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Old Posted Sep 24, 2015, 12:25 PM
marothisu marothisu is offline
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Join Date: Dec 2012
Location: Manhattan
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Originally Posted by LouisVanDerWright View Post
Well $3000/mo for an apartment is 30% of a $120,000/yr salary. That's pretty typical income for your techy types whom, up until recently, Chicago has had almost none of. I have a feeling the job creation downtown particularly in tech is driving this. Also remember that there have been a grand total of two luxury condo towers this cycle, both of which are under construction and in the Gold Coast. Assuming we have the same demand for condos downtown that we did in the last boom, we need to build at least 3,000 condos a year for the next few years to even begin to absorb that demand. I have a feeling there are some market forces demanding condo units starting to pent up and they will be released through flashy new towers.

Yep. It's a semi normal salary for someone in tech with let's say more than 5-10 years of good experience who is good at their jobs. You could say the same thing about some consulting gigs too that might not necessarily be 100% tech. I recently saw a posting for Avant for a senior developer and the salary was listed at $90K-$170K/year. The high end is higher than normal for Chicago, but even at half of that if you had a good amount of experience, let's say low to mid 30s and were good at your job, you could get in the $120k-$140k range at some companies in town.

It's a lot of movement lately - a lot. I'm just hoping it's not all speculative or anything. I'm really hoping that the developers know a little something that we don't know yet.

Last edited by marothisu; Sep 24, 2015 at 12:40 PM.
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