. This isn’t a cost of living decision. This is a quality of living issue.

If you think that a higher income is better for you or your family go for New York. The larger salary and the fact that the second partner has a part time job is available makes New York the better decision in terms of income. Unless the second part time job is at the same company you have a bit more safety in terms of job loss.

In terms of Chicago, you would have a much better living space and you would be close to family.

The only two things I would question is the no need for a car and ability to save for a house. Public transit is great for getting back and forth to work. I would hate to have lug a baby and its stuff on the bus/train on the way to baby sitting or the doctor. It is possible and lots of people do it but I think I would opt for at least a small car here unless you have a nanny or something.

The other thing I would question is ability to save for house. If you save the part time partner’s money for the house then you very well could get it quickly. However the ability to save for a house is more a function of not speeding too much. It is very possible to save for a house in Chicago it just might take a little longer or you may need to evaluate what stuff you really need.

[coldwine]

Originally Posted by Avengerfire

I prefer Count Chocula hands down.

Boo Berry and Franken Berry never really did it for me.

Fruit Brute and Fruity Yummy Mummy were abominations that should have never seen the light of day.

Oh, man, I love Boo Berry. It just barely tasted like blueberries, but what little flavor you got through what must have been pounds of processed sugar? Priceless.

[Venom]

I think ima go buy some Tacos right now.

mmmmmm

Sometimes I overeat early on the day and my stomach hurts the whole day, but then at night I get the munchies in full force.

[coldwine]

Originally Posted by Venom

I think ima go buy some Tacos right now.

mmmmmm

Sometimes I overeat early on the day and my stomach hurts the whole day, but then at night I get the munchies in full force.

I like tacos but tonight I dined upon green mole and chicken.

It was amazing.

[Venom]

Yay.
I have no one to go with.

(aka no one to pay for me)

[oakparkdude]

Keep in mind that the higher income you earn in NYC will also be taxed at a higher rate (NYC and NYS maximum tax rate is 10%) relative to Illinois.

[ToriaT]

Sound like everything is boiling down to money. Chicago and New York are very different cities. You have to decide what would be best for your family and where you might be happiest. Regarding the other partner's part time job, I think in time they could find some thing in Chicago as well.