Best Neighborhood??? (Chicago, Lincoln, Ohio: apartments, rental, insurance)

[hlcvd]

Hello! I am planning on moving to chicago in the upcoming spring. My company is starting a new office right next to the Willis Tower, and I want to live somewhere that I can get to work easily. I am 23, Male, will be 24 by time I get there, making about 70-80k a year. I will have to eat out a lot, since I don't have time to cook, and I will need bars to go to, and somewhere I can meet people. So far I'm looking at River North, and Old town area, any thoughts? Thanks!

[marothisu]

River North or parts of Streeterville probably be best for you in this case. Some parts of Gold Coast as well (the ones closer to Chicago Avenue). You could also look at areas like Wicker Park, Lincoln Park, Lakeview, West Loop, South Loop, etc.

[hlcvd]

Thanks! I also forgot to mention that I want to live in a high rise, modern looking, nice view of the city or the lake. Is all that doable with salary? I looked at some of the apartments, most studios will easily run 1500-2000/month? are there any hidden cost with that?

[marothisu]

It should be doable with that salary as long as you don't have tons of debt. Also not having a car helps (really, in many areas of the city, you don't need one and the parking in a high rise in the city is going to cost you in the minimum around another $200/month and up). Sometimes the more luxury places don't necessarily have hidden costs (minus the parking thing if you choose to have one), but some of them may include all utilities/tv/internet with the price of rent. I know some places in Lakeshore East that do it, but I wouldn't recommend the area for you (though it's not that far away from a good amount of nightlife and food, but it's not right out your door like in areas like River North). Many of these places also have a gym and even pool or two, so you also get the price of a gym membership (some of the gyms are pretty big - like the one at Aqua in Lakeshore East).

The stuff you're looking for is obviously newer luxury high rises, which are now more expensive than other parts of the city. If you want it in a more modern, luxury setting, you'll have to pay up for it. You may want to check out places like these, which are less expensive for 1 bedrooms and still nice and fairly modern:

* Flair Tower | Chicago, IL Apartments for Rent | Rent.com®
* west77 | Chicago, IL Apartments for Rent | Rent.com®
* 420 East Ohio | Chicago, IL Apartments for Rent | Rent.com®

Also, high rises line the lake pretty far north and the prices in these areas are cheaper. While they may not be newer building, a lot are condo buildings with many of them for rent. Some of them are quite nice inside. What many people not familiar with the city don't realize is that while the downtown area is full of many tall buildings and such, and is growing, only 4-5% of the entire population of the city actually lives there. The area of Lakeview actually has more people living in it than River North, Streeterville, Gold Coast, and Old Town combined, and if you add the Loop to that, the populations are pretty close.


The key to this is your debt, if you have any, and plans for a car. If you have sizable debt and plan on having a car here, then I'd recommend not living downtown on that salary in all honesty.

[hlcvd]

Thanks, those 3 are all very nice buildings. the only debt I have now is my car, which Im planning on selling prior to my move. I was also looking at EnV in River North? What are your thoughts on that?

[marothisu]

EnV is a nice building and in a good location, but I've heard some not amazing things about the management of the building. I've heard some people who don't like it. To be honest, it's a little expensive and all you'd get is a studio for what you're making. For the price of a studio there, you may find a 1 bedroom at the places I listed above. Of course, in other areas of town you could even get a 2 bedroom place (but not in a high rise) for the same price, but still possibly nice.

If you are making $70K-$80k/year, you'll probably take home at least $3800-$3900/month after taxes, 401k and stock option if you have it, and insurances is my guess, and probably close to $4100-$4300 if it's close the $80K figure. Not sure what part of the country you are coming from, but at least in an area like River North things are more expensive down to the food (of course there are some cheaper eats but not a ton), so not splurging on THE best place is probably a good idea. Your decision, but I speak from experience If you go to some of the nice-ish/nicer places in town, it's pretty easy to rack up close to, or over, a $100 tab for drinks if you don't watch yourself (especially if you plan on buying drinks for random women).

[hlcvd]

I am really only looking at the rent only. since I probably wont eat at those places all the time, more often I will probably take a train to Chinatown or something. 3800 sounds about right for take home. so I will spend about 1700 for living in a studio, 100 for the pass. and 2000 for whatever else I want, if I save 500, I will get about 50 a day to spend on whatever, shouldn't be too stressful. 100 dollar bar tab is only occasional for me. The ladies at those bars are probably targeting old rich guys from the burb anyway lol

[hlcvd]

I've heard you should only spend 30% of you gross on rent. which is about that. but i was hoping to get in the 1400 range, I don't mind studio that much, since I don't really cook. It would be just like a hotel room. I was really more concerned about the location, and what the building has to offer, so I wont be bored.

[marothisu]

Originally Posted by hlcvd

I am really only looking at the rent only. since I probably wont eat at those places all the time, more often I will probably take a train to Chinatown or something. 3800 sounds about right for take home. so I will spend about 1700 for living in a studio, 100 for the pass. and 2000 for whatever else I want, if I save 500, I will get about 50 a day to spend on whatever, shouldn't be too stressful. 100 dollar bar tab is only occasional for me. The ladies at those bars are probably targeting old rich guys from the burb anyway lol

I have no idea where you get the idea that I was talking about anything OTHER than rent. Furthermore, I don't think you understood my point. I just showed you three nice rental buildings basically in the same area where you could get a 1 bedroom for the price of $1700/month and have more room than a studio. I agree that $1700/month won't be bad, but really in Chicago you can spend much less than that for a good place even in a high rise (no it won't be luxurious but pretty adequate), and especially if you're willing to just get a studio (you should be able to do that for $1400-$1500, and even less if you go north to near Gold Coast). I pay under $1400/month for a 1 bedroom in the Gold Coast, which is just north of River North, which includes a gym and 24 hour door staff. Even a professional sports player lives in my building that I know about. I also have a bus route that comes right out my door, I'm less than a block from a red line stop, and I have at least 4 other bus lines within 1-1.5 city blocks of my place, not to mention a 24 hour eatery right near me as well as a grocery store right there.


And no, they aren't targeting rich old guys from the burbs (not sure why you mention burbs, there's plenty of local people who go out in River North and the area) in River North - yeah there's a little bit of it, but not that much. Most of the bars/clubs in the area are inhabited by people in their 20s and early to mid 30s. If you want to see women targeting rich old guys, you go to the Viagra Triangle area in the Gold Coast (there's a reason why it's named that).

[marothisu]

Originally Posted by hlcvd

I've heard you should only spend 30% of you gross on rent. which is about that. but i was hoping to get in the 1400 range, I don't mind studio that much, since I don't really cook. It would be just like a hotel room. I was really more concerned about the location, and what the building has to offer, so I wont be bored.

Most decent high rises in the area will offer at least a gym honestly. You don't have to spend $1700+ to get it. I pay less than $1400/month for my place and have it and I'm in a VERY good location (right near the red line, multiple bus routes, many food places, Michigan Avenue is a block away, etc). My building is not luxury and it's from the 80s, but it's adequate and I could honestly care less that it's not luxury.

When I moved here, I had the same mentality as you. My place is where I stay, but I'll be out a lot too, so I don't need to spend a ton of money. My philosophy was that I'd rather save $300/month on my rent and spend it elsewhere than not save $300/month just so I can have stainless steel appliances and floor to ceiling windows. While it was attractive, I'm pretty happy with the decision I made personally, but every person has their own decisions to make.

While some buildings have great communities, if you want to experience the best of the city, you'll get out of your building a lot of the time.