Is Chicago as stressful as NYC? (Manhattan, Brooklyn: co-ops, lawyers, house)

[ChicagoMeO]

I'd never live in a shoebox sized apartment which is popular among alot of New Yorkers, who use their ovens as storage! It would be too tiny and stressful. But what I dont get is - on the TV show Selling New York, there are people who are getting an apartment in Manhattan for $3,000 RENT! How do people afford it - do they make more money than us Chicagoans. For a Chicago apartment to be $3,000 you may have to live along the lake, but still, how in the world do people enjoy paying $3,000 for the benefit of living in Manhattan? What is the attraction?

[Chicagoist123]

Originally Posted by ChicagoMeO

I'd never live in a shoebox sized apartment which is popular among alot of New Yorkers, who use their ovens as storage! It would be too tiny and stressful. But what I dont get is - on the TV show Selling New York, there are people who are getting an apartment in Manhattan for $3,000 RENT! How do people afford it - do they make more money than us Chicagoans. For a Chicago apartment to be $3,000 you may have to live along the lake, but still, how in the world do people enjoy paying $3,000 for the benefit of living in Manhattan? What is the attraction?

Crazy I tell yah! I think it's ridiculous to pay that amount for such a small place. You really have ask yourself is it worth it? I mean salaries are higher in NYC than Chicago, but not by THAT much. I mean if you are making $40k in Chicago, that salary is probably somewhere between 48k-52k in NYC. It's more but not that much more when all things considered.

IMO I think it's so stupid to spend so much money on a tiny place. Not worth it. I was watching House Hunter International, and this lady was looking at one bedroom apartments in the heart of Paris for $3 million dollars. A one bedroom for 3 Million! How ridiculous. I mean people should spend their money as they wish but it just seems dumb to me, when that money could probably be invested in much more intelligent ways. I mean you can buy a house on the beach a four bedroom in beautiful Sonora Mexico right on the ocean for like $500k. Now that is WORTH the money and a good investment. But paying $3M for a one bedroom in Paris or paying $3k for rent in a tiny apartment in NYC, to me is really just plain ol' dumb.

I live in a TINY studio here in Chicago, but pay only $620 a month. As a single person, I never see myself paying more than $900-$1k in rent for a one bedroom. Would never go over $700 for a studio. Even if I could afford more, one I reach the $1k point I would just buy.

[ParkerP]

Originally Posted by ChicagoMeO

I'd never live in a shoebox sized apartment which is popular among alot of New Yorkers, who use their ovens as storage! It would be too tiny and stressful. But what I dont get is - on the TV show Selling New York, there are people who are getting an apartment in Manhattan for $3,000 RENT! How do people afford it - do they make more money than us Chicagoans. For a Chicago apartment to be $3,000 you may have to live along the lake, but still, how in the world do people enjoy paying $3,000 for the benefit of living in Manhattan? What is the attraction?

Oooh thank you for referencing one of my most favorite tv shows! I don't know how they afford it either. Sometimes they will reference what the buyer does for a living. Now the business owners, other real estate moguls, and ex-wives of rich guys I can understand. But everyone else? Now we can consider that they may not have to deal with the cost of owning a car but I'm sure taking taxis to get to and fro can add up too.

[prelude91]

Originally Posted by ChicagoMeO

I'd never live in a shoebox sized apartment which is popular among alot of New Yorkers, who use their ovens as storage! It would be too tiny and stressful. But what I dont get is - on the TV show Selling New York, there are people who are getting an apartment in Manhattan for $3,000 RENT! How do people afford it - do they make more money than us Chicagoans. For a Chicago apartment to be $3,000 you may have to live along the lake, but still, how in the world do people enjoy paying $3,000 for the benefit of living in Manhattan? What is the attraction?

It depends on each person's individual situation, but $3,000 per month isn't that much money to many with a fairly good job and who want to live in Manhattan.

Obviously somebody making $60K per year isn't shelling out $3k for rent, but if you make roughly $250k + a year, it is not out of the ordinary.

[Jandur]

Originally Posted by ChicagoMeO

I'd never live in a shoebox sized apartment which is popular among alot of New Yorkers, who use their ovens as storage! It would be too tiny and stressful. But what I dont get is - on the TV show Selling New York, there are people who are getting an apartment in Manhattan for $3,000 RENT! How do people afford it - do they make more money than us Chicagoans. For a Chicago apartment to be $3,000 you may have to live along the lake, but still, how in the world do people enjoy paying $3,000 for the benefit of living in Manhattan? What is the attraction?

The average income in Manhattan, depending on how you do the numbers is anywhere between 90-120k/year. Which also falls in line with the 3k~ average rent in Manhattan. (rent=salary/40).

So yes, it's very expensive, but people generally earn much more money there. The market is also inflated due to wallstreet money, execs, celebrities and foreign investors. I would have to make at least 40-50% more than I make in Chicago to consider moving there.

[marothisu]

Originally Posted by Jandur

The average income in Manhattan, depending on how you do the numbers is anywhere between 90-120k/year. Which also falls in line with the 3k~ average rent in Manhattan. (rent=salary/40).

So yes, it's very expensive, but people generally earn much more money there. The market is also inflated due to wallstreet money, execs, celebrities and foreign investors. I would have to make at least 40-50% more than I make in Chicago to consider moving there.

This is a key point. Chicago has a lot of rich people too, but NYC has the most in the US by a lot that definitely does skew things.

Again, when I was hired into my current position, I was onboarded with a few people in the same position who accepted the same type of position and level in NYC. We were at the same exact salary point.

[Vlajos]

Originally Posted by marothisu

Again, when I was hired into my current position, I was onboarded with a few people in the same position who accepted the same type of position and level in NYC. We were at the same exact salary point.

Not worth it IMO.

[Jandur]

Originally Posted by marothisu

This is a key point. Chicago has a lot of rich people too, but NYC has the most in the US by a lot that definitely does skew things.

Again, when I was hired into my current position, I was onboarded with a few people in the same position who accepted the same type of position and level in NYC. We were at the same exact salary point.

Yeah in large companies you will see that. I had a friend get transferred to NYC, no raise. You're essentially taking a huge paycut, no good.

Chicago most certainly has rich people, but it's not on the same scale. There is a reason the Trump penthouse has been empty for 2-3 years. Celebs have 2ndary homes in NYC, wealthy foreigners buy their kids $3m condos for school, and increasingly foreigners buy Manhattan real estate for investment and prestige. Something like 20% of owners (not renters/residents) in NYC don't even live there.

[Vlajos]

Originally Posted by Jandur

You're essentially taking a huge paycut, no good.

That's a big no ****ing way.

[marothisu]

That's why I accepted a position in Chicago and not NYC. Couldn't be happier.

The Trump Tower big condo has been empty here because for even the celebs/very rich people who do own homes/condos here, they know they can get just as good if not better for less. The penthouses in the former Elysian-now-Waldorff-Astoria building are like $6 million - $12 million. Celebs and very wealthy people know about this and know they don't have to pay NYC prices to have a penthouse in Chicago. You can get a 10,000 sq foot condo in the gold cost for under $5 million too or even cheaper in other places. You'd be surprised at how many sports players own condos/houses in areas like Bucktown, Lincoln Park, Lakeview, Wicker Park, etc and not in Streeterville, Gold Coast, or River North.