2 Reasons Why You Should Consider Chicago Over NYC

Chicago vs New York

I had this question from my Q&A awhile back about my experiences now in Chicago compared to my previous time in New York, and I figured I'd expound on my response in a separate post.

Here's my answer in two parts: money and lifestyle.

Money in Chicago vs. NYC

"A salary of $70,000 in Chicago, Illinois should increase to $112,493 in New York, New York." (source)

When I talked to my New York friends about this benefit of living in Chicago, I always heard the opposing argument that many material things cost the same no matter where you live.

While I agree with this, the fact of the matter is, when you're young and living in a city, the majority of your expenses come from things like rent and food, not fixed-cost items like cars and watches. And as you guys know, both food and rent are absurdly expensive in NYC.

Also, a life of financial stability is important for me (ironic, right? since I'm a trader), and there was no way I could get any savings for my future while working for a BB, without relying on bonus. I understand that bonuses are high in our industry and I'm thankful for that, but it just feels lot better to be able to say: "I can save for the important things in life like car, marriage, house, etc. with just my salary, and any bonus is a luxury."

For those who are wondering, I live in a 900 sq ft one bedroom on my own in a high rise building in one of the nicest neighborhoods in Chicago with incredible convenience to public transportation, groceries, gym, etc. and it costs me ~$1600/month. Honestly, I was too spoiled when I moved from NYC and I'm considering moving somewhere cheaper/smaller because the place is "too" nice and I think I can be more responsible with my income.

Lifestyle in New York vs Chicago

My hours now are actually a little bit worse than they were in NYC since markets start earlier here because of Central Time. But no matter how you look at it, I definitely had/have enough time for a work-life balance in both NYC and Chicago. But in New York, even though I had all that free time on weekday evenings and weekends, it was very difficult for me to do anything productive/fun outside of work.

Why? Maybe it was the fact that every social interaction was so damned expensive and I was living almost paycheck by paycheck (see above), especially at the beginning. Or maybe it was just the New York mentality of stress + busyness + work is #1 that weighed down on me and paralyzed me from actually doing anything outside of work. Either way, this has changed drastically in Chicago.

I'm naturally pretty introverted, but in Chicago I still find the motivation and energy to go out and do things I'm genuinely interested in. I'm about to pick up an instrument again that I haven't touched in over 5 years. I spend a lot of time decorating my apartment to make it feel homey. I go to the gym more consistently. I cook more. All of these things (and much more) are easier in a city where the culture clearly favors a work-life balance more than that of NYC.

One way you can see this culture in Chicago is by looking at our downtown, The Loop, where most businesses are. This place is basically empty in the evenings and on the weekends because Chicagoans leave their work at work and don't constantly stress about the "next best thing" in their careers. I found that this was a much better fit for me, and while not all New Yorkers would fit in this mentality, I certainly know many who dislike NYC who would love it here.

NY is Still a Great Place to Live

Don't get me wrong though; I'm not saying that Chicago is amazing and better than New York in every way.

The biggest reason I hear about why NYC is better than Chicago is something we all already know. New York is New York. There's something about the city that attracts a really diverse and talented group of individuals to be in a city that's the center of the world. Yes, you pay (literally and figuratively) to enjoy this unique culture, but it's not for everyone. That said, I think there are a lot of people who are indeed a great fit for NYC. But I also think that too many people go to NYC without really thinking through their decision and whether or not it's a good city for them.

tl;dr I doubled my income by moving to Chicago. Chicagoans are chill and so is the life here and maybe that'll fit your personality better. New York is still the capital of the world.

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Great post - Def agree that too many think NY NY is the be-all and end-all of life in the finance industry.

Hah source threw me off, first time it said it was equivilant to a $84,000 NY salary then I checked again and it changed to your figure. Odd.

"I am not sure who this 'Anonymous' person is - one thing is for certain, they have been one hell of a prolific writer" - Anonymous
 

wait, why did you have less time? did you track foreign markets or something? NYSE opens at 9:30- are you saying you had to be at work by 6:30? and what time would you get off then?

.
 

Nice post. What caught my eye is you stated that you can save $$$ for the bigger things in life on just your SALARY - as a resident of Manhattan, I am envious.

I've only been to Chicago on business trips, but to me that town is just more laid back and people are generally very down to earth. Do you currently have a car there or can you get by on public transit & car rental? Also, how much would monthly parking cost in your building/neighborhood?

All the world's indeed a stage, And we are merely players, Performers and portrayers, Each another's audience, Outside the gilded cage - Limelight (1981)
 
Red Barchetta:

Nice post. What caught my eye is you stated that you can save $$$ for the bigger things in life on just your SALARY - as a resident of Manhattan, I am envious.

I've only been to Chicago on business trips, but to me that town is just more laid back and people are generally very down to earth. Do you currently have a car there or can you get by on public transit & car rental? Also, how much would monthly parking cost in your building/neighborhood?

Don't have a car right now, but plan to get one soon. It's not really necessary unless you want to hang out with people who live outside of downtown (east-west public transportation is pretty mediocre). Parking in my place is $200+ a month, but that's very close to the high end of parking prices in the city.

 

Prefer Chicago style pizza or that of NYC?

And about the weather - Chicago much more muggy in the summer & colder in the winter or are they relatively comparable?

All the world's indeed a stage, And we are merely players, Performers and portrayers, Each another's audience, Outside the gilded cage - Limelight (1981)
 

Lake vs Ocean 1 central downtown vs (basically) 3 city centers 2 hr drive will bring you to: corn fields vs. hiking, climbing, camping, rafting, surfing 4 hr drive will bring you to: Detroit vs. Boston, DC, Philly, Montauk 3mm people vs. 8mm people Domestic culture vs. International culture short summers vs. long summers

Visiting Chicago is great, but I'll take NYC any day of the week.

 

No complaints about Chicago. Also living downtown.

I'm paying ~$1000 / month for an (admittedly lackluster) studio. Parking would be ~$300 per month where I am, but I walk to work every day. Public transportation is decent. Not as good as the Bay Area / NYC, but you are fine in the loop / river north.

Weather is pretty comparable to NYC. I'd say higher humidity / lower temperatures in the summer. Winter has more snow and is colder, but honestly that doesn't bug me much. I find it hard to notice the difference between 30 degrees and 10 degrees.

I don't think I'd live in Chicago indefinitely. It is more midwestern / down to earth than NYC. This is good and bad. People are more pleasant to be around, but also somewhat less cultured (generalizing). You don't meet too many people with the unrealistic expectations you find in NY / LA.

It's tricky career wise. Getting interviews out of Chicago is much harder than NYC. For a guy interested in investment management, the list of hedge funds / asset managers is fairly short. There are many opportunities if you're interested in commodities and/or trading. I also perceive PE to be pretty strong in Chicago, and generally less heavily recruited for.

I do think there's a benefit to working in NY: a ton of other people are also working insane hours. The majority of my building leaves between 4 and 6 pm every day. Bars close early. It's a bit isolating relative to NY; people don't understand why you are at work at midnight. You also don't have that "keeping up" mentality here, for better or worse. It would be easy to get complacent. But you also don't have that constant stress.

I'm potentially moving to NY in a few months, and can only hope for a raise to maintain similar purchasing power.

 

Mehhh it's just money.

But serious... this is why you get a serious girlfriend/bedmate, I only pay $1300 for a real nice 1BR in West Village while she pays $1100

Frank Sinatra - "Alcohol may be man's worst enemy, but the bible says love your enemy."
 
JustNumbers:

Lake vs Ocean
1 central downtown vs (basically) 3 city centers
2 hr drive will bring you to: corn fields vs. hiking, climbing, camping, rafting, surfing
4 hr drive will bring you to: Detroit vs. Boston, DC, Philly, Montauk
3mm people vs. 8mm people
Domestic culture vs. International culture
short summers vs. long summers

Visiting Chicago is great, but I'll take NYC any day of the week.

The interesting thing is that your points mostly made me prefer Chicago. And I haven't been to NYC so I don't mean that as an insult, I'd love to visit.

I bet IlliniProgramner could point out some interesting things within a 4 hour drive of Chicago.

 

Great Post!

I am in Chicago(and I like to claim that I am totally biased when people compare cities) NYC can't be beat in some aspects. But I have known quite a few people over the years that have moved from NY to Chicago. Over 90% of them have a similar story-they didn't really want to move to Chicago, but now they would never move back.

I only got to NYC a couple of times a year, on business, and I like it a lot. However, pound for pound, there is just as much to see and do in Chicago, all for about half the price and half the traffic jams. And Chicago was built with alleys in mind, much more so than NYC, it is fairly clean here for a big city.

 
Kiron:

Where do most analysts in Chicago live? The Loop?

The loop isn't that popular of a residential area. Streeterville, River North, and the Gold Coast are probably the most desirable areas for young professionals. You are also usually pretty close to your office if you live in one of these locations.

Then if you go farther north you have a large population of young people in Lincoln Park. You also have Wicker Park, which is north west of the loop. Wicker Park is a little bit more trendy and tends to attract more of a liberal and artsy crowd.

 

How do the women compare?

I've been in Chicago for the past few weeks on business, and have been pleasantly surprised by the level of talent. It's been making me possibly consider a NYC -> Chicago move (amongst other things).

 

Delicious. Especially in the summer. You can't beat it.

Yeah, not bad for a City College boy. I bought my way in, now all these Ivy league schmucks are sucking my kneecaps.
 
yeahright:

Mehhh it's just money.

But serious... this is why you get a serious girlfriend/bedmate, I only pay $1300 for a real nice 1BR in West Village while she pays $1100

I knew you'd show up to brag about your below market WV apartment.

 

Gotta brag to people who get it haha, but really NYC is a bitch on real estate as we all know, I'm looking for better apartments price, location and size wise for a year from now to get an idea and can't find anything worth it.

Frank Sinatra - "Alcohol may be man's worst enemy, but the bible says love your enemy."
 

I find it funny how a lot of people say thing like work in NYC for a few years and then move to Chicago. I'm kinda in the opposite boat. I love Chicago, and think it's much better than NYC, but I want to move to live in NYC for a few years at some point in my 20's just to change it up. My only problem is that I literally couldn't afford to live the way I do in Chicago in NYC right now, and probably can't until my base salary is in the 6 figures. I spend $1,100/month all in on my apartment (rent/bills/maids/etc.), and I still save zero at the end of each month between booze, eating out, groceries, vacations, concerts, student loans and all that good stuff. I honestly don't know how someone can possibly live on $70 or $80K in NYC

I would agree with you, but then we'd both be wrong.
 
kingoftheotherroad:

Dip (kodiak/grizz LC wintergreen) costs $2 in PA, in NYC it costs $5.50 - $6

I would take the NYC price of chew any day. Up here in Toronto its ~ $20 for a tin of skoal (we don't even have the luxury of grizzly here). Whenever im down in the states I pick up as much chew as I can because the prices up here are criminal for tobacco and alcohol.

 

The argument that 'Oh, people get by with less,' is fucking retarded. I didnt get into this to make it by. People dont deal with the shit you deal with in finance to live in a split level in burbs.

If I had asked people what they wanted, they would have said faster horses - Henry Ford
 
Best Response
rogersterling59:

I find it funny how a lot of people say thing like work in NYC for a few years and then move to Chicago. I'm kinda in the opposite boat. I love Chicago, and think it's much better than NYC, but I want to move to live in NYC for a few years at some point in my 20's just to change it up. My only problem is that I literally couldn't afford to live the way I do in Chicago in NYC right now, and probably can't until my base salary is in the 6 figures. I spend $1,100/month all in on my apartment (rent/bills/maids/etc.), and I still save zero at the end of each month between booze, eating out, groceries, vacations, concerts, student loans and all that good stuff. I honestly don't know how someone can possibly live on $70 or $80K in NYC

It's actually totaly possible. The problem is that American movies/media, friends, and family all are entitled and think they "deserve" to eat out, hit up bars and clubs, live alone/in prime neighborhoods, take a cab everywhere, shop like mad, brunch every weekend morning, etc. Just because you graduated college and got a good entry lever job doesn't mean that things should be like a Sex and the City movie.

You are just starting out. If you want to live in a trendy NYC neighborhood, get 2 other roommates or move to NJ and take the PATH in, create a budget, max your 401k, repay you loans, save a but more the minute you get paid, cook your own fuking food like a responsible adult, if you MUST get trashed then pregame at home, etc. If you can't live and save comfortably on $80k working in NYC, you have a serious fuking problem.... NEWSFLASH: YOU DO NOT DESERVE TO LIVE THE LIFESTYLE YOU DID UNDER YOUR "SUCCESSFUL" PARENTS WHEN YOU START ON YOUR OWN!!! Stop trying to keep up with the Joneses and have some willpower and dignity instead of being a follower.

 

I may have exaggerated somewhat. I paid off around $12-15K of debt in my first year out of school. I cook both my lunch and dinner 4-5 days a week. So I do save a tiny amount. But that's in Chicago. Maybe my only experience in NYC has been internships or visits, so I really only went to touristy areas, but the cost of living in my short experiences hasliterally been double. I would be dead broke.

I would agree with you, but then we'd both be wrong.
 
happypantsmcgee:

The argument that 'Oh, people get by with less,' is fucking retarded. I didnt get into this to make it by. People dont deal with the shit you deal with in finance to live in a split level in burbs.

I never worried about that too much. I do enjoy hang gliding and motorcycles, which cost me about $3,000/year more than I'd otherwise spend. But otherwise, I'm in finance to play monopoly.

 
rogersterling59:

I find it funny how a lot of people say thing like work in NYC for a few years and then move to Chicago. I'm kinda in the opposite boat. I love Chicago, and think it's much better than NYC, but I want to move to live in NYC for a few years at some point in my 20's just to change it up. My only problem is that I literally couldn't afford to live the way I do in Chicago in NYC right now, and probably can't until my base salary is in the 6 figures. I spend $1,100/month all in on my apartment (rent/bills/maids/etc.), and I still save zero at the end of each month between booze, eating out, groceries, vacations, concerts, student loans and all that good stuff. I honestly don't know how someone can possibly live on $70 or $80K in NYC

I pretty much agree. I end up saving a couple hundred every month without really trying, but I think it's worth being a little loose with money when you're starting your career (assuming no debt and an emergency fund). The extra 10k / year you can save by pinching pennies just isn't worth it. It's the difference between a decent standard of living and living like a grad student.

You're still saving your bonus. And, as long as you don't ramp up your lifestyle with your pay raises, you'll be saving a lot of your salary as you go along.

 
West Coast rainmaker:
rogersterling59:

I find it funny how a lot of people say thing like work in NYC for a few years and then move to Chicago. I'm kinda in the opposite boat. I love Chicago, and think it's much better than NYC, but I want to move to live in NYC for a few years at some point in my 20's just to change it up. My only problem is that I literally couldn't afford to live the way I do in Chicago in NYC right now, and probably can't until my base salary is in the 6 figures. I spend $1,100/month all in on my apartment (rent/bills/maids/etc.), and I still save zero at the end of each month between booze, eating out, groceries, vacations, concerts, student loans and all that good stuff. I honestly don't know how someone can possibly live on $70 or $80K in NYC

I pretty much agree. I end up saving a couple hundred every month without really trying, but I think it's worth being a little loose with money when you're starting your career (assuming no debt and an emergency fund). The extra 10k / year you can save by pinching pennies just isn't worth it. It's the difference between a decent standard of living and living like a grad student.

You're still saving your bonus. And, as long as you don't ramp up your lifestyle with your pay raises, you'll be saving a lot of your salary as you go along.

Meh, depending on bonus for savings makes me pretty nervous since it has such high variance (maybe because I'm a trader, could be better for bankers), especially in your early to mid-20s.

 
JustNumbers:

Lake vs Ocean
1 central downtown vs (basically) 3 city centers
2 hr drive will bring you to: corn fields vs. hiking, climbing, camping, rafting, surfing
4 hr drive will bring you to: Detroit vs. Boston, DC, Philly, Montauk
3mm people vs. 8mm people
Domestic culture vs. International culture
short summers vs. long summers

Visiting Chicago is great, but I'll take NYC any day of the week.

This is wrong in so many ways. 2 hours gets you well into Wisc which is an outdoor paradise. 4 hours gets you even more of the outdoors.If you like living in a concrete jungle then sure NYC might be for you. If you are a fan of the outdoors , Chicago has lots of nice close options. I can get to the state line in a hour. There are tons of nice lakes and outdoors within a 2 hours drive north...Plus there are miles of beach along the lake for the summer. Lots of places to bike, camp, boat, etc. Only thing we can't do is surf, but who cares?

 

I can't wait to get the fuck out of FL and move to Chicago next year. I'm only in Big 4 so I knew NYC was a little out of price range, so I gunned it for Chicago interviews and got an offer. After reading, researching, and visiting (although its hard to simulate real life during a vacation), I'm pumped for it. I don't know how some of my friends are going to stay in the same area they grew up in and don't have the big city itch. Leaving family/friends will suck, but I don't see how people in their 20 somethings don't want to explore the city life for at least a little while.

 
GoIllini:
JustNumbers:

Lake vs Ocean
1 central downtown vs (basically) 3 city centers
2 hr drive will bring you to: corn fields vs. hiking, climbing, camping, rafting, surfing
4 hr drive will bring you to: Detroit vs. Boston, DC, Philly, Montauk
3mm people vs. 8mm people
Domestic culture vs. International culture
short summers vs. long summers

Visiting Chicago is great, but I'll take NYC any day of the week.

This is wrong in so many ways. 2 hours gets you well into Wisc which is an outdoor paradise.
4 hours gets you even more of the outdoors.If you like living in a concrete jungle then sure NYC might be for you. If you are a fan of the outdoors , Chicago has lots of nice close options. I can get to the state line in a hour. There are tons of nice lakes and outdoors within a 2 hours drive north...Plus there are miles of beach along the lake for the summer. Lots of places to bike, camp, boat, etc. Only thing we can't do is surf, but who cares?

Also forgetting that it's pretty much impossible to own a vehicle in or near NYC.

"For I am a sinner in the hands of an angry God. Bloody Mary full of vodka, blessed are you among cocktails. Pray for me now and at the hour of my death, which I hope is soon. Amen."
 
Art.Vandelay:

I can't wait to get the fuck out of FL and move to Chicago next year. I'm only in Big 4 so I knew NYC was a little out of price range, so I gunned it for Chicago interviews and got an offer. After reading, researching, and visiting (although its hard to simulate real life during a vacation), I'm pumped for it. I don't know how some of my friends are going to stay in the same area they grew up in and don't have the big city itch. Leaving family/friends will suck, but I don't see how people in their 20 somethings don't want to explore the city life for at least a little while.

You are going to love Chicago. The winter weather blows, but that just means summer is 10x better. If you do some skiing and/or snowmobiling in the winter it can still be a blast too.

 
Art.Vandelay:

I'm sure winter sucks, but 1) FL "summers," aka 10 months out of the year, wear you down after a while and 2) Busy season tends to be in the winter anyway.

But yeah, I think I'm gonna really enjoy it

I know exactly what you're talking about. I'm on a year long assignment in Houston right now and the heat is absolutely wearing me down. I like the change of seasons a lot better haha. I'm moving back to Chicago in the winter, which will suck, but I'm excited to be able to ski, ice fish, and snowmobile this year. (I missed out on last winter)

 
Art.Vandelay:

I can't wait to get the fuck out of FL and move to Chicago next year. I'm only in Big 4 so I knew NYC was a little out of price range, so I gunned it for Chicago interviews and got an offer. After reading, researching, and visiting (although its hard to simulate real life during a vacation), I'm pumped for it. I don't know how some of my friends are going to stay in the same area they grew up in and don't have the big city itch. Leaving family/friends will suck, but I don't see how people in their 20 somethings don't want to explore the city life for at least a little while.

Honestly, suburban life in my 20s is terrible. It's even worse coming from an urban school. Going from college in a city to the suburbs of Minnesota is the worst thing ever. I'd take any city over this. New York, Chicago, Boston, etc. Anything just to be around people that aren't 40 years old with a family and mortgage. I don't care that my rent is low or that things are cheap out here. It sucks and it's boring.

 
Thurnis Haley:
Art.Vandelay:

I can't wait to get the fuck out of FL and move to Chicago next year. I'm only in Big 4 so I knew NYC was a little out of price range, so I gunned it for Chicago interviews and got an offer. After reading, researching, and visiting (although its hard to simulate real life during a vacation), I'm pumped for it. I don't know how some of my friends are going to stay in the same area they grew up in and don't have the big city itch. Leaving family/friends will suck, but I don't see how people in their 20 somethings don't want to explore the city life for at least a little while.

Honestly, suburban life in my 20s is terrible. It's even worse coming from an urban school. Going from college in a city to the suburbs of Minnesota is the worst thing ever. I'd take any city over this. New York, Chicago, Boston, etc. Anything just to be around people that aren't 40 years old with a family and mortgage. I don't care that my rent is low or that things are cheap out here. It sucks and it's boring.

So true. For most people in their 20s the suburbs are too slow paced. City life until you start to feel old.

 
citadel300:

Whats everyone's take on San Francisco v. NYC v. Chicago?

I believe the CoL in SF kinda outweighs one of the major factors people choose Chicago over NYC. SF is just as expensive. This is just in my experience from researching when I was trying to decide on a place to live.

 
Art.Vandelay:
citadel300:

Whats everyone's take on San Francisco v. NYC v. Chicago?

I believe the CoL in SF kinda outweighs one of the major factors people choose Chicago over NYC. SF is just as expensive. This is just in my experience from researching when I was trying to decide on a place to live.

This is my impression as well. SF is known to have high salaries and to be notoriously expensive. Personally I'd take SF over NYC. I'm not sure of SF vs. Chicago.

 

SF is surpisingly expensive. I'm paying more for rent than my buddies in NYC. Weather is nice though. Temperate 50's to 70's all year round.

One thing about this city is the cultural "backwardness." I've met some interesting characters as in this city. Hipsters with dreads and very colorful clothing bringing in 200k+ as a software engineer...

 

SF is probably the best place to go of the three if you like the outdoors. Skiing in the Sierras is close (notice I say close before you freak out) in terms of quality to the rockies. The Santa Cruz mountains provide tons of hiking, mountain biking, horseback riding, etc. There's lots of quality boating to be done in the bay. The list goes on. Also, I personally feel you really can't beat the whole micro-climate weather in the bay area.

"Yes. Money has been a little bit tight lately, but at the end of my life, when I'm sitting on my yacht, am I gonna be thinking about how much money I have? No. I'm gonna be thinking about how many friends I have and my children and my comedy albums."
 
SilvioBerlusconi:

SF is probably the best place to go of the three if you like the outdoors. Skiing in the Sierras is close (notice I say close before you freak out) in terms of quality to the rockies. The Santa Cruz mountains provide tons of hiking, mountain biking, horseback riding, etc. There's lots of quality boating to be done in the bay. The list goes on. Also, I personally feel you really can't beat the whole micro-climate weather in the bay area.

Lake Tahoe is just as far away from SF as Vermont/NH is from New York. San Francisco wins this fight very easily if you want to spend a lot of time in the mountains (and that's coming from a die-hard East Coaster).

While the lifestyle/infrastructure in the Sierras doesn't compare to that that exists in the Rockies, much of the terrain does. Anyone who disagrees with this needs to spend some time at Squaw Valley during good weather -- it's absolutely unbeatable.

 

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"Yes. Money has been a little bit tight lately, but at the end of my life, when I'm sitting on my yacht, am I gonna be thinking about how much money I have? No. I'm gonna be thinking about how many friends I have and my children and my comedy albums."
 

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