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Most places in the U.S., I would say ‘no, don’t do it’, but for Chicago, 100% yes.
I lived there for four years. The winter is so bad that having a comfortable place with good furnishings/amenities made a huge difference in my outlook during another crappy February day. Didn’t need a gym membership my last two years, thanks to my building.
That, and (assuming you’re not getting a studio) if you like playing this role, you can host your friends for dinners/pregames/parties… super clutch during those winter months.
Reading this from New York and crying
$2100 gets you a low end studio in Manhattan during normal times.
Nopes. You will get good deals in Chicago downtown. Shop around for lower rentals in river north or streeville. I would try to save atleast 50% of take home and invest it to buy a condo in next couple of year
I feel like you could find a good deal at a luxury apartment for 100-200 less and even that small amount will go a long way. I feel like it’s okay to splurge a little rn but over 2k is basically nyc prices
Seems a little high IMO - plenty of good options in the $1600-$1800 range
Splurge. Take a 1 year lease and review if you still want to spend that portion of your take home on rent.
But yes. Once in your life you should splurge and enjoy. What else are you working this hard for?
No don’t. This is the mentality of someone that overspends
I’m making the same and pay $2695 for a nice 1BR and parking in a HCOL. Live a little IMO, why do we work so hard and are never able to appreciate it?
If WFH and can take advantage of the luxury and amenities, then maybe. If you’re going back to travel then hard no. Only thing worse than paying rent for a place you barely stay at is paying for a car you drive even less.
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This still falls within the 30% rule so I’d say you’re ok.
Do it. I paid a “bit too much” for a single apartment for just me, but I loved it. I have such fond memories of that place. It was easy to eat out less or shop less to continue to afford it.
Personal finance is personal. As long as you understand the risks of spending too much, and are willing to accept those risks, it is totally fine to make a choice that others would say is “wrong.” Besides, in a year, you can always move out if it is too much.
No, I wouldn't on such a salary unless sharing with roommate. Btw, there is some selection bias by asking this question in this bowl - you're asking a bunch of savers.
That's a really good point. Didn't think about that.
Don’t, eventually you probably will go back to work and probably see very little of your apartment
That seems like a lot. When I was making around that much I found $1600 to be very difficult.
What do you spend money on… I spend more than that at 80k and basically save half my income a month
A fixed expense (even for a year) should never be a splurge. For a 1 Bdr that is too much. Wasting $ is different than spending $. Also what do you mean by “luxury”? Are you buying into their marketing or do you feel you will love it there? (Serious question, common mistake). Focus on a neighborhood that is safe with enough to do that you can enjoy the city not just a building. Good luck, hope you find a place that speaks to you.
In Chicago you can find great places for a bit less, though inclusive of electric, cable, etc is good. You won’t use building amenities as often as you think, though. Neighborhood is more important.
Yes that’s not expensive just do it
No, I wouldn’t do it, but depends on your priorities.
I currently pay $200 for housing with roommates in HCOL despite making $165K gross. Grew up poor as well.
Irrelevant flex
Esp if you have no car you can put some more than others might towards rent... Part of the cost is for location, hopefully near public transport and places you want to go.
I’d opt to buy a place instead of renting. Obviously probably won’t be a luxury condo, but do you want to make smart financial decisions or live in a luxury apartment?
$2100 in Chicago is quite a bit. You can get a really nice place with roommates for $1500. I’d save the extra $500+ /month for a house.
Chief
Can you afford it? Yes.
Do you want to? Depends on what your priorities are.
You can find good/decent apartments for less than $1800 imo. The max I was spending when I made $100k was around 1400ish and even then I was comfortable/happy with savings. You should definitely have those splurge moments (especially for home during covid) but I would try to shop around more. Goodluck!