Low income guy with savings (Chicago, Oak Park: apartments, to rent, condos)

[arcticranger]

I'm looking at moving to Chicago, 61yo more or less retired guy wanting to be around a decent art scene. I'm stuck at about 33K a year retirement income but have approx 200K in bank and credit score it at 820. What are the chances of me getting or being rejected for an apt? I suppose I could create an annuity that pays me an extra 25K a year but not sure if that's considered legit income.


Also any nabe recommendations for being in and around other musicians. I like North Central and Boystown a lot, been there for work. Great city, so much less pretentious than NY.

[Teacher Terry]

Your money would go farther right over the border in Kenosha and you could take the train to Chicago anytime you want.

[Master Jay]

Teacher Terry, good day!

I, too, toy with the idea of possibly seeking housing at the Wisconsin-Illinois border, on the Wisconsin side.

[salata87]

Originally Posted by arcticranger

I'm looking at moving to Chicago, 61yo more or less retired guy wanting to be around a decent art scene. I'm stuck at about 33K a year retirement income but have approx 200K in bank and credit score it at 820. What are the chances of me getting or being rejected for an apt? I suppose I could create an annuity that pays me an extra 25K a year but not sure if that's considered legit income.


Also any nabe recommendations for being in and around other musicians. I like North Central and Boystown a lot, been there for work. Great city, so much less pretentious than NY.

Usually, management companies looking for at least 650 credit scores and gross income 3-time rent but with your score and statement showing your savings you should not have any problem renting most of the apartments.

[Hiruko]

You might get someone to consider your savings, but some will not. Landlords value income over savings because of the ease with which people can manipulate bank balances to look like they have more than they actually have.

[Teacher Terry]

Master Jay, I grew up in Kenosha and raised my kids there. It’s more reasonable but it doesn’t have the events that Milwaukee and Chicago have so be aware of that. It’s a nice small town.

[Manigault]

I would advise the OP to check out the arts district in Oak Park for an apartment.

[Master Jay]

Teacher Terry, hello.

Oh if I move to Kenosha it's ONLY so I can have the taxes and gas prices lower than Illinois, and yet be a small ride to either Milwaukee OR Chicago.

[andrew61]

Originally Posted by Hiruko

You might get someone to consider your savings, but some will not. Landlords value income over savings because of the ease with which people can manipulate bank balances to look like they have more than they actually have.

And income from a job can be here today, gone tomorrow.

During the mid-2000s, I myself was able to rent two very nice condos from two different owners without an income. I just showed them what I had in the bank via six months' worth of bank statements (to show that I was using my savings very prudently and not blowing through it).

[OKParker]

Originally Posted by arcticranger

I'm looking at moving to Chicago, 61yo more or less retired guy wanting to be around a decent art scene. I'm stuck at about 33K a year retirement income but have approx 200K in bank and credit score it at 820. What are the chances of me getting or being rejected for an apt? I suppose I could create an annuity that pays me an extra 25K a year but not sure if that's considered legit income.


Also any nabe recommendations for being in and around other musicians. I like North Central and Boystown a lot, been there for work. Great city, so much less pretentious than NY.

Pilsen, Logan Square, Humboldt. You can get some cheaper rents near Humboldt Park and its nice if you're on the north side or east side of the park where you can get to the train. I am less sure of North Center being an artistic nabe - I think of it as a stroller area.