DC to Chicago - yes!! (Washington: calculator, salary, living in)

[chet everett]

Sorry marothisu, maybe I was a bit harsh but suggesting that a cut of $30k/yr was worth moving to the paradise of Chicago is just not rational...

Heck I really doubt that even the mot wildly out of whack COL calculator would suggest DC suburbs are even 10% more costly than a desirable part of Chicago, certainly not 20%. That is just goofy.

[marothisu]

You are ducking the fact that you misread it. All I was saying was that she could live semi comfortably in Chicago with even less than what she'd be making in Chicago (which is $55K-$60K translated).

[chet everett]

As I said, no basis for saying anything even justifies a cut of 10% for moving from DC suburbs to Chicago ...

[marothisu]

Originally Posted by chet everett

As I said, no basis for saying anything even justifies a cut of 10% for moving from DC suburbs to Chicago ...

Oh really? Except for the fact that the DC area's cost of living is a lot higher.

* Cost of Living comparison calculator
* Cost of Living Wizard | Salary.com

[Vlajos]

Originally Posted by marothisu

Oh really? Except for the fact that the DC area's cost of living is a lot higher.

* Cost of Living comparison calculator
* Cost of Living Wizard | Salary.com

I know DC is very expensive. Our neighbor moved here from DC a few years ago and she is amazed at the COL difference, but this is crazy:

COL is 26% cheaper in Chicago than DC and salaries are only 3% less here.

[prelude91]

Originally Posted by Vlajos

I know DC is very expensive. Our neighbor moved here from DC a few years ago and she is amazed at the COL difference, but this is crazy:

COL is 26% cheaper in Chicago than DC and salaries are only 3% less here.

That sounds about right, I made the move from DC to Chicago in January (lived there 4 years), there is an incredible housing shortage in the DC area, diving up housing costs.

[Tcutie30]

Originally Posted by chet everett

Some decent advice about relative ease of commute to central Loop w/o car but others things seem a little too rosey -- to begin with while I agree that COL in suburban DC is higher than Chicago there is NO WAY that $70k in DC translates in $40k in Chicago! Folks with ideas that looney just need to get that notion out of their head!

What would your translation be?

Originally Posted by chet everett

Secondly, depending on the role one plays in a firm focused on residential mortgages and other increasingly regulated types of consumer banking it may not be realistic to ditch a car -- many front line personnel are routinely expected to have regular spot checks on field operations.

I don't work in front line, I'm in management. We don't generally have any "spot checks on field operations", unless they are to meet with banks and those are occasional travels across the US. Other than this, would you agree that losing the car may be a good idea should I live in the above said neighborhoods?

Originally Posted by chet everett

Even moving from a quasi-governmental organization to a profit making entity presents some special challenges when relocating -- it would not be wise to overlook these facts and be too easily swayed by some folks enthusiastic support of Chicago living. The unemployment rate is many times higher in Chicago than suburban DC, largely becuase unlike the bottomless bags of money being thrown around the Capital, out here in the land of corrupt poltical ineptness the prospect of soaring taxes forces businesses to be exceedingly timid in hiring. The likely contraction of lending that will come after the latest surge in sales and refinancing at record low rates subsides will almost certainly whipsaw employment. Without connections or a long tenure of success in the rather brutally competive residential mortage field one ought to be prepared to face tough times...

Again, I'm not in the frontline end of the mortgage industry. Never been in Refinance/Sales/Loan officer etc.. and have no intention of jumping into it. I've been accounting, risk/control/legal departments, and compliance. Definitely do get what your saying though, and agree 100%.. but I feel that that statement is geared more towards someone who is on the frontline of mortgage/sales.

Originally Posted by chet everett

Finally I would caution that rents in the Chicago region are notoriously wide ranging -- tiny units in out-dated buildings can often be had for a song even in the priciest parts of the Gold Coast while larger, recently rehabbed units in more emerging areas are frequently overpriced to test the naïveté of bumbles from rural college towns eager to dive into the extended frat party life that nightclub owners promote in booming areas regardless of how much of the crime remains. While $1000 is certainly an adequate budget for a nice sized apartment in a more fitting part of Chicago the compromises that might go along with an older building include making trade-offs of things like "easy El line access" vs "more noise" & "charming character" vs "antiguated appliances / fixtures / no amenities". I know suburban VA has a multitude of newer rental options, some geared toward the convenience factor of having things that were considered luxuries like oversized baths, in-unit laundry, convenient access to coffee spots, nearby upscale shopping / dining and a wide range of more current development trends. It may not be as smooth a transition as some would suggest...

I have thought of this issue as well. I am definitely interested in a place that is "newer" with a few amenities. Not necessarily luxury baths, granite galore, and fancy finishings, but something a little in between would be preferred. Based on that, does this change the neighborhoods I should be looking into?

Thank you for all of your help, great info

[Tcutie30]

Originally Posted by prelude91

That sounds about right, I made the move from DC to Chicago in January (lived there 4 years), there is an incredible housing shortage in the DC area, diving up housing costs.

How are you liking the adjustment, any tips for a fellow DC'er? Are you finding that your doing better financially in Chicago since the COL is lower.. ? I'm assuming you didn't take a huge paycut.

[chet everett]

Originally Posted by marothisu

Oh really? Except for the fact that the DC area's cost of living is a lot higher.

* Cost of Living comparison calculator
* Cost of Living Wizard | Salary.com

Sheesh --- Employers in Chicago, IL typically pay 3.2% less than employers in Washington, DC . Therefore, if you take the same type of job in the same type of company in Chicago, IL you are likely to earn $67,740 .

[marothisu]

^ Just saw that. Still doesn't excuse the fact that you completely misread my original quote.