Quote:
Originally Posted by Ryanrule
I just cant see shooting an entire paycheck at rent. I suppose if you live paycheck to paycheck, but thats a shitty thing to do making 6 figures.
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You obviously didn't read through the very real life scenario I set out of someone (or maybe a couple of people, without kids) making $120K/year as a household which ton of households make.
I'll write it out more clearly, on a $120K/year salary:
(1) Amount of money after state tax, federal tax, 5% 401K contribution, and health insurance: $6100 per month
(2) Amount of money after $2500/month rent: $3600 per month.
(3) Amount of money $3600/month equals per year: $43,200.
So let's just think about this for a minute. After all taxes, 401K, and health insurance on that salary, and paying $2500/month rent you will still be taking home $3600 per month, or $43,200/year which is basically disposable income at that point. You know what percent of Chicago households don't even make above $35K per year BEFORE taxes, rent, etc? 37.5%. And there's probably another 4 or 5% that don't even make above $43,200 (11.7% of Chicago households make between $35K and $50K per year). I mean hell, the median HH income of Chicago is $50K/year and that's before taxes. This $43,200 is after all of that AND rent - and you'd still be not terribly far from the gross city median.
So in what world is having $3600/month (and for many many people, that would be more) in disposable income close to a "whole paycheck"? It's not - maybe you don't know a lot of people who make this kind of money, but there's tons of people in Chicago who make enough money to support themselves to live in places like this. I don't know how you could think that living on money like $3600/month after pretty much all taxes, insurance, housing, etc is paid for is living paycheck to paycheck.
Not to mention that every single one of these buildings have income checks on them to make sure you can actually afford it and ARENT living paycheck to paycheck. Do you seriously think they just let anybody rent apartments from a tower they just spent over $100M building and have a big loan out for?
Quote:
Originally Posted by emathias
It doesn't even really take a single person earning $120k (although there are plenty of single people who do - like at least 1/4 of the people I work with).
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Study hard, stay in school, take smart risks. Do that, and you, too, can have a place in a shiny tower in the sky.
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Yeah, thought I covered the "couple" thing but maybe not. Totally agree though - though it depends on what you study, but yeah. Let's just show some stats too of various downtown tracts and percentage of households in the making at least $150K/year:
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http://www.usa.com/IL031081402-income-and-careers.html 37.72%
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http://www.usa.com/IL031081500-income-and-careers.html - 33.38%
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http://www.usa.com/IL031081600-income-and-careers.html - 32.39%
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http://www.usa.com/IL031081403-income-and-careers.html - 30.04%