Chicago apartment budget, MM IB

Based on the most helpful WSO content, here's what you need to know:

Apartment Budget:

1. General Rent Range: For a decent or nice place in Chicago, you should expect to pay between $1,600 and $2,200 per month for a studio or one-bedroom in a luxury building. If you're looking for a two-bedroom, the cost will naturally be higher, but splitting it with your SO will help.

   • Luxury Studio: $1,600–$2,000.
   • Luxury 1-Bedroom: $1,800–$2,200.
   • Great Deals: If you find something in the $1,600–$1,750 range, you're getting a solid deal for a luxury building.

2. Neighborhoods: Popular areas for analysts include River North, The Loop, and West Loop. These neighborhoods offer proximity to offices, restaurants, and amenities.

3. Roommate Option: If you're open to sharing, you can find larger apartments or townhomes with multiple bedrooms for $1,500–$1,700 per person. This can give you more space and amenities.

4. Savings vs. NYC: Chicago rent is significantly cheaper than NYC. For example, a 1-bedroom in Chicago for $3,000 would cost $6,000 in NYC, saving you $36,000 annually.

Car Considerations:

1. Public Transit: Chicago has excellent public transportation, especially in the downtown area. If you're living and working in the city, you likely won't need a car.
2. Parking Costs: Parking in Chicago can be expensive, especially in luxury buildings or downtown areas. Monthly parking fees can range from $200–$300.
3. Recommendation: Unless you plan to live in a more suburban area or need a car for specific reasons, it might be better to sell it or park it at your parents' place to save on costs.

Additional Tips:

• Proximity to Work: Prioritize living close to your office to save time and energy during your analyst years.
• Middle Ground: Avoid the most expensive luxury buildings, but don't go too cheap either. A comfortable, clean, and well-located apartment will make a big difference in your quality of life.
• Shared Expenses: With two incomes, you can afford a nicer place, but it's wise to wait until you know your SO's salary before committing to a higher rent.

Let me know if you need more details or advice!

Sources: IB analysts Chicago rent, I F***ING HATE NEW YORK, How much do you spend on rent as an associate making 275-325?