Is 80k A Good Salary In Chicago?

Is 80k Enough To Be Considered A Good Salary In Chicago?

The Truth About Living In Chicago On A Salary Of 80k A Year

Chicago is the kind of city that seems to have it all: skyscrapers rivaling the clouds, deep-dish pizzas that are practically a meal unto themselves, and a lake that seems to be an ocean. But for anyone looking to move or who has moved into the city, one question comes up: Is $80,000 a good salary in Chicago? So, let's break this down and see if that will bring on true Chicago dreams!

What Does $80,000 Get You In Chicago?

Let me first put this number, $80,000, in perspective. And if you made $80,000 a year, after your taxes you could be bringing in, depending on your tax situation, in the neighborhood of maybe $5,000 a month, which sounds like a big deal, huh? But things add up so fast—especially in huge cities like Chicago. Now let me show you how far that money really goes.

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Can You Afford A Place In The City?

Rent Is The Largest Expense

Housing is usually the biggest part of your budget. If you're earning $80,000, that means you won't want to spend more than 30% of your income on rent; that means about $1,500 to $2,000 a month can go toward housing.

That's enough in Chicago to get you a nice one-bedroom apartment in many neighborhoods; if you're cool with roommates, you can even live in some trendier areas like Logan Square or Lakeview. If you want that fancy-schmancy high-rise downtown, though, you may need to stretch the budget.

Pro tip: If moving into a new place, consider getting Deep Cleaning Chicago. The new home definitely sparkles with their help as a nice startup in clean surroundings.

Is It Possible To Buy A Home?

If you're trying to buy a house, $80,000 may be a little tight, depending on where you want to live. The market is pretty expensive in Chicago, especially if you want to live in any of the decent neighborhoods. But you might be able to find something in your budget if you're willing to look into some up-and-coming areas.

Can You Afford To Eat Your Way Through Chicago?

Grocery Vs. Dining Out

Let's talk about Chicago and food—it's well known for it, believe me—and you'll want to try it all. Everything from deep-dish pizza to Chicago-style hot dogs—sans the ketchup, please—is there to be enjoyed. But dining out can add up if one is not too careful.

With an $80,000 salary, you should have plenty of room in your budget for dining out and groceries. Just make sure to balance it out: Cooking at home can save you a lot of money, and Chicago has plenty of affordable grocery stores such as Aldi and Mariano's.

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Treating Yourself—But Not Too Much!

It's okay to treat yourself every now and then. You're in a city that boasts some of the best food in the world, after all! Just be sure to keep an eye on your spending so you don't blow your budget.

Have Fun In The Windy City

Free And Cheap Activities

But one of the greatest things about Chicago is it's always on—no matter what time of day or night, there's always something to do, and much of it is free or super cheap. You can go to Millennium Park, the always-free Lincoln Park Zoo, or take a walk along the Lakefront Trail.

Many of the museums are free on certain days of the week/month for Illinois residents. Festivals such as the Taste of Chicago and the Air and Water Show also take place in this beautiful city.

Sports And Entertainment

If you are into sports, this city is definitely where it's at: Cubs, Bears, Bulls—there's always something going on, be it high season or low. The one thing is just to bear in mind that it might get very expensive, so perhaps save your dollars for that specific game that's a really big deal to you.

Can We Create A Future With $80k? 

Conserve For The Future 

Yes, even with $80,000, you can save. The bottom line is to stick as closely as possible to the 50/30/20 rule: 

20% goes toward savings, 30% goes toward wants like entertainment or eating out, and 50% goes toward needs, which primarily include rent and utilities. 

You will be in excellent shape if you can adhere to this rule. You will have enough money to enjoy Chicago living while also setting aside money for the future. 

Handling Debts 

If you have credit card debt, student loans, or other costs, the $80,000 amount will work. It all comes down to creating a budget and sticking to it. One may track their spending and make sure they are headed in the proper way with the aid of a variety of apps and other resources.

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Is $80,000 Good In Chicago?

Is $80,000 a decent salary in Chicago? The answer is yes! Although it will not make you rich, it will be enough to get along quite comfortably, given that one manages their finances judiciously. You can afford a lovely apartment, enjoy amazing food and culture around town, and still be able to save something for the future.

Of course, everyone's situation is different, and if you've got a big family or some expensive hobbies, you may need to adjust the budget. But for most people, $80,000 is a solid salary that lets you enjoy all that Chicago has to offer.

How Best To Maximize Your $80k In Chicago?

Living in Chicago is an adventure, and with such an $80,000 pay, one can certainly afford that. One will always find something to do, whether one is seeing the areas of the city, supporting your preferred sports team, or just lounging on Lake Michigan.

Of course, it's more about what you do with your income than with your salary. Your budget should reflect this; you should save for the future, and occasionally you should relax. After all, Windy City life should be something you savor! Then start with organizing this fantasy life you desire in Chicago. Regarding the area, you should also not overlook it; rather, you should arrange for a thorough deep cleaning as a fresh start.