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Rent?

magic_pie

Based on an Entry-level architect's salary (around 40K), how much is the maximum I can set aside for rent in downtown Chicago? I just seem to be going higher by the day in my apartment search... so any suggestions?

 
Jul 7, 07 1:43 am
sarah123

That will be around 30K take home (or 2500/month.)
30% of that is $900. That's what you probably the max you should spend. However, if Chicago is anything like LA you'll probable need to spend $1200, which means being super frugal.

You should figure out your net salary, fixed expense, food, fun $ then take off $200. Nobody wants to be that strapped.

Jul 7, 07 2:15 am  · 
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babs

or, you could take one, or more, roommates;

or, you could find somebody looking for a roommate.

look, you're going rrto be working long hours (probably) - make your living costs as low as you can stand, save what you can save, and look toward the day when you can afford something nice.

Jul 7, 07 9:35 am  · 
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yea a 1/3 of your salary is a good start, but its likely to be a little more

Jul 8, 07 5:51 pm  · 
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vado retro

your take home will be less than 2500. figure in 3 percent for illinoiz state taxes and social security to supplement my retirement. have you checked the ThErEaDeR?

Jul 8, 07 7:54 pm  · 
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migrod

are you looking to move to chicago? i'm just trying to figure out why you're looking specifically into the downtown area. you may want to consider the upcoming south loop area or near west.

Jul 9, 07 4:53 pm  · 
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lletdownl

i too would recomend not living downtown... theres really nothing to do there and rents are way high because virtually the only places to live downtown are in luxury style high rise or loft apartments. if you want to live alone, 900 will not get it done in the loop... you could maybe find a not so nice studio in the loop (900 being the lowest ive ever heard, and thats for a studio in marina tower which is literally one slice) However, if you took that 900 and looked else where, you could find more than serviceable 1brs within 10-15 min out of the loop. if you were to find a room mate who would also put up 900, you could find yourself as nice an apartment as your heart desired.
i would suggest looking into uk village, logan square, lakeview, belmont, wicker park/bucktown, river east or the near south as was mentioned above... south loop, pilsen, bridgeport, bronzeville are all up and coming neighborhoods with some of the cheapest rents in the city.

Jul 9, 07 5:50 pm  · 
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vado retro

i don't think lakeview has a view of the lake.

Jul 9, 07 6:04 pm  · 
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magic_pie

Thanks for the information. I was looking at the studios in the Gold Coast- they're small but in a great location (close to the Clark/Division stop). Vado, I did check the reader. I haven't been able to find a one bedroom 10-15 minutes from the loop within my budget anywhere. Finding a roommate is even harder, hence the studio apartments.

Jul 15, 07 10:59 am  · 
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curious if most people pay all-inclusive rent (utlities included)?

Jul 15, 07 1:04 pm  · 
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alfrejas24

You should be able to find a studio and even a one bedroom in Lakeview (with a view of the lake VADO!). I lived in a studio right off diversey and sheridan last year and paid $715 a month. If you can find a roommate you can find 2 bedrooms in the area for 1200-1400. Lakeview (around clark,broadway and diversey) has lot of bars, restaurants, movie theatre, shops, video stores etc. and the buses on clark, broadway and sheridan are pipelines. Which means they run all night and quite often. With the money you save you can afford to party downtown.


FYI south loop is semi-affordable but not very developed regarding ammenities in the neighborhood. West loop is nice but getting pricier every month and the public transportation is pretty weak.

By the way after a few months you're going to HATE the clark/division area. It's where all the ghetto and suburban kids go drinking. I don't know anyone who hangs out in that area unless they're forced to goto a bachlorette party.

goodluck

Jul 15, 07 5:49 pm  · 
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garpike

Hmmm... do I WANT a view of Lake Vado?

Jul 15, 07 6:53 pm  · 
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