Living in Chicago, making 98K base. Currently paying $900 in rent but thinking about moving closer to the city to a nicer place (maybe ~$1.7k or a bit more). No debt or other fixed expenses. Cnt

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Only you can decide if the trade-off is worth it. I make $150k+, but still live in the townhouse I bought on $65k and I drive the car I bought when I was making $40k. I'd rather spend the money elsewhere. I'm saving up for an investment property. And I love having F you money. But if I wasn't local and was flying out every week, I'd pay to move closer to the airport, for example. If I had kids, I'd pay to move to a safer area with a better school district. If I lived in an apt with a roach or mouse problem, I would spend 50% of salary if that's what it took to get out of there lol.

If you can learn to be happy with less, that will benefit you in the long run. But make sure you're actually enjoying the money you make along the way. Otherwise, what is the point?

likehelpfulsmart

OP - C1 is the only advice you need

I personal prefer to save my money for spending on other things and live in a modest apartment. ( I own a home, buy whatever I want, go out with friends a ton - those are my priorities). What are yours?

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Avoid lifestyle creep if you can and save for a down payment for your own place.

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Cool!

likefunny

I like to think of it annual sums. If 11k won’t slow down your other goals significantly and you think it will make you happier in both short and long term to live in a nicer place, I don’t think it’s unreasonable. However, it also depends on how loose you are with other expenses.

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Just find a place you like! Don't hit the 30% if you're uncomfortable or of messes with your other goals

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Think about full picture beyond just rent - 50% of total income should be needs, 30% discretionary, minimum 20% saving. If the home is important to you, you can make it up elsewhere!

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Never do that

I know it's recommended to spend max 30% of gross income in rent but with my salary that sounds like a really high amount. Thoughts?

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Keep in mind that in many places it's hard to find a place for less than that; most people don't have issues with wondering whether they ought to find a place that's MORE expensive by choice! You're in a great situation, so just focus on getting a place that suits your needs and is within budget.

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I say go for it.

funny

Stay in that $900 spot as long as you can. I’m envious of that price - you have a chance to really maximize savings while paying such a nominal amount toward rent.

smart

I guess I'm in a struggle between living in a nicer ppace and not saving as much as I'm saving now or continue living frugally and saving $

Single, 26 yo, currently paying 900 but I have a housemate, no debt.

likehelpful

Thank you everyone!

Enjoy life everyone here is so stingy

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