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I've found that this site by MIT has been fairly accurate in representing the areas that I've lived in. One thing I have noticed though is that the average monthly cost of rent/housing is on the low-middle scale. It says on that site that $790 is the average monthly cost of rent in Chicago, so from my past experience with the site I'd guess that $790 is on the low-mid scale of what you may actually end up paying.
Also, they say $242 for monthly food costs in every city/state/county on the website - you could probably come up with a more realistic amount for your own self. I know some people who pay $400/month for food/groceries.
I've found that this site by MIT has been fairly accurate in representing the areas that I've lived in. One thing I have noticed though is that the average monthly cost of rent/housing is on the low-middle scale. It says on that site that $790 is the average monthly cost of rent in Chicago, so from my past experience with the site I'd guess that $790 is on the low-mid scale of what you may actually end up paying.
Also, they say $242 for monthly food costs in every city/state/county on the website - you could probably come up with a more realistic amount for your own self. I know some people who pay $400/month for food/groceries.
That site is wrong. For one, the minimum wage in Chicago is $8.25, not $8.00. $790 will maybe get you a studio in most decent to good neighborhoods. $1,200 for a one bedroom is more realistic, and even those are hard to find. $242 a month for food comes out to about $8 a day, I spend that on lunch alone.
That site is wrong. For one, the minimum wage in Chicago is $8.25, not $8.00. $790 will maybe get you a studio in most decent to good neighborhoods. $1,200 for a one bedroom is more realistic, and even those are hard to find. $242 a month for food comes out to about $8 a day, I spend that on lunch alone.
Well, it was accurate for the places I lived. Anyway, if you already have an idea of how much you'll be spending on things like rent and food, why not just do a little math and figure it out?
$50,000 - taxes - $14,400/yearly rent - food and other expenses - insurance... etc. = your left over income.
Math is math, dude. Just add up your bills, subtract your pay, and see if the equation works.
Or don't.
But one person's situation never equates with another's.
I did the math, it adds up fine. I just won't be saving much money. Are all the people making around $50,000 a year just living paycheck to paycheck in Chicago?
LOL. No, you wouldn't be living paycheck to paycheck on 50K. You'll do well if you have half a brain. Also... LOL at $240/month for groceries. I do well on around $150/month. Learn to cook, eat plenty of veggies, don't buy heavily processed foods and you could do fine on less. I make a bit more and easily bank half my income. If you really wanted to live cheap, there are studios in decent neighborhoods for around $650. Or, roommates.
This topic may be more suitable for the Chicago subforum.
LOL. No, you wouldn't be living paycheck to paycheck on 50K. You'll do well if you have half a brain. Also... LOL at $240/month for groceries. I do well on around $150/month. Learn to cook, eat plenty of veggies, don't buy heavily processed foods and you could do fine on less. I make a bit more and easily bank half my income. If you really wanted to live cheap, there are studios in decent neighborhoods for around $650. Or, roommates.
This topic may be more suitable for the Chicago subforum.
Share your secrets with me please.
1.) Where in Chicago can I get a $650/month studio in a decent neighborhood? Where do you live and how much do you pay?
2.) Where do you buy your groceries? What exactly do you buy? $150 a month comes out to $5 a day. You can make yourself three good meals on $5 a day?
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Anyway, if you already have an idea of how much you'll be spending on things like rent and food, why not just do a little math and figure it out? 
