Is $30 An Hour Good In Chicago?

Is $30 An Hour Enough To Live In Chicago

Chicago Salary Guide On How Can You Live On $30 An Hour

Making $30 an hour? Then you are probably dying to know whether this is a well-enough amount to live on in Chicago. It is a good sum of money, but Chicago is not exactly the cheapest city to survive in. Rent, groceries, transportation, and fun add up really fast. Will this wage pay all your needs and leave some room for fun?

So, let's get real about what $30 actually gets you in Chicago, how much of it you'll take home after taxes, and whether you can like the city without living in constant fear of money issues.

Breaking Down The Paycheck

Before jumping into expenses, let's figure out exactly how much money is brought in by $30 an hour.

If you've been working full-time—that is, 40 hours a week—then this is what your typical paycheck would look like:

• Weekly Pay: About $1,200 before taxes

• Monthly: around $4,800 before taxes

• Annual Salary: around $62,400 before deductions.

But of course, taxes take a big chunk out of what you make, and after federal and state and whatever else might be deducted from your pay, you are going to bring home closer to $4,000 a month. The question, then, is this: Is it enough?

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Chicago's Cost Of Living 

Although it's not quite a deal, Chicago is among the more reasonably priced large cities in the United States. The most important factor? housing expenses. 

What Is The Cost Of Rent In Chicago? 

How far your money goes depends much on where you choose to live. Depending on the neighborhood, rent varies greatly. 

• Most Costly: A one-bedroom in Downtown, River North, or West Loop costs between $2,000 and $3,000. 

• Mid-Range Neighborhoods: Lakeview, Logan Square, and Wicker Park would cost between $1,500 and $2,000 for a one-bedroom. 

• More Reasonably Priced Neighborhoods: Beverly, Albany Park, and Rogers Park; a one-bedroom there costs between $1,200 and $1,600. 

Rent may account for more than half of your income if you wish to live alone in a trendy area. However, you'll have a lot more money if you live outside of the city center or split the rent with roommates.

How About Other Bills?

There are other factors to consider than rent. The following are typical monthly expenses to anticipate:

• Gas, Water, And Electrical Utilities: $150 to $250

• Phone And Internet: $80–$150

• CTA Pass For Public Transit: $105

• Gas, Insurance, And Parking: If applicable, it costs more than $200 for a car.

The cost of food, entertainment, and other living expenses must be considered once housing and bills have been paid.

Can You Afford To Eat Well?

Groceries aren't crazy expensive in Chicago, but neither are they dirt cheap. If you do cook mostly at home, expect to spend from $300 to $600 per month. Eat out a lot? Food expenses start to skyrocket:

• Casual Restaurant Meal: $15 - $25

• Nice Dinner Out: $50 - $100 per person

• Beverage Price: $5 - $7

If you like dining out a lot, then you will have to manage your money very properly on $30 an hour.

Can You Have Fun In Chicago?

Living in Chicago is not all about paying bills; you also want to enjoy the city. Here's an approximate idea of some of the entertainment and leisure activities:

• Gym Membership: $40-$100 per month

• Movie Ticket: $15 -$20 per ticket

• Concerts/Sports Events: $50 - $200 per ticket

• Bars And Nightlife: $10-$20 per drink

You also have all the free stuff to do in Chicago: going to the lakefront, the parks, and the museums on their free days. You can still have fun if you're smart about it and not spend as much.

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The Unexpected Costs You Should Plan For

Besides rent and consumption, there are other unforeseen expenditures to which life exposes us. Such can range from car maintenance expenses, medical costs, or any other professional service that may be needed at one point in life, such as Deep Cleaning Chicago. According to financial gurus, one should save as much as 20% of his or her income in cases of an emergency, but this may be very difficult to do; this is because the budgets are already stretched to the max.

Is $30 An Hour Really Enough?

Is $30 an hour a good amount in Chicago? It all depends on how you live.

$30 An Hour Works If…

• You are in an area of affordable housing, or you have roommates.

• You cook more frequently than going out to eat.

• You budget for entertainment instead of overspending

• You avoid expensive debt and start building some savings.

But It May Not Be Enough If…

• You want to live alone in a trendy neighborhood.

• You dine out a lot and attend high-priced events.

• You own a car and have to pay for high parking fees.

• You are unable to save money for emergencies.

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Is $30 An Hour Enough To Live On In Chicago?

In Chicago, $30 per hour isn't bad, but it's also not a luxury wage. If you pick a decent place to live, stick to your spending plan, and budget correctly, you can surely make it work. However, you may need to gradually raise your salary if you want to save more money, live stress-free, or have greater financial independence.

Even if you just have $30 per hour, you can still have a great time in Chicago if you have the correct attitude!