Rent Cost$$ (Chicago, Lincoln: apartment, to rent, credit card)

[scarlettrose101]

Hi!
I'm a recent college graduate, and I am moving to Chicago in August/September. I have a job lined up where I will be making 30-35k a year. I would like to live in a young neighborhood that's close to everything, because I won't have a car and will be using public transportation. A friend of mine is from Chicago, and she suggested looking at Lincoln Park, the Gold Coast (if you can find a nice, cheap deal?), Lakeview and Rogers Park would be my best bets!

My question is how much of my income should I be prepared to dedicate to rent costs?
If I am willing to be very careful with my spending, how much can I afford to spend on housing in Chicago?

Any suggestions or tips are greatly appreciated!!

[Vlajos]

Will you be living alone? How much space would you like vs. need?

[MannheimMadman]

25-30% of your net pay. Or, roughly $700 if you were making 35K. Expect to have room-mates.

[aragx6]

Without a car I think you can definitely spend a bit more than 25-30%. I'd say 30-35% is fair. If you're OK with a studio you can totally live alone, or get a roomie and have a much bigger place.

Unless you're used to urban living I'd stay away from Rogers Park (plus it's really far north).

Something like this would be great: Large Studio w/ Separate Kitchen & Dining - No Deposit! 8/1 (http://chicago.craigslist.org/chc/apa/2470568226.html - broken link). You won't be swimming in money per se, but you can definitely get by in a place like this on your salary.

[Jandur]

It all depends on where you want to live and what type of place you want. You can get a studio in Lincoln Park for $700 or so, but it will be small and not very nice.

If you live with roommates you can open your options up.

[Vlajos]

Lincoln Park and Lakeview are probably your best bets. Bucktown and Wicker Park should be on your list as well.

[scarlettrose101]

Thanks for the quick replies!

I don't need a lot of space, and I completely comfortable with having a studio apartment to myself.
I'm open to roommates, but I think for the first year or so, I will just live alone. I would like to get to know a potential roommate first, before just jumping in and living with someone I found on craigslist...
I'm also willing to take on a second part-time job, if I have to in order to make ends meet.

Are there any other neighborhoods I should consider? My job is on S. Michigan Avenue near Coliseum Park and Near South Side.

[MannheimMadman]

As far as what you're able to spend on rent, you need to take into consideration:

-Whether or not you have other debts (student loans, credit cards, etc) coming out of your budget.

-Whether or not you'll have a car and the associated costs that go along with it. Otherwise a monthly CTA pass is only $86.

-Whether or not you'll contribute to some sort of 401K or IRA. Or any sort of savings for that matter.

[emathias]

Originally Posted by MannheimMadman

...
-Whether or not you'll contribute to some sort of 401K or IRA. Or any sort of savings for that matter.

I'd argue the question shouldn't be "whether or not," but rather "how much" you'll contribute to savings. :-)

[RingWalk]

Keep rent low, that way you can go out and experience the city more. You will want to go out a lot and will want the cash on hand to do so.