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Old 07-10-2008, 08:25 PM
 
1 posts, read 7,538 times
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I'll be making about $4,000 a month after taxes in Chicago. What's the most I should spend on an apartment in Chicago? A one-bedroom would be good. I'm really focused on location. Would I even be able to get a mid-high rise apartment? Thanks.
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Old 07-10-2008, 08:28 PM
 
Location: Chicago
15,587 posts, read 25,136,934 times
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Well convention wisdom says not more then 25% of your gross right?
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Old 07-10-2008, 08:30 PM
 
11,973 posts, read 29,520,026 times
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I say spend $3900 and use the last $100 to buy ramen noodles.
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Old 07-10-2008, 08:47 PM
 
62 posts, read 263,140 times
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Quote:
Originally Posted by Lookout Kid View Post
I say spend $3900 and use the last $100 to buy ramen noodles.
Are you kidding me? That's way too much! One month's worth of ramen only amounts to $20


Take a look around until you get a good feel for the quality/price range that you want. Also, see how much you want set aside each month for food, entertainment, toys and savings. Leases are only 1 year so in the worse case, you'll just move in a year to a more/less expensive location.

Btw, I make around what you do and for me, a 2 bedroom $825/person apt in Lincoln Park fits my quality/price range. I also found a 1 bedroom single apt (not high rise) in Lakeview that was really nice for $925/month. However, I think I'm conservative with my apt rent since I have all sorts of student loans just waiting to be paid off.
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Old 07-10-2008, 08:58 PM
 
Location: Chicago
2,467 posts, read 11,733,850 times
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It's technically 25-30% of your income, however, in big cities people tend to spend a bit more. I would sit down and create a budget for yourself (everyone's is different, depending on school loans, car loan, parking, medical, etc) to get an idea
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Old 07-10-2008, 10:35 PM
 
Location: SE PDX
569 posts, read 1,707,429 times
Reputation: 125
Depends. Get yourself a really nice city or lake view high rise on the 50th floor full of amenities but never go out because you cant even afford fast food.

Or live in $500 dumpy apartment and buy a super expensive sports car and juggle 100 girls at once.

Or anywhere in between. But seriously, work up a budget man.
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Old 07-11-2008, 07:39 AM
 
Location: Tower Grove East, St. Louis, MO
12,063 posts, read 29,641,264 times
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How about this? Don't do what I do and spend 70% of your take-home pay on rent and utils. It's no fun

But honestly, I wouldn't spend over $1500/month, and there's really no reason to, as that will get you a decent to nice place in any neighborhood in the city.
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Old 07-11-2008, 08:47 AM
 
Location: Yes
2,660 posts, read 6,383,383 times
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I make 75% of what you will be making and spend $700 a month on rent. You could easily go up to $1,000 and, although I am not from Chi, I would think that amount could get you a place that is at least better than average.

If you want crappy budget advise, here is what I do.
  • Add up estimates for all fixed bills (rent, utilities, loans, credit cards, etc.)
  • Assume $400 a month for groceries
  • Assume buying random crap you don't need and "going out" to account for at least $500 even if you think it will add up to less: it won't.
If it adds up to less than you make, you will be alright (assuming you don't lose your job, have insurance, and don't have kids). Also, hopefully, you end up saving a few hundred a month.
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Old 07-13-2008, 03:15 AM
 
Location: Lincoln Park
838 posts, read 2,934,193 times
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Default how much to spend on rent

I think you are kidding me. a decent two bedroom in Lincoln Park for $1650? Last time I checked, apt buildings such as 2555 N Clark, which is an average building by the way (community laundry room, cottage cheese ceiling, plastic kitchen, and a 50 sf balcony) have one bedrooms starting from $1600s. two bedrooms in a decent place usually start in the 2000s in Lincoln Park, and that's without garage parking.


Quote:
Originally Posted by weizilla View Post
Are you kidding me? That's way too much! One month's worth of ramen only amounts to $20


Take a look around until you get a good feel for the quality/price range that you want. Also, see how much you want set aside each month for food, entertainment, toys and savings. Leases are only 1 year so in the worse case, you'll just move in a year to a more/less expensive location.

Btw, I make around what you do and for me, a 2 bedroom $825/person apt in Lincoln Park fits my quality/price range. I also found a 1 bedroom single apt (not high rise) in Lakeview that was really nice for $925/month. However, I think I'm conservative with my apt rent since I have all sorts of student loans just waiting to be paid off.
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Old 07-13-2008, 08:21 AM
 
Location: Chicago
2,467 posts, read 11,733,850 times
Reputation: 890
Quote:
Originally Posted by lincolnparker View Post
I think you are kidding me. a decent two bedroom in Lincoln Park for $1650? Last time I checked, apt buildings such as 2555 N Clark, which is an average building by the way (community laundry room, cottage cheese ceiling, plastic kitchen, and a 50 sf balcony) have one bedrooms starting from $1600s. two bedrooms in a decent place usually start in the 2000s in Lincoln Park, and that's without garage parking.

They do exist. My cousin just signed a lease for one a week ago (actually a really nice 2 bed for $1600 in LP!). That is without garage parking.
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