Opinions on how much income is necessary to live very comfortably in Chicago? (Wilmette: wood floors, apartment)

[LovesCatsandDogs]

I know there are many variables. My friend and her husand are considering a job offer in Chicago. This couple wants to live in a very safe, close-in neighborhood such as Lincoln Park or Lakeview or a very good in an updated, upgraded apartment with 2 baths, central air/heat, dishwasher, and garage parking for at least 1 of their 2 cars and a reserved spot indoor or out for 2nd car. They need 2 cars for work. They don't need a really luxurious life but do want to attend a lot of social, networking events and fundraisers to meet people and eat out a few nights a week (mostly casual restaurants). And they may have 1 child in the near future. Would $150,000 be sufficient or tight? Thanks for your opinions.

[long101]

can a couple live in a safe 2bed apartment with parking making 150k? Seriously? Chicago may be expensive but its not expensive

[DoneWithDC]

I think it depends on where they are coming from to really compare the kind of lifestyle they have to what they are hoping to have in Chicago.

My wife and I just moved back to Chicago after living in the DC area for the last 6 years. Combined in DC, we were making around $160,000 annually. Coming back here, my wife is actually making more than she made there. I, on the other hand, will be taking a significant pay cut. Once I start one of the two jobs I'm being offered, we will be making anywhere from about $105,000 to about $125,000 a year combined. I believe we will be living quite comfortably at either end of that spectrum.

Previously, we were living about 45 minutes from the city of DC and paying about $1000 more a month for housing in the DC area than we are paying now that we are living in the city of Chicago. We had no yard; something we now have. Our house here is even bigger and nicer than the house we had in the DC area. We've got 3 BR, 2 BA, with upgraded kitchen. We also had to drive about 20 minutes to even get to a decent casual sit-down restaurant. We are living in the Logan Square area of Chicago, which might be a little cheaper than where your friends are looking, but we are still in a good part of town with plenty of excellent restaurants and bars within just 1-2 blocks. We own 2 cars and have a parking pad for 2-3 cars included in the cost of our rent; I do find though that we rarely use our cars these days.

I think that your friends would be able to live quite comfortably in a good/safe part of the city on a $150,000 income. I'm not overly familiar though with the cost of living in the parts of town your friends are looking at. We also go out to nice restaurants about 2-3 times a week.

One thing that helps a little is to use this handy little calculator to compare cost of living in two locations - Cost of living: Compare prices in two cities - CNNMoney.com

[DoneWithDC]

Originally Posted by long101

can a couple live in a safe 2bed apartment with parking making 150k? Seriously? Chicago may be expensive but its not expensive

I should have just saved myself a lot of typing and just said that.

[LovesCatsandDogs]

Well, they do want a very updated, renovated apartment (new appliances, wood floors, washer/dryer in the unit), garage parking and they do want to be in one of the most expensive neighborhoods. Also, they will have 2 cars which I hear can be pricey in Chicago.

[long101]

well lets say a nice 2br in lincoln park goes for 2k? Throw in an extra parking space, utilities we are at 2500 bucks a month for their place. Thats 30k a year. After taxes they have another 60k a year to spend on whatever. If neither of them have a gambiling or drug problem they will be fine.

[ajolotl]

your "whatever" includes a hell of a lot of everyday costs that aren't exactly fun and games.

If you live relatively simply and have no kids, 150 should be more than fine. Once you throw kids in the mix, you're broke no matter what you make.

Originally Posted by long101

well lets say a nice 2br in lincoln park goes for 2k? Throw in an extra parking space, utilities we are at 2500 bucks a month for their place. Thats 30k a year. After taxes they have another 60k a year to spend on whatever. If neither of them have a gambiling or drug problem they will be fine.

[Drover]

My ex and I had a combined income about in that range (a little lower but pretty close after adjusting for inflation.) You'd be surprised how quickly you can burn through that kind of money if you don't watch your budget. The opportunities to spend money in this town are practically limitless. We didn't live a luxurious lifestyle but we lived well and did pretty much whatever and whenever we wanted. But in the end we didn't have a lot to show for it. So yes it's possible for a childless couple to live comfortably on $150K here, but it's also deceptively easy to spend every bit of that money if you don't pay attention to your spending habits.

[jdiddy]

I wonder if Lincoln Park is really the best place to move if you need to have 2 cars in order for both to commute to work.

There are quite a few other very nice urban neighborhoods where it make more sense.

[billiken]

Just saw a similar thread in Suburbs forum about homes in suburbs like Wilmette/Winnetka.

150k/yr is fine if you're just looking for an apt in the Lincoln Park or Lakeview and don't have kids. Updated single family homes in some of the most expensive suburbs of Chicago are a different story, along with raising kids in Lincoln Park.

I agree with the above about 2 cars for commuting.