Can You Afford an Apartment in the Windy City?
Chicago is one of the most popular places to live in the United States. Thousands move into the city every year, seeking out the extra amenities, enjoying the music and art scenes, and looking forward to the unique culture Chicago has to offer.
If you’re hoping to be in this rank of people, it can be inspiring to look at the apartments and homes available: but you should be careful! These are some things to consider before grabbing an apartment in The Windy City!
Average Cost of An Apartment in Chicago
Unfortunately, most Chicago apartments aren’t cheap. If you’re looking for a simple two-bedroom apartment, the prices will range between a low price of $1,300 up to over $7,000 a month. If you’re trying to save money, the gap between these two can be startling.
The price of the apartment depends on how close to the city center you are, what amenities are available, and how large those two bedrooms are. Although we all want to save money and spend less when it comes to where we live: that means that most cheaper apartments get snatched up quickly.
How Much Is Your Monthly Income?
Consider how much you make in a month. To afford a $1,300 apartment, most complexes want you to have over four times the rent in income every month. This is $5,200, which is higher than the national average income. Of course, if you live with a partner, this number can be more easily achievable, but it’s still stunning to have to stare down.
What Other Monthly Expenses Do You Have?
If you make over five thousand in a month, you may think that puts you in the clear! Consider, though, what other expenses you have to face in a month. Is there child support? High-cost debt repayment? A car payment? Educational debt? To keep your finances in order, go over what monthly expenditures you face and figure out how much that adds up. Although this income should have enough wiggle room to make it possible to afford the apartment, if you have enough debt, it can make city living hard on you.
Are You Willing to Have Roommates?
Roommates can change the game. If you want to rent a two-bedroom apartment and split the rent with a roommate, you could each pay as little as $750. This is far more affordable and puts your monthly income closer to $2,600. If you have a romantic partner, you have a built-in roommate, otherwise renting with someone you know can be a great option. This lowers the cost, ensures you can live in the city, and takes away from seeking out other employment or living situations.
Is Purchasing a House an Option?
Buying a home is an option for some, but property in Chicago is prohibitively expensive. The average price of a home in Chicago is around $300,000- which means your monthly payments would be closer to $2,500 a month. This is still incredibly pricey and can hold many people back from moving.