Quote:
Originally Posted by Ryanrule
do you actually make this much, or guessing? i find your numbers a bit loose.
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I'm not going to tell you how much I make, but yes somewhere in this range. Not to mention that you can figure out how much state tax (3.75% flat for illinois) and federal income tax you would have to pay, as well as medicare/medicaid (flat tax up to $118,500 per year). 5% 401K - flat again, not that hard, and most good corporations or companies that have opted into good health care plans have you paying in the same range for health care.
I live downtown in a luxury building and know the process of what they require for you to be able to rent out their units (and my building's turnover is very quick when someone leaves. According to my management office, especially in summer they will have a person sign a lease for a place within 2 days of someone else leaving). $120K/year is a very fair salary for someone say in the software dev business who's senior (maybe 9-10+ years experience), senior consultants, lawyers, doctors, etc. In fact, even Accenture pays junior consultants in Chicago coming right out of college (undergrad) $85,000 per year starting salary right now.
Anyway, you cannot rent an apartment at any of these buildings unless you have verifiable income - the monthly rent at any one of these buildings downtown cannot exceed 33% of your gross monthly income. If it does, they will deny you - it doesn't matter how good your credit score is. So for example, if you want to rent a $2500/month apartment and make $85K/year - you will be denied from living in that building due to the fact that $2500/month is 35% of your gross monthly income. If you were making $90K/year, you could rent it out but if you were competing with someone else for the same apartment making $150K/year , they'd probably be more willing to rent it to the other person and not you since they have more padding.
If anybody living at these places downtown are living paycheck to paycheck in a luxury rental building, it is because of their pending habits at places like bars, restaurants, etc - not with how much money they make as a salary.