What do I need to earn? (rent, violent crime, neighborhood)

[Bosco79]

Jessiegirl, I just read your response - thanks for your insight. I have heard similar sentiments about the legal market in Chicago, and it makes me nervous. He's been looking for a job for over a year, but no one seems willing to take a chance on someone who's out of state. I'm hoping his chances are better when he can claim a Chicago address, but even then, I know it won't be easy.

Sorry, I don't mean to go off topic, but if anyone knows someone who is looking for an attorney with contracts/banking experience, DM me )

[Lookout Kid]

While I usually agree with Sukwoo, I do think the housing costs he mentioned are inflated bit and the parking costs are too low. I live about two blocks north of Lakeview (near Irving Park Road and Lakeshore Drive) in a 1400 SF 2 BR 1 Bath condo, and it was under $300K in 2005. It needed a minimal amount of cosmetic work, but was basically a well-kept vintage place with no major problems. In today's market you could find a similar place actually IN Lakeview for under $300K, while new-construction would be more. Going south in Lakeview adds more cost, and will get you into that $400K range.

We don't have deeded parking, but have found that it costs about $35K in northern Lakeview for indoor and $20K for outdoor (so add that to your home price if you buy a place where it's included). We rent an indoor space in a nearby high-rise for $200 a month, which would basically pay the mortgage on a deeded spot, so I strongly recommend getting deeded parking with your condo instead of renting it (we goofed that one up).

My wife and I are quite comfortable in Chicago, though having a kid has cramped our budget a bit. When we were childless we felt we could easily afford a larger mortgage on our combined salary, but I will say that adding even one kid in the mix is a huge budget buster in Chicago. Since you're married and the real estate market is uncertain, I would recommend buying a place you could still afford with one child--just in case! We have found daycare costs on the North Side and Downtown for an infant to range anywhere from $1200 to $2000 a month, depending on the location and "prestige" of the daycare. Nannies are even more than that high range. So having a kid in the city can really pinch your wallet long before schools become an issue.

[oakparkdude]

My bad. I was thinking new construction housing in Lakeview, Lincoln Park, Wicker Park although my post didn't really reflect that thinking.

Also, as is obvious, the real estate market is getting whacked big time, so there are deals to be had (assuming you can get a mortgage.)

[jessiegirl_98]

Originally Posted by Bosco79

Jessiegirl, I just read your response - thanks for your insight. I have heard similar sentiments about the legal market in Chicago, and it makes me nervous. He's been looking for a job for over a year, but no one seems willing to take a chance on someone who's out of state. I'm hoping his chances are better when he can claim a Chicago address, but even then, I know it won't be easy.

Sorry, I don't mean to go off topic, but if anyone knows someone who is looking for an attorney with contracts/banking experience, DM me )

I don't know of any openings. Sorry

Has your husband passed the bar in Illinois yet?

[Bosco79]

Thanks anyway

No, he has not passed the bar in Illinois yet. Do you think that is something that employers will expect before they hire him? His current employer was happy to have him take after they hired him, but that was right out of law school.

[Chicago60614]

I moved from Iowa and live on the north side of Chicago, and I'm 29 years old.

Groceries - didn't notice a differece at all. Sadly, it's cheaper here than it was when I went to Hy-Vee back home last month, good god.

Car - if you're working downtown than you probably won't drive much. Traffic is a pain, parking is a pain. It obviously depends on where you live. I had my car for 18 months and then finally dumped it because I realized I spent a lot of money on it, and never really used it. The last time it broke down, I kissed it goodbye and was rid of it forever. SO MUCH happier without. Totally depends on the neighborhood you're in though. I had a $75 monthly pass on the CTA and it works beautifully.

I make $60K and have a 1 bedroom condo in Buena Park with more than enough money left over for taking trips, savings and partying.

If you're making $100K, don't have a ton of debt and know how to handle your money - you'll be totally fine.

[Lookout Kid]

The truth of the matter is that two elementary school teachers clear $100K in Chicago, so if you and your husband are both working professional jobs you should be fine. I think that a DINK salary of $100K would put you in the low end of incomes for condo owners the areas of the city you're looking. But the under $300K condos can certainly be found, even in the South Loop (though the area known as the "South Loop" seems to be expanding each year as realtors try to sell units).

And renting is another story. Even the Gold Coast has renters squeaking by on $35K. Renters have the best run of this town.

[HRTplz]

you can try the west loop to, we live there now and we love it. Decent amenities nearby, and buses that take us where we want to go.

some really nice 1 bdroom condos for 200-300k, 2bdrooms for more obviously

btw - you might want to rent first just so you can get a handle on which neighborhood matches your lifestyle

[jessiegirl_98]

Originally Posted by Bosco79

Thanks anyway

No, he has not passed the bar in Illinois yet. Do you think that is something that employers will expect before they hire him? His current employer was happy to have him take after they hired him, but that was right out of law school.

Yeah, I actually think he'll have trouble until he takes (and passes the bar). Most employers will expect that. Even right out of law school, everyone I know that didn't work for a big firm or the state didn't get a job until after the bar results were in (e.g., November-ish). If he has a lot of good experience, does federal law, or worked at a big firm, that may not be as big of a deal.
That being said, there are a lot of legal temp agencies in Chicago. My advice would be to apply to work through the legal temp agencies while he studies for and takes the bar. My friend worked for one and he was making around $50 an hour. He did this while studying for the Mass. bar (he was moving). I've had other friends who have moved here for a year or two and did a similar thing.

[Titan 3]

I own a condo in River North.... The 2BRs in my building go for 550-650k depending on the floor/view. It really depends on how "in the city" you want to be tho. Parking will tack on another 35-45k in this immediate vicinity.