Can $90k buy you a comfortable life in Chicago? (Manhattan: apartments, rent)

[Chicago60614]

I moved here and ended up with a roommate in a place on Sheffield and Diversey. I made $40K a year, went out 4 nights a week with no problems. I then upgraded to $55K and was living with no worries at all. Going out all the time, 6 vacations a year, saving up some money. I had no car, school or credit card debt though.

Your debt load is what really makes a difference. I was living far above the means of my friends who made the same salary because they were forking over money for their car, education and a big credit card statement. I paid $700 a month for my half of the rent, $50 in utilities, $50 for my phone, $50 for cable and the rest was mine to do with as I pleased.

I say if you're a normal person and aren't expeting the world, everyone I know has been able to get along fine living in Lincoln Park/Lakeview or wherever making $50K or more. Roommates obviously help a lot. My friends and I may not have been rich, but no one ever freaked out about money or had to stay home because they were broke.

[zz4guy]

It's hard to wrap my head around not owning a car at all. I would probably rarely use it in the city, but every other weekend when I go home or want to get out of the city, I'd need it. I would hate to pay a $300/mo. premium for a car I only use every few weeks. What do you guys do about that? Do you just sell your car for good?

[oakparkdude]

Originally Posted by zz4guy

It's hard to wrap my head around not owning a car at all. I would probably rarely use it in the city, but every other weekend when I go home or want to get out of the city, I'd need it. I would hate to pay a $300/mo. premium for a car I only use every few weeks. What do you guys do about that? Do you just sell your car for good?

Look into zipcar and/or i-go car sharing services. Price out the difference in costs (including parking, insurance, fees, gasoline, maintenance). Many people will find the cost of car ownership no worthwhile if you're only using it once a week.

[Lovegun]

Originally Posted by sukwoo

Personally, I'd want at least 250k, but that's just me.

What is it that you do?

[oakparkdude]

Originally Posted by Lovegun

What is it that you do?

I'm a superhero. Those skin-tight suits aren't cheap, ya know.

[ajolotl]

Not sure how many times I can make the same point until it sinks into your head.

You can be comfortable on much less. The 300K is how much it takes FOR ME (with kids) to make city living a good option vs. a decent middle class suburb.

Is that really so subtle a concept? There is no right answer and I expect other people to have other numbers, but don't misrepresent the point.

Originally Posted by Avengerfire

Well according to some that post here one needs to make 300k to live comfortably and bring up a couple of kids.

[emathias]

Originally Posted by zz4guy

It's hard to wrap my head around not owning a car at all. I would probably rarely use it in the city, but every other weekend when I go home or want to get out of the city, I'd need it. I would hate to pay a $300/mo. premium for a car I only use every few weeks. What do you guys do about that? Do you just sell your car for good?

I've been car-free for ten years now.

I use ZipCar. I also occasionally rent from a traditional rental place for longer trips.

I average somewhere near $150/month using ZipCar and rental cars, which is still less than owning even a clunker would be, and when I use ZipCar I usually drive one of their Volvos or BMWs, so compared to the costs of owning one of THOSE, I save enormous amounts of money on a monthly basis. I probably spend less on ZipCar most months than it would cost just to insure a late-model BMW. And ZipCar's hourly rates include gas and insurance.

For me the nicest part of being car-free isn't strictly the savings, it's the flexibility. There have been a few months where I spent $500 on ZipCar and car rentals. But that was only one month, and the next month I spent zero dollars on renting cars.

I would really dread having to own a car now. I like driving, but the financial responsibility for somethign I only use occasionally just eats at my soul - and I make an upper-middle-class income, so it's not like spending the money would hurt me, it's just that I don't feel like it even comes close to being a good value.

[softdev]

Originally Posted by zz4guy

It's hard to wrap my head around not owning a car at all. I would probably rarely use it in the city, but every other weekend when I go home or want to get out of the city, I'd need it. I would hate to pay a $300/mo. premium for a car I only use every few weeks. What do you guys do about that? Do you just sell your car for good?

Most places rent the parking separately. Why don't you try it for a few months and see how much you use it. If it ends up being only an every few weeks type of thing, then just get rid of it for a zip car.

[zz4guy]

Next stupid question... what is a Zip-Car?

[tb4000]

Originally Posted by zz4guy

Next stupid question... what is a Zip-Car?

Billable car rental. Can be done for hours as opposed to days.



If you live like the Sex and the City chicks or the Entourage dudes, then yeah, a few hundred grand a year would probably be what you want. The rest of us that don't have kiddies to feed or whatever can manage on slightly less.