Middle Class lifestyle? (Chicago: rent, insurance, neighborhood)

[scarletneon]

Originally Posted by sharkylittleton

40-50k is doable but your not going to be living an extravagent lifestyle. You should be able to pull off a studio for around $800 a month in a few desirable neighborhoods but having a roomate to split expenses makes it easier. Turn the air conditioning off to save $$$. Sleep with a sweat shirt on to save $$$. Forego the monthly cable bill and use the internet at cafes. Not making monthly car, insurance, parking payments helps. Forget about eating at expensive restaurants more than once a month. Take the bus instead of a cab. Run & bike outside instead of paying for a gym membership. Shop at thrift stores and the internet for deals on necessary material items. Pray you don't get sick because you decided not to pay your monthly health insurance dues. JK. Here are a few ideas for ya. I was in a similar boat moving to Chicago while being wet behind my ears... but you cut corners where you can and invest in your priorites. Think of Maslov's hierarchy of needs if you need help prioritizing.

please, if you're single and you don't need the newest best awesome-est stuff all the time, you can live in Chicago for considerably less than $40-50k a year. believe me, because I do it.

cutting out a car does wonders, by the way.

[Nikki9947]

Geeze, didn't mean to get everybody so worked up! lol Sorry guys, I guess assumed middle class generally just meant generally making a decent living (not necessarily with a mcmansion, but definitely not in the ghetto either). Shouldve been A LOT more specific on my end. I was just talking about getting a regular 1 bd apartment, nothing fancy, close to the city (within 30 minutes), owning a car (i hear that makes a huge difference so if not, I could do also without), safe, close to events/nightlife. I am 26 yrs old, like to do interesting things (regular clubs, jazz clubs, poetry spots, festivals), would be working in the IT field, and just wanted to find out what would be considered "liveable" income up there.
Not sure if that helped much but thanks for all the answers guys!

[Tex?Il?]

I agree that this type of question varies very much depending on the individual.

I make just under $30,000 a year. And at my place in life right now that is fine for me, and I do have a nice/clean place and I do get to do fun things as well and have a social life and even travel. It CERTAINLY is not nearly enough for the next step in life and raising a family. Which is partially why I'm going back to school for an even more advanced degree.

$28,000 is not enough for even many single people, but I am fortunate to come from a upper middle class background where:

1. I don't have any student loans. My parents saved enough to put us through an affordable state school, and my Masters program was paid through a teaching assistantship.

2. I don't have car payments. When my grandparents passed away we used some money from their inheritance to pay for a car.

3. I've never been married so of course no alimony, child support, etc.

4. I have very cheap (and not that great) health insurance but thats ok because I am luckily very healthy and only need it basically if I break a bone. (Which by the way I did last winter and did wipe out part of my savings with the deductible and coinsurance.

5. I do manage money fairly well. When I go on vacation I travel cheaply (no cruises, road trips mainly). I don't pay for internet, since by laptop has wifi, and I do internet stuff at work (I teach so when not in class I'm not "on the clock", or dads house.

6. I was able to furnish my place from good quality extra things friends and family didn't need (when people get married they have two of everything!). Is my apartment something out of HGTV? absolutely not. But its fine for now.

So I am fortunate that I can live ok on <$30,000 a year. But thats just at this stage.

Hopefully this gives a sense.

BTW: I don't actually live in Chicago, but in an inner to middle ring suburb with Metra and expressway access.

[via chicago]

Originally Posted by long101

Your calling BS to my opinion on what comfortable is? Thats like you saying that its cold outside and me saying that your wrong.

And the life you mentioned above does not seem stress free nor comforable. That being said I make 50kish live with my girlfirend and am nowhere near stress-free :O)

I know people making 6 figures who don't see their life as comfortable and arent happy. Were we stress free? Of course not. But having a lot of money does not magically relieve you of stress..it just means you can buy a lot of stuff.

[long101]

Originally Posted by via chicago

I know people making 6 figures who don't see their life as comfortable and arent happy. Were we stress free? Of course not. But having a lot of money does not magically relieve you of stress..it just means you can buy a lot of stuff.

Well in my house I would say that about 80% of stress comes from money, or the lack there of. That being said I would consider myself a material/not cheap person. Could you live on 30k in Chicago? Sure, but all your really goingto be able to do is live.

[sharkylittleton]

Originally Posted by via chicago

I know people making 6 figures who don't see their life as comfortable and arent happy. Were we stress free? Of course not. But having a lot of money does not magically relieve you of stress..it just means you can buy a lot of stuff.

I think having more money does relieve you of stress, if you live like you made half of that.

[scarletneon]

Originally Posted by long101

Well in my house I would say that about 80% of stress comes from money, or the lack there of. That being said I would consider myself a material/not cheap person. Could you live on 30k in Chicago? Sure, but all your really goingto be able to do is live.

life is what you make it. as for me, I don't need a lot of cash.

[ajolotl]

Originally Posted by supernerdgirl

life is what you make it. as for me, I don't need a lot of cash.

Yes, you are very nerdy. Being nerdy does come in handy though when balancing a budget.

[Lookout Kid]

Having kids will boot you out of a "comfortable middle class" existence in the city pretty quickly. Childcare costs for one infant range from about $1200-$2800 month on the North Side (with a nanny being the most expensive). It's harder to live without a car when you have a young kid. School costs are outrageous if you're not satisfied with your CPS options. And then, of course, there's the space issue. Our 2-Bedroom condo is fine for us now with one young child, but add another kid and make them teenagers, and suddenly we're really cramped.

In my opinion, the easiest way to live it up in the city is to be a DINK (Dual Income No Kids). That's the most comfortable I've been in my adult life.

[coldwine]

Originally Posted by sharkylittleton

I think having more money does relieve you of stress, if you live like you made half of that.

I paid more to the feds in straight-up income taxes last year than $30,000, and to be honest? I would challenge anyone here to a battle of "Whose Life Is More Stressful". People earning >$100,000 a year are almost always owned by their jobs.