26 Year Old Single Male, $50,000/Year Salary (Chicago, Addison: apartments, for rent, how much)

[Chicago87]

Hi,

I searched the forum for information about the cost of living in Chicago, but only found outdated threads from 2007-2008.

How much should a 26 year old male that grosses $50,000 a year and nets $36,000 a year spend on rent?

Here are the facts:

- Nets $36,000/year.
- Works in The Loop.
- On pace to be debt free over the next 6-12 months.
- Frugal and value-driven when it comes to money.
- Wants to live in a 1 bedroom or studio apartment in Lakeview, Lincoln Park, or Old Town. Will consider Wicker Park, Bucktown, or The Loop, but prefers to live near other young urban professionals.
- Wants to spend $1,000 or less per month on rent.
- Currently goes out for lunch 5 days a week spending $6 - $10 per day. Thinks it is worth it because he strongly prefers freshly cooked food.
- Likes to have a social life and go out on the weekends.
- Like to go on vacation and travel on a budget.
- Wants to save at least a few hundred dollars a month.


Is my goal of finding a apartment in the places stated above for $1,000 or less feasible? What is the best method for me to find such a place? Additionally, are women 21 to 25 interested in dating a frugal man or are they only interested in dating men that will spend money on them?

[Lifelong Chicagoan]

You can live pretty comfortable on 50K/year if you don't have a lot of debt payments each month and if you don't have a car. Wicker Park one bedroom apartments tend to be old and small.

I have a nice 1 bedroom for $1,025 and am a mile north of Wrigley field. You should be able to find a studio for $1,000/mo or less. I can't speak for the issue of women dating frugal men.

[marothisu]

When you say debt free in 6-12 months, what does that mean - how much are you paying per month to pay down your debt?

Anyway, unless the above is a lot per month, you should be able to life pretty comfortably on it. First of all, you don't want to live in the Loop. Not only is it too expensive, but it's a boring place. $1000/month is doable here, but probably not in an area like Lincoln Park or even Wicker Park. Lakeview you may be able to find it. If you don't want to look there then you could always consider an area like North Center or Lincoln Square/Ravenswood which are on the Brown Line. They are a little cheaper (especially Ravenswood area). A problem with it though is that the Brown Line on weekends ends service going north from the areas south of it at 2:25am. So if you want to be out until 4-6am or something, you'd probably have to find a cab (which is not hard, just costs more money).

I think you could find something in Lakeview, though if you raised it to $1100 or $1200/month, I bet you could find even more. I'd look on sites like Domu Chicago | Chicagoland Apartments, Apartments for Rent & Homes for Rent - Rent.com® Apartment Finder, http://www.padmapper.com, etc

As far as women go, it depends. Sure you could find that, but be careful with whom you go after because there will be plenty of women who won't 100% like it, at least at first in the relationship.

[nearnorth]

Originally Posted by Chicago87

Additionally, are women 21 to 25 interested in dating a frugal man or are they only interested in dating men that will spend money on them?

Not very long ago I made less money than you and paid less in rent than you while being older than you, and I had no problem dating quality women in the 25-35 age range in Chicago. If anything I think women in the 21-25 range are probably even less concerned about money/spending. Many of them are in college or grad/prof school anyway, or in their first post-college job, and are used to being on a tight budget.

There will always be golddiggers, of course, but they're not a very significant portion of the young professional female population in Chicago, and they won't be hanging out at the same places as you or looking for guys like you, anyway (they'll be looking for older and/or free-spending guys), so they'll self-select away from you and the ones left behind will be more self-sufficient. That's my experience, anyway.

As long as you don't mind taking them out now and then (which doesn't have to be to expensive places) so that your dates don't consist of watching TV, you'll be fine.

[nearnorth]

Originally Posted by marothisu

$1000/month is doable here, but probably not in an area like Lincoln Park or even Wicker Park. Lakeview you may be able to find it. If you don't want to look there then you could always consider an area like North Center or Lincoln Square/Ravenswood which are on the Brown Line. They are a little cheaper (especially Ravenswood area). A problem with it though is that the Brown Line on weekends ends service going north from the areas south of it at 2:25am. So if you want to be out until 4-6am or something, you'd probably have to find a cab (which is not hard, just costs more money).

I think you could find something in Lakeview, though if you raised it to $1100 or $1200/month, I bet you could find even more. I'd look on sites like Domu Chicago | Chicagoland Apartments, Apartments for Rent & Homes for Rent - Rent.com® Apartment Finder, http://www.padmapper.com, etc

Lakeview might work on a slightly higher budget, like you said, but if he wants to stick to $1,000 or less I would recommend places like Logan Square or Pilsen, which are going to have more women in the age range he wants to date than North Center, Lincoln Square, or Ravenswood, which seem to skew a bit older than that. I would also consider Uptown.

[Chicago87]

Hmm, I pretty much want to stick to the area between Grand and Diversey along the red line, preferably east of the red line. Any recommendations?

[PerseusVeil]

Originally Posted by Chicago87

Hmm, I pretty much want to stick to the area between Grand and Diversey along the red line, preferably east of the red line. Any recommendations?

It sounds like a studio in Lincoln Park is in your future then.

I would recommend, however, using Addison or Irving Park as your northern boundary instead of Diversey though. You'd have a better shot at getting a one bedroom, or at least a bigger studio, if you don't toss out Lakeview. You'd also only be adding like 5-8 minutes to your commute if you got on at the Addison or Sheridan redline stops, respectively, rather than Fullerton in Lincoln Park.

[marothisu]

Originally Posted by PerseusVeil

It sounds like a studio in Lincoln Park is in your future then.

I would recommend, however, using Addison or Irving Park as your northern boundary instead of Diversey though. You'd have a better shot at getting a one bedroom, or at least a bigger studio, if you don't toss out Lakeview. You'd also only be adding like 5-8 minutes to your commute if you got on at the Addison or Sheridan redline stops, respectively, rather than Fullerton in Lincoln Park.

Agreed, and really it'll be a little hard to get a 1 bedroom between Diversey and Grand and East of the Red Line. Also, in my opinion, the area north of Diversey along Broadway/Clark is actually better/a little cooler than the area South. That's me though, but I know there's a number of people who would agree with me.

[nearnorth]

Originally Posted by Chicago87

Hmm, I pretty much want to stick to the area between Grand and Diversey along the red line, preferably east of the red line. Any recommendations?

Yeah. Get a roommate or spend more money.

[nearnorth]

Originally Posted by PerseusVeil

It sounds like a studio in Lincoln Park is in your future then.

For $1,000/mo? Maybe if it's one of those 200 s.f. dorm room-sized ones.