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At 100k your take-home in Chicago as a single person should come out to be around 5000-5500 give or take!
Ideally without any other debt/obligation you wanna spend 5th of that so 1000
And being from around Chicago, I’ll tell you, for 1k you’re looking at some decent options!
Agree with D1 & 2. Also, don’t count your raise or bonus when budgeting. You don’t want to depend on it for living expenses, I would start looking at 1200 and see what you can get, don’t start at your max, you’ll only go up.from there.
I spent 1200-1400ish when I was making $96K and felt comfortable to manage remaining money.
I worked in NYC before moving to Chicago. And I got by with 1300/mo rent on 55k salary.
There is no magic number for rent. See how it fits into your budget vs other needs and wants, and go from there. A decent 1bdr in or near downtown can probably be had for around 1700 or so, and you can make it fit in your budget.
The general rule of thumb is that your rent should be no more than 40x your income (which is equivalent to ~30% of your take home) so the max rent you CAN afford is ~$2.5k.
Now just because you can do something doesn’t mean you should do it - the 40x income is apt for HCOL areas like SF and NY but is not as applicable in a much cheaper market in Chicago. You can get a decent studio / 1-b in a luxury high rise for $1.8-$2k in River North, West Loop, or Gold Coast and if you get a roommate can easily spend ~$1.5-$1.6k for a nice 2-br. If you like other neighborhoods like Logan Square, Wicker Park, or Lincoln Park, then it’ll be even cheaper by varying magnitudes (Logan a lot cheaper, Wicker and LP maybe 5-10% less). I would stay below that range.
Generally, that 20-30% rule is considered pre-tax. Obviously since IL has higher taxes you may want to be on the lowers side of the 20-30%. So you are probably going to want to shoot for a place under 2200.
I’m making about the same and come out close to even every month after saving/investing about 10-15% while paying 1900 in rent.
I make 82.5k, I spend ~$1700 after utilities. I’m getting by fine… I think lol. U could do 2k and be totally fine
thanks guys!!
I make $175,000 per year, and I spend $1500 per month.
I mean, I spend $1500 on the rent not like all my expenses are just under $1500.
When I made around $100k, I was spending about $1300 on rent and I felt comfortable. I now make double that and spend $1800 on rent and it feels comfortable
My TC is around $140k spend about $725 a month in lakeview with 2 roommates. Chicago is pretty cheap if you are willing to have roommates