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I think I am making the right choice as the apartment is in an area that I really want to live in. I would rather pay slightly more for an ideal location. I can always reevaluate my situation after living here for one year. I have been wanting to live in this area for a while. I figured I must as well just do it now and get it out of my system.
Just for giggles, I went on-line and looked at some Chicago neighborhoods that I think are pretty great to see what apartments go for these days. I looked at places in Jefferson Park, Norwood Park, Edison Park, and similar locations. I could not see a lot of great savings on a 1 BR, 1BA apartment. Those locations are pretty inconvenient to the Loop.
I think that you are about where you need to be.
FWIW, I did the flophouse route when i was younger. It is not all its is cracked up to be.
Im completely baffled that you guys are saying someone making 48k/year should be living in a loft or above garage apartment. You do realize thats close to the average American pay right?
baloney, blowing money on housing is the biggest mistake you can make. If you're young and alone, you can and should be saving that 12k per year and investing it wisely. Jobs can go up in smoke in one day, man. You can fall ill or have an accident and THEN where is all that "good living", hmm?
This is more along the lines of what I'm thinking. Everyone knows jobs come and go but most people act as if it won't happen to them.
OP, keep in mind this forum isn't the best place to get an objective opinion on if your rent is too much. If we all went by this forums advice we would all be living in roach infested studios in the scariest crime-ridden area of town. But hey, we'd have a nice 401k!
Hardly
As if asking American soceity at large would yield a better result . It's almost universally agreed upon by anyone who studies the subject that Americans are really bad with money. We're among the worst savers of any country.
jeez you are all tough today, after funding retirement vehicles, and insurances, etc. the guy still has 3150 left. not like hes asking can i blow $2500 on a lux apartment with a doorman. its a very reasonable 1k a month. maybe that seems extremely low to me given i live in central NJ and 1k get you a ****hole of a 1 bedroom but for a major city i think its a steal and living alone beats a roommate almost any day of the week.
2000 is alot of extra coin for chicago, i could do pretty well if i was single in NYC with that much play money
Maybe I missed it, but he didn't say how much he was putting in the 401K. When people aren't specific, I tend to believe it's only a skimpy amount (like 6%).
Make a budget. Don't go crazy and get yourself locked into something you really can't afford ($1050 is not too much). Ignore the terrible advice from people on this forum who would have you living in a cardboard box or some gang-infested hellhole eating Ramen noodles 3 meals per day just so you can horde money. As long as you strike some reasonable balance, live your life and be happy instead of being miserable your entire working life so you can continue to be some miserable money-horder later in life too.
As if those of us advising him not to do it live in cardboard boxes, rat invested aparments, or slums.
Gimme a break
Even BostonAccountant, who is in a similar situation, admitted rent creep is a problem.
Im completely baffled that you guys are saying someone making 48k/year should be living in a loft or above garage apartment. You do realize thats close to the average American pay right?
Who cares? The standard for "average" is pathetic.
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. It's almost universally agreed upon by anyone who studies the subject that Americans are really bad with money. We're among the worst savers of any country.
