How much to spend on rent?
Looking to see what people typically spend on rent in tier 1-2 cities.
Just looking to gain some feedback
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Honestly, the least you can pay to get by. You'll never see that rent money again. At $6200/mo net I'd guess a touch over $2k is the right ballpark. I don't know ChiTown well enough to tell you what that will get you. The extent of my Chicago knowledge is getting a Lou Malnotti's pizza and putting it under my seat on the way back to EWR for the SO. (Yes, I got laid that night)
Lol I love it
At those numbers, which I agree with, you are going to be looking at a convertible or studio type in a 'luxury' building. Rents have softened in some areas as I see an increasing number of 'two months free' and emails from the buildings I looked at over the years. Keep in mind that luxury buildings require 3x gross monthly income to rent - so your upper limit is established there for those types - another option is to get a hold of a realtor, they can be helpful in finding rentals that you may not see otherwise. You won't have to pay the realtor, it's not like NYC where there are all sorts of crazy fees, etc. On whatever your rent is, you'll want to add another $100-$200 to get to a 'true cost' give or take w/ utilities, etc.
Otherwise - for the loop, work there but don't live there. River north is a lot younger, lots of bars but IMO has gotten 'trashier' over the last few years - maybe I've just gotten older where Boss Bar doesn't excite me like it used to. Your money won't go too far there, you'll be at the top end pretty quickly in most buildings - maybe could snag a deal on a studio or something near your price point. West Loop is an option - prices have come down, great food and plenty to do plus you can still commute in on foot or bus and it's not far. Prices have softened so shop around to see what you can get - more private rental opportunities there as well. Don't know south loop as I've not lived there - but some options down there, skews a bit older from my understanding and who I've met that lives there.
Outside of that - you'll follow the blue/red/brown. Blue takes you to O'hare - a lot of options a few stops out that would meet your criteria, and if you travel a lot it's really helpful. Or go up the brown/red lines - Oldtown, Lincoln Park, Lakeview, etc. are all good options. I'd take a look at those, expecting a 20 or 30 minute commute into the loop on transit. Anecdotally - these prices have held up better than, say, the West Loop as they've been a bit more isolated from crime and are closer to the lake w/ good commutes into the city. Might still be able to find something. It's all about what your preference is really.
I was spending $2500 per month (included a parking spot) when I was in Chicago (recently left this year). Was renting a condo in Lake Shore East at the end of Wacker drive on the lake, 900+ sqft 1bd room with a large balcony, building had a lot of amenities (pool, nice gym, meeting rooms, game rooms, etc.). I think I got pretty lucky finding this spot but there are definitely some gems for a great price if you look hard enough.
I feel like Chicago is a place where a car is still needed, but parking costs. I know lifelong NYers who never learned to drive, and others who don't on principal. I've got an ex (aerial director) who sort of makes it work there w/o a car, but it seems miserable.
You definitely don't need a car in Chicago, public transportation will get you pretty much anywhere and for anyone with a decent income, like most on WSO, taking an Uber/Cab most places isn't going to break the bank. I've always had a car so it's weird for me not to have one, it obviously adds extra cost but the amount of freedom it offers when you want to get out of the city or even just run errands in the city is well worth it. It costs more to have a car in NY than Chicago but again the level of freedom it offers to just get out of the city on a whim without having to go through the extra step of renting a car is well worth it in my opinion.
Dang that’s a solid deal
Traditional wisdom is to never spend more than a third of after tax money on rent.
That being said, I think living in a nice place is important and you only live once, so why be cheap on that area of your life.
A luxury apartment makes you feel good, probably in a safe area and will help you get laid.
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