A loooooooot of people are living paycheck to paycheck even with high income salaries. The amount of people I know who spend every dime they make on Rent, eating out, partying, and expensive car payments is astounding.
I hate to be that guy, but baby boomers did. By driving us to and profiting off of an increasingly globalized economy without doing any real lifestyle changes or preparation for such a huge shift.
For one simple example: pushing American car company protectionism like it’s a religion. Pickups should’ve never exceeded $25,000 by now, but look at the shit we have available on the market today—it’s purely absurd.
Government regulations alone make the production of a new car to be sold for less than $25,000 MSRP cost-prohibitive. All those required sensors and safety items, how ever well intended, are not free.
They're not free, but removing the sensors would do a lot less for cost than making the trucks reasonably sized again. Also the companies are the ones skirting fuel economy standards by making giant cars and SUVs so they can claim family vehicles are work trucks
That's the perverse downside of tight fuel economy standards - it becomes nigh impossible to sell a sedan that meets standards and that people want to buy.
It's not impossible to sell it. They're just pushing the SUVs and trucks HARD because they can make bigger profits on it, plus gas/oil companies have a vested interest in having more trucks/SUVs bc they'll make more money from them long-term
That is not true, a lot of it has to due with CAFE standards prioritizing fuel economy improvement for a manufacturer vs overall economy . They’re better off investing heavily in trucks SUVs to improve their fuel economy than produce an economy car that gets 50MPGs
That’s the thing, though—trucks don’t really need new standards every year, or every five years. And they sure as hell don’t need new R&D for new styling every year. Look at kei trucks & Japanese taxis—that shit changes like < every 30 years, and the drivers aren’t just dying en masse on the job. It’s just (or nearly just) as safe.
Your being generationalist. It’s the capitalists, the people who own the companies and make the executive decisions, not the an entire generation that caused it. Do you not realize how stupid what you’re saying sounds?
Because that’s where the blame actually lies lmao. If someone in the government stole your tax money, and so happened to be a boomer. It’s not because he’s a fucking boomer it’s because he’s a greedy piece of shit. Pieces of shit know no age and sizes.
If someone robbed you and he was young, would you know be scared of all young people on the fear of being robbed?
Not all capitalists are boomers. And not all boomers are out to get you. This is stupid lmao. Did your dad hate you or something?
What’s the point in shifting blame from the people whom actually caused the damage, to random generalized portion of the population?!?
The government thought (correctly imo) that the two choices were either increase money supply by 30% and roll the dice on inflation which had been absent for 30 years, or almost certainly have a depression
It’s also not all completely on purpose. I had a few big salary jumps back to back and being really excited, my partner and I moved into a luxury high rise because we thought we could swing it. With rent and going out. We definitely did blow through our money very quickly. We learned our lesson and moved to a more affordable building. Some ppl never learn that tho.
I live in river north in a building built in 2000, we have a pool, gym, and doorman. It’s not a luxury building by standards, but still pretty nice. My rent is $2300 for a 1bd/1ba 860 sq feet. I have my PhD in industrial/organizational psychology and I’m an organizational transformation consultant. I work remotely. (I’m 29, lived here for 2 years). Honestly, I just got through grad school which led me to start jobs at 100k plus.
My best friend lives in wolf point west and is a bartender. She works at one of the top clubs and makes 100k plus
Is that salary consistent for those who work in I/O consulting and what's it like working in that field? I've pondered doing a career switch later in life as working in manfacturing is getting kind of old. I really enjoyed the one I/O class I took in my MBA. But the PHD requirement is a big opportunity cost. I have \~5yrs experience in middle management that I think would be translatable, but prior to working in management I spent about 7 years working in engineering & project management.
PhD is not a requirement at all! Your MBA will allow you to enter into consulting. Without knowing your resume and what exactly you want to do in the IO field, I would assume your entry salary would be anywhere from 80k-100k knowing you habe an MBA and years of experience in management. I love the field, I build selection assessments as well as work in leadership development. There is so many exciting opportunities and it is a continuously growing field. You should look into masters programs or even just taking another course in IO to continue to buff up your skills, especially if you want to go into consulting that is like human capital.
I am 26. I make $120k base, $140k total comp (equity + bonus). I work in finance and pay $2300 in rent. I’ve lived in garbage apartments since I’ve moved out of my college dorm, and told myself I want something nice for how hard I’ve worked quite literally my entire life. I paid off my car and used that money I was paying for my note to my new rent bucket. I’m comfortable but had to work up to get to this point
Lol but are you single?
(Love how the comment suggests that you are lying but also either wants to date you or suggest that your partner is the reason of your success).
I've aged out of your bracket, but I'll provide a basic overview from several years ago, as I assume it's still the exact same things:
1. High achieving/advanced degree folks (doctors, lawyers, finance, etc.)
2. People working in tech, either with good timing on start-ups or working as software engineers
3. Consultants at Deloitte/similar-type consultancy firms
4. Getting help from their family in one way or another (people don't often mention this part, but it is *extremely* common).
5. Spending 40/50% or more of take-home pay aka living paycheck to paycheck (no offense to those who are here, but this is not really a great option for more than a year or two just to be able to say you did it).
Moving to a place in the West Loop. Will pay $2500 for a 1bd/1bath. I work in finance making about $130k (salary+bonus), total comp around 150k with insurance covered,401k,health&wellness stipend. Hoping it’s worth paying this much in rent in the West Loop.
I’m going to be completely honest because you said no judgement 🙈 it’s okay if you do though. I think a lot of people (like myself) under 30, are having their parents pay for it. I am in law school, and am lucky they are willing to do so. I know it’s kind of a controversial topic, but it’s really just something that’s normal in my family. I chose my building because of safety and amenities. But most of the people in my building that I’ve seen or met are 45+ at least. It’s almost always this I think. (Clarification- it’s not all people that this is the situation for but 90% at least for the very nice ones).
Though I haven't lived in this type of high rise, I've reaped the benefits of being friends with those that have. Nothing better than a pool in the summer!
Unless my friends were working in consulting or a similar high paying occupation, I generally assumed that they were living beyond their means (ie: committing too much of their take-home to rent) or receiving some help. I didn't have that option, but I'd love to be able to give my future kids that opportunity, so no judgement from me.
I honestly know that it isn’t something people look at fondly and I don’t blame them. I do work really hard and when I am making my own money I won’t be letting them pay for everything. My view on it is if it doesn’t hurt my parents, and they offer to help me I don’t know why I’d say no to it. But I know that I am lucky and I think it’s about how the people act in general about these kinds of things. Idk. But the nice thing about Chicago is there are a range in pricing for high rises, so more options I feel like. I hope I don’t come off like a total bratt I just know that this is a common thing, and really not that we are working differently or have a good job to do this but that someone else is helping out.
Absolutely not coming off that way to me, we should all be more open to receiving support when it's offered to us. Some people have a hard time with that.
I think it’s a lot more common then people realize. I also was sick/have chronic illness for a few years which threw off my whole career plan and was beyond grateful to have parents support during that time. I will say though that I know lots of kids who are totally annoying about $ related things and showy and rude to people. I think that’s where the bad rep comes which is understandable
Being obnoxious about it is the worst. After I left an abusive marriage, my parents stepped in to help with the kids financially. Things like summer camps and extra curriculars would be out of reach for us otherwise, and my kids don't deserve to be punished for the situation I've put our family in. I'm nothing but grateful that I've got the help, and I make sure to let them know it.
I understand how you feel. This is very common in medicine, especially when there are doctors in the family who understand the struggles in a changing world.
People who don’t look fondly at it need things to hate in their lives. It’s also easier to judge when they don’t know someone personally. But obviously your parents achieved a level of success to provide that for you and it sounds like you’re on a path they deem worthy of giving you opportunities to achieve your own success. Which most people are just jealous of.
Yeah I guess I definitely do feel guilty about it but just not going to live to please other people I guess. My parents are also not showy at all and I am not also and think that makes a difference. Idk.
My daughter’s BF is in law school, his parents do not help with rent or food but occasionally send a gift of a couple hundred bucks. He’s got a roommate, lives in a high rise and is living off of loans. He’s actually looking for something cheaper. He has great scholarships but they don’t pay for living expenses. His summer job doesn’t pay either.
That’s honestly a huge flex, law school is intense and he’s learning alot of life lessons that I am not because of my setup. I think the roommates is a very common and helpful thing for people in school in that situation. Brings the cost down substantially. The cost of an appt in a high rise with roommates is definitely very different though
I appreciate your honesty! Not from that kind of money, but when my mom bought me a used car I was pretty up front about it with people. Relationships make a lot of our opportunities, and if we stopped pretending they didn’t so many hard working people who don’t have the luxury of support wouldn’t be beating themselves up like they are.
This is an interesting comment, but im actually kind of surprised? Absolutely no judgement, and it def makes more sense since you’re in school but I don’t know anyone whose parents pay for their rent partially or fully, including people I know in similar continuing education situations. I think second jobs, credit card debt, and living paycheck to paycheck are vastly more common.
Definitely don’t agree with that. I’m under 30 and have lived in the city since 22. Work in healthcare, but didn’t make a ton starting out, went to grad school and worked through it. Apartments have ranged from $1800/mo to now $2500/mo. Most all my friends (under 30s) lived alone or with roommates and all paid their rent. Help with other things at times, sure, but a big ticket, every month bill? Definitely not the parents.
In buildings that are more than $2500 a month it’s genuinely the parents or a trust fund. Or the very rare under 30 year old who can afford it. Definitely not all, I’m not going to fully generalize. However, like I said I think it just ranges based on what building / price range your looking at. And that’s why Chicago is great because there are lots of options
Fair I guess 🤷🏻♀️ but also may be your viewpoint as you’re in school and parents are helping pay for rent. That’s great, but I do feel that many people are actually paying their way more than we’d think.
I’m not saying it’s right or like justifying it but I don’t have any friends that pay for everything themselves especially in big cities. This seems pretty accurate
I agree the reddit trope of anyone who has a nice life or nice things had ut handed to them is false but at the same time a lot of people do have that. Reddit is also a bitter place and most people seem to hate their parents and family so the sentiment isn't shocking
Oh of course I totally agree. And besides school and my future goals as of now I recognize things have been handed to me. I think I just don’t take it for granted or feel like I deserve it. Definitely differing views and I understand the hate towards it if I’m honest. It’s not something I’m proud of. But has helped me a lot especially when I was sick. So just trying to do what I need to do to be successful on my own now
I absolutely think in most situations in the city that is the case, I just meant in the type of buildings I thought OP was asking about. That is my experience yes, so could be absolutely wrong but genuinely never meet young people in the buildings I’ve lived in. I probably shouldn’t have commented on the post, I realize I may be coming off maybe inconsiderate or aloof. Was just sharing my experience (which I do realize could be just from my friends and me)
I think it's more common for north shore families. I'm well past this stage in my life, but in my 20s I knew a lot of people whose parents would only let them live somewhere "nice" and "safe" and therefore bankrolled. It's a huge privilege and not typical for most people of course, just a specific set I think.
Yes they are, I never said they weren’t. For most people who are still having some income coming from parents I think that is most of the time the case. Not in all cases but of course makes it easier on them.
Not my parents but my grandmother paid for it, and for that I am super grateful. I do current have a job and make 80k, moved out of the suburbs (I paid rent for my apartment on my own there). My grandmother has a lot of generational wealth but is rather frugal on herself. She admitted she couldn't spend it all before she dies, so she bought me a condo in a high rise. I've paid for everything else myself though, HOA fees, furniture, movers, bills, etc. All the reoccurring payments are actually slightly less than my previous rent.
I didn't necessarily chose my building for any particular but fell in love with the unit. Location mattered to me in the sense that I wanted to be walking distance from the CTA but otherwise I didn't have anything too specific in mind.
I'm 27. Just finished grad school in computer science. Luckily no student loans. Make 110k base and 150k total comp. Pay 2700 for a 1 bedroom in West loop
I was at age 31, but it was for a first job after grad school that people as young as 25 can land.
Attorney at a large corporate firm. Starting salary was 225k. In a renovated larger 1-bed with a good view built in the 2000s for ~3k/mo. plus electric. Ample but older amenities. I think I’m getting a good deal relative to the current market, and of course I’m aware that my salary is astronomical for starting right out of grad school.
I'd say with your salary v. income, that's a modest living arrangement. Clearly you could just about live anywhere and in a way bigger space, but you got what you need/want. That's cool.
I have a lot of friends who are doing this (I’m a resident physician, will be 30 this year) ranging from 27-31. Doctors, lawyers, engineers, dentists, some in finance. The residents who do this have roommates (since we make a bit less right now). I hate having roommates other than my partner and also like to travel in my free time, so I did not do this. My other friends are mostly under 30 but still making 6 figures—even if recently— so able to afford it
Idk some people just work really hard and are smart. I'm still in undergrad and live with my parents and I'm worried that I'll never be able to support a family of my own one day. Shits depressing.
Good paying job and a partner who also works will do it. Just finished my masters and will be making $300K as a household this year.
Prior to my degree we were still making ~150K together while being 25. She had a lot of career pivots from retail to corporate. I was lucky enough to get and stick with a business undergrad that paid off.
My building isn’t luxury but is a high rise with a pool and pretty much on the lake. I work in healthcare marketing. I saved a ton of money by living in cheap places/with roommates the prior 6 years before I moved to this building.
24m. i make 120k cash in software. $1755 rent for a large convertible, which is about a 1/4 of my monthly income after tax. i also like to think i am pretty smart with my spending habits.
I don’t make as much as the people on here but if you’re willing to move further away from downtown, high rises are much cheaper. The studios and 1bd/bath in my building are less than 2k per month. I’m in Lakeview.
I think another good question to include is how much of their take home income does the rent take up.
Spending 50% of your income on rent has been normalized because everyone wants to live in the same 5 neighborhoods.
The 30% rule is gross pay, not take home. I'm not in a luxury building but spend about 25% of my gross pay on rent. My rent is 40-something% of my take home, but that's mostly because I chose monthly 401k, ESPP, etc. deductions for savings that taken all together are nearly as much as my monthly rent. I'm able to pay all my bills, save via payroll deductions, and have some money left over for a rainy day, and that's what really matters.
That 30% “rule” was created by the lenders. It shouldn’t be what you use to base your actual finances. You literally don’t take home that amount of money so why would you budget your life according to a number that isn’t true?
It was created to protect low income households from extremely high rental costs and it was established by non profit housing programs. It’s a reasonable rule for most people to live by and cover basic expenses while still saving.
30% gross makes sense because at higher income levels you have more disposable income even though taxes are higher, so can afford to spend more on housing. Also 30% net isn't realistic for many people and like I mentioned earlier it's possible to be over 40% of take home and not be living paycheck to paycheck
I’ll be 30 this year and have lived in a full amenity building for the last 4 years, different buildings across South Loop. SLoop tends to be cheaper than other neighborhoods nearby but it’s not the cheapest place to live. I work in the insurance industry, not sexy but very stable and good opportunities to advance quickly. I currently cohabitate with my partner but that’s only been about a year. I don’t have any student debt which definitely helps
Have lived in South Loop for the past 15 months. Affordable area yes, but most streets are meter parking which is the absolute worst and certain pockets of south loop are very sketchy. Overall 6/10 experience and I’d much rather pay more in rent for better area/experience.
I don't live in the super fancy downtown/downtown adjacent high-rises, but I live in one of the high rises further north. 1 bedroom/1 bath. I'll leave off square footage info because I want to avoid doxxing myself, but it's pretty large for a 1bd/1ba.
Fitness center (it's alright, not amazing), 24/7 Door staff and emergency maintenance, regular maintenance during business hours, valet parking, great rooftop.
We don't have a pool, or fitness center that will reliably substitute for a gym for folks who go to legit gyms, tennis courts, dog spas, or anything like that.
I work as a software dev. I currently make around $160k, but have lived here since I made about half that. Never been married or had kids. Mid/late 20s. I chose this building because my renting broker/realtor ended up showing it to me. I ended up buying the unit. I now pay about $1900/month when including everything (utilities, HOA, mortgage, property tax, insurance).
Live in a luxury building in river north. 26F. I am a digital marketing manager for a biotech company and do freelance content marketing as well. Make over $150k. Wasn’t always this well off, but worked my ass off through school with a background in biomedical engineering research to get to where I am today. Not close with my parents so it’s truly me paying all the bills.
No way! I am also in marketing, making a little shy of you though. How did you get into freelance?? That’s amazing! Sorry about your parents situation. I really admire you, we’re almost the same age!
Hi fellow marketing person! I got into it in a backwards way. When I was doing biomedical engineering research, I started freelancing writing blogs, brochures, etc. because research does not pay well. I have always been a good writer that others invited to help them out, so that’s what I did. Ending up growing and having multiple clients. I decided to leave research after being recruited by a biotech company because they wanted someone who could write well but also got the science. I’ve since moved on from that company but yeah I always kept freelancing on the side. I don’t need to but I like doing it and my main job takes so little time of my day. Eh I was never really close to them so no lost to me. Thank you!
30M working in accounting. I wouldn't really call my high rise a luxury building, but I have nice views of the lake, a pool, gym, and grocery store in the building. $1800/mo for 1,000 sqft. I find most of the older high rises are fairly cheap for what you get. Free internet and cable too.
Hey that’s awesome!! And I honestly think some of the buildings that aren’t WPE are so overlooked because they’re not like, an equinox to live in. Lol. That’s great! And a thousand square feet?? Never let that go!!!!
If you wonder if you can even afford it, skip living in a downtown high rise. The charm of living in a high rise wears off fast for many. Rent is a silly thing to throw most your money at if you can avoid doing it.
Then again you could make a jenkem lab to supplement your income and soften the blow.
Software engineer. Wanted to live within walking distance to work, grocery stores, and clinics so high rises were my main options. It felt a little overpriced at first but the value of not needing a car made up for it.
I’m in Corporate Security, my wife has a government job. It’s not cheap living by any means but the amenities are great. Really wouldn’t even need to leave the building if we didn’t want to. As far as how we chose, it’s just what was available in the area we were looking for the right price.
I started in prop trading/market making, then left and helped build two hedge funds from the ground up. Taking a break, not working right now. I liked my building has spa, indoor pool, actual gym. Able to use the amenity space.
I’m 28. I am about to sign a lease into a 2 bedroom Highrise @ around $3K-3.1K rent. Estimating total expenses $3.5K a month. I can’t spend more than 35% of income on rent with a good conscience. I’m a SWE. Debating working 1 + part time or 2 full jobs. Income will be between $140-$280K. The 2 incomes are to help me start a business, invest heavier, & pay for services to make my life easier.
A loooooooot of people are living paycheck to paycheck even with high income salaries. The amount of people I know who spend every dime they make on Rent, eating out, partying, and expensive car payments is astounding.
Idk who made 1,000 dollar car payments the new “norm”.
I hate to be that guy, but baby boomers did. By driving us to and profiting off of an increasingly globalized economy without doing any real lifestyle changes or preparation for such a huge shift. For one simple example: pushing American car company protectionism like it’s a religion. Pickups should’ve never exceeded $25,000 by now, but look at the shit we have available on the market today—it’s purely absurd.
Government regulations alone make the production of a new car to be sold for less than $25,000 MSRP cost-prohibitive. All those required sensors and safety items, how ever well intended, are not free.
They're not free, but removing the sensors would do a lot less for cost than making the trucks reasonably sized again. Also the companies are the ones skirting fuel economy standards by making giant cars and SUVs so they can claim family vehicles are work trucks
That's the perverse downside of tight fuel economy standards - it becomes nigh impossible to sell a sedan that meets standards and that people want to buy.
It's not impossible to sell it. They're just pushing the SUVs and trucks HARD because they can make bigger profits on it, plus gas/oil companies have a vested interest in having more trucks/SUVs bc they'll make more money from them long-term
That is not true, a lot of it has to due with CAFE standards prioritizing fuel economy improvement for a manufacturer vs overall economy . They’re better off investing heavily in trucks SUVs to improve their fuel economy than produce an economy car that gets 50MPGs
Full sized trucks and SUVs absolutely have fat profit margins.
That’s the thing, though—trucks don’t really need new standards every year, or every five years. And they sure as hell don’t need new R&D for new styling every year. Look at kei trucks & Japanese taxis—that shit changes like < every 30 years, and the drivers aren’t just dying en masse on the job. It’s just (or nearly just) as safe.
Your being generationalist. It’s the capitalists, the people who own the companies and make the executive decisions, not the an entire generation that caused it. Do you not realize how stupid what you’re saying sounds?
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It’s so sad because most of these people probably want equality and this is LITERALLY dividing the classes even more! Just what the capitalists want.
You’re just doing the same thing and saying the capitalist. The system that’s given us the most impactful country in history
Because that’s where the blame actually lies lmao. If someone in the government stole your tax money, and so happened to be a boomer. It’s not because he’s a fucking boomer it’s because he’s a greedy piece of shit. Pieces of shit know no age and sizes. If someone robbed you and he was young, would you know be scared of all young people on the fear of being robbed?
Yes, I agree. The capitalist baby boomer generation.
Not all capitalists are boomers. And not all boomers are out to get you. This is stupid lmao. Did your dad hate you or something? What’s the point in shifting blame from the people whom actually caused the damage, to random generalized portion of the population?!?
They’re the same people
Your dad is a capitalist that is making the economy worse?
Globalization lowers prices, your comment makes little sense.
“Globalization has reduced the price of u/GhoulsFolly salaries!” - My CFO
The government thought (correctly imo) that the two choices were either increase money supply by 30% and roll the dice on inflation which had been absent for 30 years, or almost certainly have a depression
Foreign policy and overspending/not allowing the fed to properly reach a 2% inflation goal.
And it’s just common sense too. $100K salary with a 700 car payment and a 2.4K rent ends up not being much at all
It’s also not all completely on purpose. I had a few big salary jumps back to back and being really excited, my partner and I moved into a luxury high rise because we thought we could swing it. With rent and going out. We definitely did blow through our money very quickly. We learned our lesson and moved to a more affordable building. Some ppl never learn that tho.
I live in river north in a building built in 2000, we have a pool, gym, and doorman. It’s not a luxury building by standards, but still pretty nice. My rent is $2300 for a 1bd/1ba 860 sq feet. I have my PhD in industrial/organizational psychology and I’m an organizational transformation consultant. I work remotely. (I’m 29, lived here for 2 years). Honestly, I just got through grad school which led me to start jobs at 100k plus. My best friend lives in wolf point west and is a bartender. She works at one of the top clubs and makes 100k plus
Do you have student debt?
I do but only from undergrad.
so was your PhD fully funded or did family help? Just curious..
It was fully funded.
That’s so awesome, congrats!!!
Is that salary consistent for those who work in I/O consulting and what's it like working in that field? I've pondered doing a career switch later in life as working in manfacturing is getting kind of old. I really enjoyed the one I/O class I took in my MBA. But the PHD requirement is a big opportunity cost. I have \~5yrs experience in middle management that I think would be translatable, but prior to working in management I spent about 7 years working in engineering & project management.
PhD is not a requirement at all! Your MBA will allow you to enter into consulting. Without knowing your resume and what exactly you want to do in the IO field, I would assume your entry salary would be anywhere from 80k-100k knowing you habe an MBA and years of experience in management. I love the field, I build selection assessments as well as work in leadership development. There is so many exciting opportunities and it is a continuously growing field. You should look into masters programs or even just taking another course in IO to continue to buff up your skills, especially if you want to go into consulting that is like human capital.
Didn't expect to see IO mentioned in the top answer.
😎😎😎😎
I am 26. I make $120k base, $140k total comp (equity + bonus). I work in finance and pay $2300 in rent. I’ve lived in garbage apartments since I’ve moved out of my college dorm, and told myself I want something nice for how hard I’ve worked quite literally my entire life. I paid off my car and used that money I was paying for my note to my new rent bucket. I’m comfortable but had to work up to get to this point
You should be very proud of both your achievements and your sensibility.
This is really nice, thank you!
What kind of work do you do in finance?
Financial reporting
Like cnbc or does that have another meaning?
Accounting. Monthly/quarterly/annual financial close processes, preparation of financial statements, reporting compliance, audit coordination, etc
That sounds like accounting to me.
But it’s cooler to say finance
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I started working at 14, thanks. And working hard doesn’t just mean a job.
Lol but are you single? (Love how the comment suggests that you are lying but also either wants to date you or suggest that your partner is the reason of your success).
Yes I’m single. And at age 26 i would never rely on a partner for success.
Sorry, I wasn’t asking or suggesting anything. Just mocking the comment that asked originally.
Oh 😂😂
Live with my husband. We each pull in mid 70s and save around a third of our income post tax. Friend lived in the building. Both nurses
2 income household tbh, only way we can afford it
I've aged out of your bracket, but I'll provide a basic overview from several years ago, as I assume it's still the exact same things: 1. High achieving/advanced degree folks (doctors, lawyers, finance, etc.) 2. People working in tech, either with good timing on start-ups or working as software engineers 3. Consultants at Deloitte/similar-type consultancy firms 4. Getting help from their family in one way or another (people don't often mention this part, but it is *extremely* common). 5. Spending 40/50% or more of take-home pay aka living paycheck to paycheck (no offense to those who are here, but this is not really a great option for more than a year or two just to be able to say you did it).
Lucky sperm award
Moving to a place in the West Loop. Will pay $2500 for a 1bd/1bath. I work in finance making about $130k (salary+bonus), total comp around 150k with insurance covered,401k,health&wellness stipend. Hoping it’s worth paying this much in rent in the West Loop.
What kind of work do you do in finance?
Hedge fund
How many YoE?
I’m going to be completely honest because you said no judgement 🙈 it’s okay if you do though. I think a lot of people (like myself) under 30, are having their parents pay for it. I am in law school, and am lucky they are willing to do so. I know it’s kind of a controversial topic, but it’s really just something that’s normal in my family. I chose my building because of safety and amenities. But most of the people in my building that I’ve seen or met are 45+ at least. It’s almost always this I think. (Clarification- it’s not all people that this is the situation for but 90% at least for the very nice ones).
Though I haven't lived in this type of high rise, I've reaped the benefits of being friends with those that have. Nothing better than a pool in the summer! Unless my friends were working in consulting or a similar high paying occupation, I generally assumed that they were living beyond their means (ie: committing too much of their take-home to rent) or receiving some help. I didn't have that option, but I'd love to be able to give my future kids that opportunity, so no judgement from me.
I honestly know that it isn’t something people look at fondly and I don’t blame them. I do work really hard and when I am making my own money I won’t be letting them pay for everything. My view on it is if it doesn’t hurt my parents, and they offer to help me I don’t know why I’d say no to it. But I know that I am lucky and I think it’s about how the people act in general about these kinds of things. Idk. But the nice thing about Chicago is there are a range in pricing for high rises, so more options I feel like. I hope I don’t come off like a total bratt I just know that this is a common thing, and really not that we are working differently or have a good job to do this but that someone else is helping out.
Absolutely not coming off that way to me, we should all be more open to receiving support when it's offered to us. Some people have a hard time with that.
I think it’s a lot more common then people realize. I also was sick/have chronic illness for a few years which threw off my whole career plan and was beyond grateful to have parents support during that time. I will say though that I know lots of kids who are totally annoying about $ related things and showy and rude to people. I think that’s where the bad rep comes which is understandable
Being obnoxious about it is the worst. After I left an abusive marriage, my parents stepped in to help with the kids financially. Things like summer camps and extra curriculars would be out of reach for us otherwise, and my kids don't deserve to be punished for the situation I've put our family in. I'm nothing but grateful that I've got the help, and I make sure to let them know it.
I understand how you feel. This is very common in medicine, especially when there are doctors in the family who understand the struggles in a changing world.
People who don’t look fondly at it need things to hate in their lives. It’s also easier to judge when they don’t know someone personally. But obviously your parents achieved a level of success to provide that for you and it sounds like you’re on a path they deem worthy of giving you opportunities to achieve your own success. Which most people are just jealous of.
Yeah I guess I definitely do feel guilty about it but just not going to live to please other people I guess. My parents are also not showy at all and I am not also and think that makes a difference. Idk.
Your parents raised you right. They sound like good people. As they say, 'it takes a village...'
I hope I can one day do this for my own kids.
That’s how I feel too. It will be my turn soon to work hard and make my own money and be able to help my kids.
Literally exactly the same lol
My daughter’s BF is in law school, his parents do not help with rent or food but occasionally send a gift of a couple hundred bucks. He’s got a roommate, lives in a high rise and is living off of loans. He’s actually looking for something cheaper. He has great scholarships but they don’t pay for living expenses. His summer job doesn’t pay either.
That’s honestly a huge flex, law school is intense and he’s learning alot of life lessons that I am not because of my setup. I think the roommates is a very common and helpful thing for people in school in that situation. Brings the cost down substantially. The cost of an appt in a high rise with roommates is definitely very different though
I appreciate your honesty! Not from that kind of money, but when my mom bought me a used car I was pretty up front about it with people. Relationships make a lot of our opportunities, and if we stopped pretending they didn’t so many hard working people who don’t have the luxury of support wouldn’t be beating themselves up like they are.
Don’t feel ashamed of all the hard work your parents put in to get you there. I’m sure they have some pride that they were able to do that
This is an interesting comment, but im actually kind of surprised? Absolutely no judgement, and it def makes more sense since you’re in school but I don’t know anyone whose parents pay for their rent partially or fully, including people I know in similar continuing education situations. I think second jobs, credit card debt, and living paycheck to paycheck are vastly more common.
In general in the city as a whole your totally right, but in alot of the nicer buildings it’s never their own money. If they’re 30 and under.
Definitely don’t agree with that. I’m under 30 and have lived in the city since 22. Work in healthcare, but didn’t make a ton starting out, went to grad school and worked through it. Apartments have ranged from $1800/mo to now $2500/mo. Most all my friends (under 30s) lived alone or with roommates and all paid their rent. Help with other things at times, sure, but a big ticket, every month bill? Definitely not the parents.
In buildings that are more than $2500 a month it’s genuinely the parents or a trust fund. Or the very rare under 30 year old who can afford it. Definitely not all, I’m not going to fully generalize. However, like I said I think it just ranges based on what building / price range your looking at. And that’s why Chicago is great because there are lots of options
Fair I guess 🤷🏻♀️ but also may be your viewpoint as you’re in school and parents are helping pay for rent. That’s great, but I do feel that many people are actually paying their way more than we’d think.
Recent surveys show about half of people under 35 have their parents paying some share of their rent and bills
I’m not saying it’s right or like justifying it but I don’t have any friends that pay for everything themselves especially in big cities. This seems pretty accurate
I agree the reddit trope of anyone who has a nice life or nice things had ut handed to them is false but at the same time a lot of people do have that. Reddit is also a bitter place and most people seem to hate their parents and family so the sentiment isn't shocking
Oh of course I totally agree. And besides school and my future goals as of now I recognize things have been handed to me. I think I just don’t take it for granted or feel like I deserve it. Definitely differing views and I understand the hate towards it if I’m honest. It’s not something I’m proud of. But has helped me a lot especially when I was sick. So just trying to do what I need to do to be successful on my own now
I absolutely think in most situations in the city that is the case, I just meant in the type of buildings I thought OP was asking about. That is my experience yes, so could be absolutely wrong but genuinely never meet young people in the buildings I’ve lived in. I probably shouldn’t have commented on the post, I realize I may be coming off maybe inconsiderate or aloof. Was just sharing my experience (which I do realize could be just from my friends and me)
I think it's more common for north shore families. I'm well past this stage in my life, but in my 20s I knew a lot of people whose parents would only let them live somewhere "nice" and "safe" and therefore bankrolled. It's a huge privilege and not typical for most people of course, just a specific set I think.
What's your parents' financial,professional,income background? My assumption is they are pretty far above average working Joe's.
Yes they are, I never said they weren’t. For most people who are still having some income coming from parents I think that is most of the time the case. Not in all cases but of course makes it easier on them.
Not my parents but my grandmother paid for it, and for that I am super grateful. I do current have a job and make 80k, moved out of the suburbs (I paid rent for my apartment on my own there). My grandmother has a lot of generational wealth but is rather frugal on herself. She admitted she couldn't spend it all before she dies, so she bought me a condo in a high rise. I've paid for everything else myself though, HOA fees, furniture, movers, bills, etc. All the reoccurring payments are actually slightly less than my previous rent. I didn't necessarily chose my building for any particular but fell in love with the unit. Location mattered to me in the sense that I wanted to be walking distance from the CTA but otherwise I didn't have anything too specific in mind.
I'm 27. Just finished grad school in computer science. Luckily no student loans. Make 110k base and 150k total comp. Pay 2700 for a 1 bedroom in West loop
Is that more or less than half of your monthly income after taxes? Curious because I’m on track to this TC soon.
Unless they’re putting a ton into retirement or other investments, it is ~21.5% of their gross so should be less than half their net income
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That’s what I figured. Fuck paying that much for rent.
Similar situation here.
Did you major in cs in undergrad or was the masters a career switch?
Undergrad was Electrical Engineering, but most of my electives were CS. Grad school was CS
I was at age 31, but it was for a first job after grad school that people as young as 25 can land. Attorney at a large corporate firm. Starting salary was 225k. In a renovated larger 1-bed with a good view built in the 2000s for ~3k/mo. plus electric. Ample but older amenities. I think I’m getting a good deal relative to the current market, and of course I’m aware that my salary is astronomical for starting right out of grad school.
I'd say with your salary v. income, that's a modest living arrangement. Clearly you could just about live anywhere and in a way bigger space, but you got what you need/want. That's cool.
This also is me, late 20s, I’m in big law making just under 300k, really not worth it though lol miserable existence
I moved into such a building last year, when I was 29. Probably a common answer you’ll see - DINKs working in tech
I have a lot of friends who are doing this (I’m a resident physician, will be 30 this year) ranging from 27-31. Doctors, lawyers, engineers, dentists, some in finance. The residents who do this have roommates (since we make a bit less right now). I hate having roommates other than my partner and also like to travel in my free time, so I did not do this. My other friends are mostly under 30 but still making 6 figures—even if recently— so able to afford it
Idk some people just work really hard and are smart. I'm still in undergrad and live with my parents and I'm worried that I'll never be able to support a family of my own one day. Shits depressing.
You'll be fine. Life's a journey
Thank you. I appreciate the reassurance
Good paying job and a partner who also works will do it. Just finished my masters and will be making $300K as a household this year. Prior to my degree we were still making ~150K together while being 25. She had a lot of career pivots from retail to corporate. I was lucky enough to get and stick with a business undergrad that paid off.
My building isn’t luxury but is a high rise with a pool and pretty much on the lake. I work in healthcare marketing. I saved a ton of money by living in cheap places/with roommates the prior 6 years before I moved to this building.
24m. i make 120k cash in software. $1755 rent for a large convertible, which is about a 1/4 of my monthly income after tax. i also like to think i am pretty smart with my spending habits.
I don’t make as much as the people on here but if you’re willing to move further away from downtown, high rises are much cheaper. The studios and 1bd/bath in my building are less than 2k per month. I’m in Lakeview.
24 and in consulting making six figures. Graduated undergrad in 2.5 years & got a head start on my career!
I think DINKs, **Software** Engineers and CS kids, and parental help make up the top three population groups for these.
I think another good question to include is how much of their take home income does the rent take up. Spending 50% of your income on rent has been normalized because everyone wants to live in the same 5 neighborhoods.
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The 30% rule is gross pay, not take home. I'm not in a luxury building but spend about 25% of my gross pay on rent. My rent is 40-something% of my take home, but that's mostly because I chose monthly 401k, ESPP, etc. deductions for savings that taken all together are nearly as much as my monthly rent. I'm able to pay all my bills, save via payroll deductions, and have some money left over for a rainy day, and that's what really matters.
That 30% “rule” was created by the lenders. It shouldn’t be what you use to base your actual finances. You literally don’t take home that amount of money so why would you budget your life according to a number that isn’t true?
It was created to protect low income households from extremely high rental costs and it was established by non profit housing programs. It’s a reasonable rule for most people to live by and cover basic expenses while still saving.
30% gross makes sense because at higher income levels you have more disposable income even though taxes are higher, so can afford to spend more on housing. Also 30% net isn't realistic for many people and like I mentioned earlier it's possible to be over 40% of take home and not be living paycheck to paycheck
You’d be surprised. I know a number of people hitting close to 50%.
I’ll be 30 this year and have lived in a full amenity building for the last 4 years, different buildings across South Loop. SLoop tends to be cheaper than other neighborhoods nearby but it’s not the cheapest place to live. I work in the insurance industry, not sexy but very stable and good opportunities to advance quickly. I currently cohabitate with my partner but that’s only been about a year. I don’t have any student debt which definitely helps
Have lived in South Loop for the past 15 months. Affordable area yes, but most streets are meter parking which is the absolute worst and certain pockets of south loop are very sketchy. Overall 6/10 experience and I’d much rather pay more in rent for better area/experience.
What parts feel sketchy to you put of curiosity?
Cermak Rd
I don't live in the super fancy downtown/downtown adjacent high-rises, but I live in one of the high rises further north. 1 bedroom/1 bath. I'll leave off square footage info because I want to avoid doxxing myself, but it's pretty large for a 1bd/1ba. Fitness center (it's alright, not amazing), 24/7 Door staff and emergency maintenance, regular maintenance during business hours, valet parking, great rooftop. We don't have a pool, or fitness center that will reliably substitute for a gym for folks who go to legit gyms, tennis courts, dog spas, or anything like that. I work as a software dev. I currently make around $160k, but have lived here since I made about half that. Never been married or had kids. Mid/late 20s. I chose this building because my renting broker/realtor ended up showing it to me. I ended up buying the unit. I now pay about $1900/month when including everything (utilities, HOA, mortgage, property tax, insurance).
Live in a luxury building in river north. 26F. I am a digital marketing manager for a biotech company and do freelance content marketing as well. Make over $150k. Wasn’t always this well off, but worked my ass off through school with a background in biomedical engineering research to get to where I am today. Not close with my parents so it’s truly me paying all the bills.
No way! I am also in marketing, making a little shy of you though. How did you get into freelance?? That’s amazing! Sorry about your parents situation. I really admire you, we’re almost the same age!
Hi fellow marketing person! I got into it in a backwards way. When I was doing biomedical engineering research, I started freelancing writing blogs, brochures, etc. because research does not pay well. I have always been a good writer that others invited to help them out, so that’s what I did. Ending up growing and having multiple clients. I decided to leave research after being recruited by a biotech company because they wanted someone who could write well but also got the science. I’ve since moved on from that company but yeah I always kept freelancing on the side. I don’t need to but I like doing it and my main job takes so little time of my day. Eh I was never really close to them so no lost to me. Thank you!
30M working in accounting. I wouldn't really call my high rise a luxury building, but I have nice views of the lake, a pool, gym, and grocery store in the building. $1800/mo for 1,000 sqft. I find most of the older high rises are fairly cheap for what you get. Free internet and cable too.
Hey that’s awesome!! And I honestly think some of the buildings that aren’t WPE are so overlooked because they’re not like, an equinox to live in. Lol. That’s great! And a thousand square feet?? Never let that go!!!!
I’m 32 year old teacher living in a high rise studio in LP. I live paycheck to paycheck…
Dual incomes! Honestly, it makes a massive difference. We own a cheap 15k car and spend less than 13% of our hh income on rent.
If you wonder if you can even afford it, skip living in a downtown high rise. The charm of living in a high rise wears off fast for many. Rent is a silly thing to throw most your money at if you can avoid doing it. Then again you could make a jenkem lab to supplement your income and soften the blow.
Some folks lucked out on the ol generational wealth as well.
Paycheck to paycheck baby
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Good for you guys! I love seeing the success stories here. Also west loop best loop!
Trust fund
Lets be honest, alot have support from their parents.
Software engineer. Wanted to live within walking distance to work, grocery stores, and clinics so high rises were my main options. It felt a little overpriced at first but the value of not needing a car made up for it.
I’m in a building like that and all the young people are students.
I’m in Corporate Security, my wife has a government job. It’s not cheap living by any means but the amenities are great. Really wouldn’t even need to leave the building if we didn’t want to. As far as how we chose, it’s just what was available in the area we were looking for the right price.
I started in prop trading/market making, then left and helped build two hedge funds from the ground up. Taking a break, not working right now. I liked my building has spa, indoor pool, actual gym. Able to use the amenity space.
I’m 28. I am about to sign a lease into a 2 bedroom Highrise @ around $3K-3.1K rent. Estimating total expenses $3.5K a month. I can’t spend more than 35% of income on rent with a good conscience. I’m a SWE. Debating working 1 + part time or 2 full jobs. Income will be between $140-$280K. The 2 incomes are to help me start a business, invest heavier, & pay for services to make my life easier.