Salary Question (Chicago: best cities, apartments, for rent)

[Flite]

Hey, I'm getting close to College and doing my 4 years bachelors degree to become a Graphic Designer.

I checked up on PayScale.com and saw that the average salary (5 years in) was approximately $45,000 for a Designer with the same qualifications, in Chicago.

I know housing prices will change, as will salaries by the time I graduate. I have always wanted to move to the US (I'm in New Zealand right now), so I'm looking at what the best cities are right now for me, if I was to make it there.

I would just want to be able to afford a 1 bedroom apartment in an area close to downtown, and live comfortably. Comfortably to me just means I can afford to buy clothes, a car and the necessities without getting deeper into debt each week.

Would a $45,000 salary right now in Chicago go that far?

Thankyou.

[Mel2882]

I don't live in Chicago yet but I can tell you this: I make around $45,000 and I pay $900 a month for rent. You may be paying a little more for your one bedroom depending on what you find, but if you are good with your money I think you'll be fine. I have a car payment as well, but I am able to save quite a bit each month. If you get a car that you don't need to have a payment on each month, I'd say you'd be very comfortable. If you can get around without a car (CTA) that is even better.

[cvatasoiu]

sorry to say, but $45k in Chicago won't get you that far. After taxes, you're going to be left with around 33-34k, that means around $2700/month. Let's say rent $1000, a car payment $300-$400, gas, food, entertainment etc..So, let's just say that you'll be doing fine, but you won't be able to save up much. I might be wrong, but the lifestyle is different from one individual to another one.

[Mel2882]

Like I said, I make the same amount of money (before taxes), I pay $900 for rent, a $400 car payment, bills, etc., and I still am able to save.

The last poster is right, you will bring in about $2700 a month. After you pay $1000 for rent, a $400 car payment, $400 for gas/car insurance (that's a high number but let's just say you drive a lot), $150 for bills, and you are left with more than $700 a month for entertainment, food, and savings. People who say you can't make it probably have families (I'm assuming you don't) or spend a lot more than they should. Now, I don't know how you spend your money, but I'm in the same exact situation and I live pretty comfortably. Chicago is cheaper than a lot of other options for big cities (LA, NY for example).

[Mel2882]

My # for bills is probably off, depending on how much you spend on your phone, if you get some utilities included, etc...but at the same time, you may not have a $400 car payment.

[Flite]

Thanks for the answers.

I really have no idea where Americans income goes, seeing that I don't have any idea of the tax rates over there and how much money on average would go towards petrol, entertainment, etc.

I have a decent idea of where money goes in my family, but not too much (still a student). I live with my mum, who is a single parent, and my younger sister. My mum brings in around NZ$27,000 after taxes a year (US$21,000) and pays NZ$320 a week, renting a 3 bedroom townhouse.

This is roughly what my mum pays a month:

Monthly income: NZ$2250

Rent: NZ$1280
Power: NZ$170
Food: NZ$400
Phone: NZ$30
Internet: NZ$50

That leaves NZ$320 a month for anything not included in that list (eg. petrol, various bills, school fees, clothing, entertainment), which is around US$245.

My family may not have alot of money compared to others, but I do consider how I live now 'comfortable'. As long as I can pay for the neccesities and have a little to burn each month, I'm comfortable.

This may be way, way off and I may be forgetting alot of things, but this is what I come up with Chicago, guessing the costs.

Monthly income: $2700

Rent: $1100
Power: $120
Food: $200
Phone: $20
Internet: $30
Car Payment: $300
Cable TV: $20

That leaves $910 a month for entertainment and saving. Lets just say I wanted to spend $300 a month for spending, that leaves $610 to save.

Does this look realistic?

I apologize if I missed out some stuff, it's tough trying to take a stab at average costs for various things in another country.

[wv wildflower]

You would be lucky to find a condo you could afford at that salary in today's market. However, the market will be more expensive four years from now. God help us all.

[Flite]

Seriously? I saw plenty of 1 bedroom apartments around $1100, some even cheaper.

[Mel2882]

I'm going to be renting a 2 bedroom for $1175, so I'd imagine you could find a one bedroom for $1000 or less. Condos may be different, but that's not what she asked about.

Flite your numbers seem realistic...but probably a little more for phone and cable. Also you will need car insurance, but it would depend what your rate would be. Depending on where you are, you may need to pay for parking as well.

[Chicago Chef]

45k to live in the city is going to be tough.