Considering moving from Houston to Chicago (Evanston, Lake Forest: 2014, for rent, how much)

[explosive0]

Considering a potential offer in the Lincolnshire/Lake Forest area, which requires relocation from Houston. Salary is in the ~120k range, which is about 10% more than I make in Houston, after factoring in the higher cost of living in Chicago.

Thoughts on standard of living with this salary? I'm a 30 year old male, try to be modest in my living and expenses. One of the biggest reasons I'm considering the move is the fact that I can get into Booth for an MBA.

What are decent parts of town for young professionals and how much should I look to put away for rent/mortgage?

Thanks

[emathias]

Originally Posted by explosive0

Considering a potential offer in the Lincolnshire/Lake Forest area, which requires relocation from Houston. Salary is in the ~120k range, which is about 10% more than I make in Houston, after factoring in the higher cost of living in Chicago.

Thoughts on standard of living with this salary? I'm a 30 year old male, try to be modest in my living and expenses. One of the biggest reasons I'm considering the move is the fact that I can get into Booth for an MBA.

What are decent parts of town for young professionals and how much should I look to put away for rent/mortgage?

Thanks

What standard of living do you want? There is no one "standard of living" in Chicago for a given salary, there are many possibilities. Do you want to live downtown? Do you prefer the suburbs? Will you do Booth part-time? What will you want to spend your money on other than housing and commuting? $120k in Chicago gives you decent options. It won't make you some big-shot, but it's measurably better than average and high enough you could find some place to live in any part of town.

[chet everett]

If you've been accepted into the rather challenging University of Chicago MBA program ( http://poetsandquants.com/2014/03/12...iness-schools/ ) you should consider the time that you wil have to spend commuting to either the evening or weekend program from Lake Forest at either the Hyde Park Booth center or even the downtown Gleacher Center -- https://goo.gl/maps/oMyyQiACxgv

If you are paying your tuition on your own, salary might not really be so princely -- University of Chicago Booth School of Business

Folks might quibble about finding some rents far below these averages, but in general Chicago is seeing strong demand in the areas that offer good access to transportation. You might consider the hassles of finding a place that offers you reasonable commute between work and school too... https://www.dnainfo.com/chicago/2016...r-chicago-1970

[IrishIllini]

Originally Posted by explosive0

Considering a potential offer in the Lincolnshire/Lake Forest area, which requires relocation from Houston. Salary is in the ~120k range, which is about 10% more than I make in Houston, after factoring in the higher cost of living in Chicago.

Chicago is surprisingly affordable, especially for someone in your income bracket. With that said, Lake Forest and Lincolnshire are AT A MINIMUM one hour away from the Loop by car. 90/94 (Kennedy/Edens Expressways) are almost always heavily congested. It's even worse when the weather is nice. It's not uncommon to sit for nearly an hour to get from the Loop to the junction. You could live near a Metra station, but I'm not sure how much time you'll save on the reverse commute as the trains are less frequent. Your best bet would truthfully be to live in the suburbs. There aren't many with an active social scene. The one that makes the most sense for you would probably be Evanston. You'd have access to the city and your commute would be less burdensome.

Originally Posted by explosive0

Thoughts on standard of living with this salary? I'm a 30 year old male, try to be modest in my living and expenses. One of the biggest reasons I'm considering the move is the fact that I can get into Booth for an MBA.

You will have 0 problems finding something suitable with your income.

Originally Posted by explosive0

What are decent parts of town for young professionals and how much should I look to put away for rent/mortgage?

If you're up for the commute I'd look into Lincoln Park, River North, the Gold Coast, Old Town, West Loop, Lakeview, Wicker Park, Bucktown...you've got options.