Living expenses in Chicago - for family of 3 (apartments, rentals)

[arifaziz]

hi,

i have recently been offered a position in Chicago for an annual salary of $75K. its me my wife and 2 years old daughter and i want to know would this salary be sufficient for a good life style.

Also what are the preferred locations to rent a 1 or 2 bed apartment which is peaceful and worth living (plz mention expected rent per month).

thanks.

[chet everett]

There are MANY professionals with a young child doing just fine on that kind of salary in Chicago. One bedroom apartments are available in safe areas for less than $1500, which probably would serve as a good target price. If your work location is in the Loop you probably would do well to stick to locations close to the Red or Blue CTA lines. That said, if you want a larger two bedroom apartment that is still safe you may need to look a little further out.

If your work location is the Loop it may also make sense to consider suburbs that are connected to the city via Metra commuter rail, though honestly nicer suburbs are not all that much different in price for rentals than safe part of city itself; it is more a lifestyle choice.

Depending on what type of work you do and your experience you may want to try to negotiate your salary -- Chicago, Illinois City Salary, Average Salaries | PayScale

[4122]

What area of Chicago will you be working in? This will help us determine if you should live north, west, or south. For example, if you work on the north side of the city, the west or south suburbs would not be the best options. There are multiple train lines that run through Chicago and it's suburbs, so if you take the train to work, you'll know which line to be by.

[JTW2013]

Originally Posted by arifaziz

hi,

i have recently been offered a position in Chicago for an annual salary of $75K. its me my wife and 2 years old daughter and i want to know would this salary be sufficient for a good life style.

Also what are the preferred locations to rent a 1 or 2 bed apartment which is peaceful and worth living (plz mention expected rent per month).

thanks.

Will your wife work as well? Do you anticipate that your earnings will increase with this job?

There average earnings for a family of 4 in the Chicago metro is supposedly about $50K so you'd be above the median. But I think a family of 3 earning $75K would struggle to save for retirement and college educations and provide a middle class lifestyle in the Chicago area. If you don't have money for a down payment saved or access to funds from your family, you would struggle to ever be able to afford a home in a decent school district.

Although the benefit of relocating to the Chicago metro is access to more well paying jobs.