Overall Taxes and Living Expenses in Chicago for a single person (for rent, buy)

[Drover]

Ah yes, I forgot to consider that many buildings will have heat included in the rent.

[andrew61]

Originally Posted by chitown85

There might be a few grocery items exempt from taxes, but most are charged that amount.

Actually, if you mean the 10.25 or 11 percent sales tax, no. Most groceries are charged only 2.25 percent sales tax which goes to the city of Chicago. Exceptions include beverages such as soda pop, bottled water, liquor, and some kinds of candy which are taxed at higher amounts.

[SJaye]

Originally Posted by andrew61

Actually, if you mean the 10.25 or 11 percent sales tax, no. Most groceries are charged only 2.25 percent sales tax which goes to the city of Chicago. Exceptions include beverages such as soda pop, bottled water, liquor, and some kinds of candy which are taxed at higher amounts.

That is true, if someone does not do a whole lot of retail shopping, $65K a year should be enough to get by in Chicago without the need for weekend odd jobs and such.

[emathias]

Originally Posted by beautifullmind

...
just want to know abt if a person having 65k salry/anum or 5416/month in chicago...

1.) what will be the overall tax deduction? i.e. take home salry /month.
2.) how much minimul money is required for house rent, monthly grocery and utility bills, travel fares, misc expenses etc..
3.) what are the chances of odd jobs over the weekends?
...

1) As others have said Illinois taxes income at a flat 3%. FICA (Social Security and Medicaid tax) is 7.65%. If you're self-employed, double that. Where your federal taxes will fall varies a lot depending on whether you have a mortgage, contributing to an IRA or 401k, have a wife, kids, a business, school loans, etc. If you have none of those things, you would pay a bit under $11,000/year in federal income taxes. With any of the aforementioned things, you'd pay a little less. Taken all together, without any of those deductions and working for the Man, your post-tax take-home would be about $3,925/month.

2) Average rents in the City of Chicago for a 1-bedroom is between $900 and $1,100/month. You can pay less, but you have a pretty wide selection in that price range. Utilities will vary, but a reasonable budget is probably in the $100/month range, plus $30 for internet and whatever you want to pay for cable TV if you want that. Transit pass will run $90/month. You will probably also budget something for the occasional taxi trip - in your income range, $50 to $100 a month seems reasonable for taxi costs. Groceries will vary a LOT, and don't forget the cost of eating out some. Most people in the city eat out relatively often, but it varies. I think if you work downtown and plan to buy lunches, you should budget around $150/month just for workday lunches. If you really never eat out, then groceries coudl probably be done for $250/month. For me, I would have trouble keeping a grocery budget below $400/month if I were only eating things I bought at the grocery store, but then again I like a lot of variety in my diet. So, I think a comfortable amount to budget for monthly expenses without being extremely frugal would be between $1,650 and $2,000, including rent, utilities, groceries, transportation and eating out some. If you're doing the math, that leaves you with between $1,925 and $2,275 to save, buy clothes with, see movies, plays, car payments, insurance, pet, dry cleaning, birth control and all the other luxuries of single living.

3) Right now, not the best. But where there's a will, there's a way.

[Avengerfire]

I find it hilarious people have to ask if they can live off of 65k. Unreal.

[dlb8685]

There are plenty of people in Chicago who get by on nothing, it's amazing really.

65k is definitely enough to "get by" lol. Your rent will be a lot cheaper if you find roommates, I've pretty much always done that. Chicago is the kind of city where a young or middle-aged person can live with 1-2 other people in an apartment without social ramifications.

Not sure about deductions but I'm making 46k/year and bringing home $2500/month after everything is considered. With 2 roommates my rent is $400/month in Hyde Park and will likely increase to ~$600/month when we move to Wrigleyville/Lakeview/wherever soon. I'm actually saving a fair amount of money but I'm pretty conservative with expenditures.

[OrangeAndBlue]

I am not going to comment on the details of 1, 2, and 3....but I agree with the two previous posters that you will be fine on $65. There are plenty of yuppies living in Lincoln Park and Lakeview on that and less and are able to afford going out multiple times a week, etc. - and those aren't considered to be particularly cheap neighborhoods.

[MannheimMadman]

Originally Posted by Avengerfire

I find it hilarious people have to ask if they can live off of 65k. Unreal.

Standard of living is a crazy thing, right?

Originally Posted by dlb8685

There are plenty of people in Chicago who get by on nothing, it's amazing really.

65k is definitely enough to "get by" lol. Your rent will be a lot cheaper if you find roommates, I've pretty much always done that. Chicago is the kind of city where a young or middle-aged person can live with 1-2 other people in an apartment without social ramifications.

Not sure about deductions but I'm making 46k/year and bringing home $2500/month after everything is considered. With 2 roommates my rent is $400/month in Hyde Park and will likely increase to ~$600/month when we move to Wrigleyville/Lakeview/wherever soon. I'm actually saving a fair amount of money but I'm pretty conservative with expenditures.

I take home even less than that ($1685) and I still manage to live by myself in an apartment, pay bills, and still like my life. Would it be nice to make more? Sure. I don't have a lavish lifestyle, but I'm far from being really, really poor.

[geegollygosh]

I lived in Chicago for ~11k/year

$300/month rent (I had two roommates, but a pretty decent apt in an okay neighborhood- (Albany Park))
$100/month groceries (aldi's!)
$90/month transit pass
$50/average my share of monthly utilities

This is not an endorsement of living on 11k, it's just to show you what's possible and put 64k into perspective.

[coldwine]

Originally Posted by Avengerfire

I find it hilarious people have to ask if they can live off of 65k. Unreal.

That was my thought. I mean... where does all the money go? I can actually see struggling to buy nice clothing (clothing is horrible these days) but... I lived in Chicago on nearly next to nothing. I mean, like, less than $10,000 and I was fine.