135k + bonus for a single guy with no debt enough to live in downtown Chicago? (co-ops, how much)

[SkylarkPhotoBooth]

Originally Posted by dtcbnd03

Yes really. Spending $4k/month ($48k/year) would land you a sick 1 bed / 1 bath in one of the coolest building in downtown Chicago.

That would be at least half of his take home pay (or probably more, depending on things like retirement contributions and health insurance premiums) spent on housing, just to have a 1 br / 1 ba. That's ridiculous.

[SkylarkPhotoBooth]

Originally Posted by andrew61

I'd venture that in Manhattan or San Francisco, one would have to budget really carefully on a $135K income... and not be too picky about one's dwelling...

No doubt.

[personone]

Originally Posted by brodie734

I mean this is true but nobody in human history has ever truly decided that they have enough money except for the true creme de la creme of billionaires. There is always a bigger yacht or whatever, you can always be convinced to drop $700 million in order to buy a soccer team in Germany or whatever because your neighbor did.

As is often the case, the question here is "can I afford [x] thing on a salary that is much higher than what most people make?" and the answer is prima facie yes... but we still have to hear from well off folks about how actualllllllllly it is very hard to live on more money than the average American makes in 7 years because a new Mini Cooper is quite pricey and you couldn't possibly drive a less expensive car.

I agree, assuming this is a real post, the OP could find somewhere to live downtown. I was just pointing out that there would be some places he couldn't afford downtown.

I had also questioned whether this post was real because a simple Google search or a search of any of the apartment/homes websites show you what they cost and you can filter by location (downtown) and see what prices are. That and basic monthly budget info would have given the OP his answer.

Although maybe the OP has certain types of buildings in mind and other more specific lifestyle considerations, which he hasn't mentioned/provided details, so I am just pointing out other considerations.

[jvr789]

Yes, you can live a comfortable lifestyle on $135K in the city with no debt and no kids. Yes, there is parking in many downtown condo buildings, sometimes spaces will come with a unit, sometimes you can rent them. If you plan to drive to work you have to ensure you have parking covered on both ends so that can get pricey if your work doesn't cover parking.

I do think that having a car in the city (especially a fancy-pants car) can be more of a drag than a benefit though. I tried out the car thing out when I was single in the city and I didn't like it. I enjoyed living in the Gold Coast and walking to work better.

[andrew61]

Originally Posted by brodie734

I mean this is true but nobody in human history has ever truly decided that they have enough money except for the true creme de la creme of billionaires. There is always a bigger yacht or whatever, you can always be convinced to drop $700 million in order to buy a soccer team in Germany or whatever because your neighbor did.

As is often the case, the question here is "can I afford [x] thing on a salary that is much higher than what most people make?" and the answer is prima facie yes... but we still have to hear from well off folks about how actualllllllllly it is very hard to live on more money than the average American makes in 7 years because a new Mini Cooper is quite pricey and you couldn't possibly drive a less expensive car.

What's that old saying? "One's expenses rise to meet one's income." Or something.

[andrew61]

Originally Posted by SkylarkPhotoBooth

That would be at least half of his take home pay (or probably more, depending on things like retirement contributions and health insurance premiums) spent on housing, just to have a 1 br / 1 ba. That's ridiculous.

30 percent of income (which is considered a reasonable budget for housing) on $135K comes out to $3375 per month. You have some pretty decent options for downtown housing on that budget.

[fusillirob1983]

He probably can't afford a penthouse, or for his situation getting more than 1 bedroom, but most typical 1br or even studio that are semi-1br in River North can be had for $2-$3k per month.

[nap1313]

People are convoluting and obfuscating the question. The question he asked was was 135k with no debt enough to live downtown for a single. The answer is absolutely yes. You will be able to rent a 1 bedroom in a full amenity building.

Could he live the most opulent, luxurious, creme de la creme lifestyle? No, but that’s not what he asked.

135k will be enough to be very comfortable and give you a quite nice unit.

[personone]

Originally Posted by nap1313

People are convoluting and obfuscating the question. The question he asked was was 135k with no debt enough to live downtown for a single. The answer is absolutely yes. You will be able to rent a 1 bedroom in a full amenity building.

Could he live the most opulent, luxurious, creme de la creme lifestyle? No, but that’s not what he asked.

135k will be enough to be very comfortable and give you a quite nice unit.

People aren't obfuscating the question, but are providing more details. If it was that basic of a question, a simple Google search for prices combined with basic budget information would have answered the question without the need for posting the question on the forum. That is the reason for providing additional information.

[brodie734]

The truth is that at that salary point you're not in the 1% but you are in like the top 3% of individual income earners and can live like it.