What percent of my income should I expect to pay in Chicago?
I'm just graduating college and i'm looking to move to chicago. How much rent should I be willing to pay for a 1 or 2 bedroom apartment on the north side?
It's going to be expensive, especially on the North side. I've seen them at $1000 average. I live in a south suburb just outside Chicago and I pay $400 but that's very hard to come by.
Where exactly are you talking about? Lots of factors play into this. I live in the Westen Burbs (Lombad/Downers Grove area) and if your looking for a condo that is near a train station and nice, expect to pay at least $1200. If your looking at any of the Burbs, but hope to commute into the city, on the Metra, than expect to pay more the closer to the train station you are.
If your talking about living in the city, do you mean downtown? Northshore? I know someone renting a one bedroom is a 20-year old building near Loyola's Northshore campus for $1000/month. The 2 bedroom is $1250... and monthly assessments are at about $180 if I remember correctly.
Answers:
You should keep rent to 25% of your take home pay.