Renters insurance is a type of insurance policy that is designed to protect tenants from financial loss due to unexpected events, such as theft, fire, or water damage. Despite its importance, many renters still do not have renters insurance. In this blog, we will provide an overview of renters insurance and why it’s necessary, as well as a step-by-step process for finding and obtaining renters insurance.

What is Renters Insurance?

Renters insurance provides coverage for personal property, liability protection, and additional living expenses.

• Personal property coverage includes protection for your belongings, such as furniture, electronics, and clothing.
• Liability protection covers legal fees and damages if someone is injured on your property or if you cause damage to someone else’s property.
• Additional living expenses coverage provides temporary housing and other living expenses if your apartment becomes uninhabitable due to a covered event.

Is Renters Insurance Necessary?

Many renters assume that their landlord’s insurance policy will cover their personal belongings in the event of a disaster, but this is not the case. A landlord’s insurance policy typically only covers the building itself and not the tenant’s personal property. Additionally, renters can be held liable for damages or injuries that occur on their property, making liability coverage essential.

How to Get Renters Insurance

1. Determine your coverage needs. Before you start shopping for renters insurance, it’s important to determine how much coverage you need. Consider the value of your personal belongings and any potential liability risks.
2. Shop around for quotes. Shop around for quotes from multiple insurance providers to ensure you’re getting the best coverage at the best price. Consider factors such as deductibles, coverage limits, and additional living expenses coverage.
3. Choose a policy and provider. Once you have received quotes from multiple providers, compare the coverage and pricing to select the best policy and provider for your needs.
4. Submit your application and pay the premium. Complete your application and pay the premium to secure your renters insurance policy.
5. Review your policy and make adjustments if necessary. Review your policy to ensure it provides the coverage you need. Make any necessary adjustments, such as increasing coverage limits or adding additional riders.

In conclusion, obtaining renters insurance is an important step for protecting yourself and your belongings as a tenant. By following this step-by-step process, you can find and obtain the best renters insurance policy for your needs. If you need help with your apartment planning process, reach out to the Luxury Living team for expert guidance and support.

When renting an apartment, there are several bills that you will be responsible for paying. These bills can vary depending on the type of apartment you rent and the location, but here are some of the most common bills that renters are responsible for.

What Bills Do You Pay When Renting an Apartment?

1. Rent. The most obvious bill that renters have to pay is their monthly rent. This is the amount you pay to your landlord or property management company to occupy the apartment. Rent can vary widely depending on the location, size, and amenities of the apartment.

2. Utilities. Utilities are services like electricity, gas, water, and sewer that are necessary for living in an apartment. Depending on your lease agreement, you may be responsible for paying for all or some of these services. Some apartments may include certain utilities in the rent, while others may require you to set up your own accounts with utility companies.

3. Internet and cable. If you want to have internet and cable services in your apartment, you will be responsible for paying for them. You can set up accounts with providers such as Comcast, AT&T, or Spectrum to have these services installed in your apartment.

4. Renters insurance. Renters insurance is an insurance policy that covers your personal property in case of theft, fire, or other covered events. It’s important to have renters insurance to protect your belongings, but it’s typically not required by law. The cost of renters insurance can vary depending on the coverage you choose and the value of your personal property.

5. Parking. If you have a car and need to park it near your apartment, you may be responsible for paying for a parking space. Some apartments come with assigned parking spaces, while others may require you to rent a space from a nearby parking garage.

6. Move-in fees. When you move into an apartment, you may be required to pay certain fees such as a security deposit, application fee, or move-in fee. These fees can vary depending on the landlord or property management company, but they are typically due at the time of move-in.

In conclusion, renting an apartment comes with several bills that you will be responsible for paying. These bills can include rent, utilities, internet and cable, renters insurance, parking, and move-in fees. Make sure to review your lease agreement and understand what bills you will be responsible for before signing on the dotted line.

For more information on the costs associated with living in Chicago, click the button below.

Moving into an apartment for the first time – whether after school, after spending time living with family or due to other life circumstances – is a huge life milestone. There’s a lot of independence that comes with this step, but there’s also a lot of responsibility – especially where finances are concerned.

While expert advice varies on how much a cushion is recommended before renting for the first time, one thing is for sure: having extra savings is never a bad thing. 

How much do I need to move into an apartment?

The amount you should stow away before moving out varies greatly by situation: for example, if you’re moving to seek a job opportunity, you might feel emboldened to have less in the bank before moving out. That said, according to Capital One, a good rule of thumb is that rent should generally be three times your monthly income – which could be a guide for how much to save.

Most advisors also recommend having a few months’ expenses in savings as a cushion. Expenses, of course, include more than just rent – which is why when it comes to saving for living in an apartment, it’s worth considering your other one-time and living expenses as well.

Other expenses in an apartment to consider

Before taking the plunge, you also need to think about one-time expenses associated with moving, such as actual movers and the first and/or last month’s rent that’s usually required by landlords. As you navigate your apartment search, be sure to ask about any other up-front expenses, such as security deposits, as well.

Beyond your first month (and as you navigate saving your emergency fund), other living expenses to consider include groceries, utilities (including home internet, renter’s insurance and cell phone costs), transit (bus or car), and clothing, according to Rent.com.

As you save to move into an apartment, our Luxury Living team is here to ensure that you find a new home that meets your financial needs. For more information on the cost of living in Chicago, follow the link below!

If you pay attention to prices at all, you’ve likely noticed some increases over the past year. 2022 Chicago inflation is real and has affected various bills and budgets.

2022 Chicago Inflation

Recently, it was announced that Chicago’s inflation rate hit a 40-year high. At 9.1, the Windy City hadn’t seen inflation increase that much since 1981. With this being the case, let’s examine how this may impact your regular expenses and budget.

The Cost of Living in Chicago

While the cost of living has risen everywhere, this overall expense varies drastically from person to person. 

Let’s start with looking at how much a Chicagoan might expect to spend on rent.

Currently, the average rental cost in Chicago is $1,820. That is a 26 percent increase over the last year, which is a significant jump.

Let’s also look at the average cost of rent depending on the bedroom count:

• Studio: $1,352
• One-bedroom: $1,870 
• Two-bedroom: $2,337
• Three-bedroom: $2,825

The Cost of Groceries in Chicago

Besides monthly rent, groceries are likely one of your highest living costs. So, it’s important to note that as inflation rises, so will your grocery bill.

In fact, food costs are up more than 10 percent. Illinoisians can expect to spend around an extra $522 on groceries this year. Prices on food for home consumption have risen by 12.2% from June 2021 to June 2022.

However, not all food groups have increased in price at the same pace. Right now, fruits and vegetables and beef and pork have especially skyrocketed. Click here for a full breakdown of the inflation tax by food group.

It’s important to remember that while grocery prices in Chicago may be comparable to other Illinois cities, they incur an additional 2.25 percent tax.

Costs of Owning a Car 

If you have a vehicle in the city, you have certainly felt the weight of inflation on your driving expenses.

Inflation has especially taken a hit on gas prices in Chicago and all over the country. In mid-June, the gas prices hit a record high, averaging $5.01 per gallon. Some stations were selling gas for as high as $6.50 per gallon.

While no one wants to see this number at the pump, the good news is that these prices seem to be dropping. Currently, you can expect to pay around $5.48 a gallon filling up for gas in the city of Chicago.

Auto insurance has increased following inflation. Some Chicagoans are paying up to 30 percent more to cover this cost.

In addition to fuel and insurance, folks in Chicago still have to account for city stickers and parking expenses.

Utility Costs

Utility costs are not immune to the effect of inflation either. In the past year, energy prices have risen more than 40%.

For most renters, the basic utilities include electricity, heating, cooling, water, and garbage. For a 915-square-foot apartment, all of these utilities combined cost approximately $156 monthly.

If you’re budgeting for the Internet this year, you can also expect to spend around $60 a month on this service.

Trying to save some costs given inflation? Consider these neighborhoods and apartment buildings for a more affordable cost of living:

• Bucktown – Triangle Square
• West Town – Luxe on Chicago
• Skokie – Highpoint at 800 North

Despite the rising cost of everything from rent to groceries and utilities, the Luxury Living Chicago team is here to help you navigate the current inflation or even find a new apartment within your budget. Connect with us today to get started!

If you’ve considered making a move to the Windy City, you’ve likely wondered, “is it expensive to live in Chicago?” 

Find out how much it costs to live in Chicago and how it compares to other major cities.

The Costs of Living in Chicago

There are multiple variables to consider when determining how expensive Chicago living really is. While costs fluctuate depending on the time and a person’s living habits, we want to take a look at the average costs that Chicago residents can expect:

• Rent: This cost can fluctuate drastically depending on the size, location, and quality of your apartment. However, based on all of the averages, a 1-bedroom runs about $2,300, while a 2-bedroom unit costs around $3,600.
• Utilities: The most basic utilities typically include electricity, heating, cooling, water, and garbage. For a 915-square-foot apartment, all of these utilities combined cost approximately $156 monthly. The internet is also a common utility in Chicago, and the annual bill for this service comes to $60 a month.
• Groceries: Depending on the size of your family and your eating habits, this number can differ dramatically, but the average cost of food for a Chicagoan is $299 per month.

While there are some of the most obvious living costs, we’ll touch on some of the other expenses worth noting as you consider a move to Chicago.

How the Chicago Cost of Living Compares to Other Cities

While city living typically comes at a price, your money will likely stretch further living in Chicago than it will in some of the other popular large cities. 

Despite its popularity and advantages, Chicago is currently the 47th-highest city to live in the country. This may come as a shock given the fact that Chicago is America’s third-largest metropolis. 

The other largest cities, New York and Los Angeles rank significantly higher in terms of cost of living. New York takes #12 while L.A. follows at #13. 

Houston, the fourth most populous U.S. city boasts a lower cost of living than Chicago, ranked as #51 most expensive city.

If you’re trying to avoid living in cities known for high living costs, San Francisco and D.C. may not be the places for you.

The Costs of Moving to Chicago

As you’re counting the costs of living in the Windy City, you also want to account for moving expenses. Transitioning cities, especially cross-country, may end up costing you more than anticipated, so it’s crucial not to overlook any potential fees.

There are a few variables that you want to consider if you are considering moving to the great city of Chicago.

For starters, your moving budget will vary drastically depending on whether you’re moving locally or from another state. 

If you’re moving long-distance, which is often defined by moving 100 miles or more, you can expect to spend around $2,200 to $5,700 on services, unless you have a company covering these costs. Obviously, the shorter the distance and the fewer items you have to move, the more your bill will shrink.

Moving locally is not only less costly but there is also often less time pressure. You may be able to gather a group of friends and move items gradually on your own timeline. If you do need the support of professional movers, you’re looking at spending around $800 and $2,500. Also, keep in mind that if you don’t need a ton of extra support, you may want to find movers who charge by the hour. Then you’re most likely looking at $25-$50 an hour.

While transporting items in your own car does cut out additional fees that come with movers or truck rentals, keep in mind that you will be paying for gas and putting miles on your vehicle. So, it’s worth considering what makes the most sense in your scenario.

When adding up expected moving costs, don’t forget the materials involved in transporting your stuff either. To safely and conveniently get your belongings from point A to point B, we suggest investing in an apartment moving kit from Home Depot. A single kit includes enough boxes, tape, and wrapping paper for one person and one small living space.

The Chicago Inflation Rate

Inflation accounts for the overall increase in costs. When inflation rates rise, so does the cost of living.

Recently, it was announced that Chicago’s inflation rate hit a 40-year high. At 9.1, the Windy City hadn’t seen inflation increase that much since 1981.

This bump in costs has been felt across many of the Chicago industries. The price tags on gas, groceries and housing costs have risen, and consumer pockets are feeling the weight of this increase. 

The real estate market has certainly not been immune to the inflation rate. It has driven slower home sales, rising mortgage rates and rent hikes. 

While inflation has been climbing nationally, each city has experienced varying degrees of this increase. For example, last month, Chicago’s average inflation rate sat around 8.8%, while some cities hit double-digits. Tampa, Florida’s average inflation rate that month was 11.2%.

If and when you decide to find a new home, it’s worth understanding where inflation is at that point in time and how it may affect your rent along with other living expenses.

Gas Costs

Fuel is an important variable to budget for only if you plan on driving in Chicago. So, if you intend on taking your car or purchasing a car in the city, then you certainly want insight into the Chicago gas prices.

As mentioned above, inflation has taken a hit on gas prices in Chicago and all over the country. In mid-June the gas prices hit a record high, with an average of $5.01 per gallon. Some stations were selling gas for as high as $6.50 per gallon,

While no one wants to see this number at the pump, the good news is that these prices seem to be dropping. Currently, you can expect to pay around $5.48 a gallon filling up for gas in the city of Chicago.

That is still higher than Chicagoans are used to paying. So, if you’re on the fence about having a car in the city, consider what your fuel may cost you.

Bus Fare Costs

Public transit is undoubtedly one of the many perks of Chicago living. This system offers plenty of routes and options to get around, as well as in and out of the city without a car. It can save you money on gas, insurance, and parking. 

So, if you opt-out of owning a car while living in Chicago, you’ll want to understand what you need to budget for public transportation.

While the “L”, Chicago’s train system, is a fantastic mode of transit, buses actually trump trains in daily ridership according to the Chicago Transit Authority (CTA).

So, how much should you expect to dish out for bus fare? Well, the answer depends largely on the frequency in which you ride. You will want to look at the different bus pass options and purchase the one that makes sense given your commute schedule.

These are the current bus passes available:

• Regular, one-way bus fare, which includes transfers between multiple buses: $2.25
• 1-day CTA pass, which includes both ‘L’ trains and buses: $5
• 7-day CTA pass, which includes both ‘L’ trains and buses: $20
• Monthly unlimited CTA pass, which includes both ‘L’ trains and buses: $75

Also, be sure to check with your company prior to purchasing a pass. Many employers offer pre-tax or subsidized options for your commute. Students, seniors, veterans and other groups qualify for reduced fares as well.

The costs of living can add up quickly, but comparatively, Chicago is certainly not the most expensive city out there. There are also many ways to keep your costs down and spend wisely. 

Rather than asking “is it expensive to live in Chicago?,” the better question may be, “how can I make my budget work in Chicago?”

To help you answer this question, and to find your dream home, connect with one of our experienced brokers today or read more about our process by clicking the button below!

When you think about commuting in Chicago, you probably visualize ‘L’ trains thundering through the Loop; and while this mode of transportation is part of daily life for 760,000 Chicagoans, buses actually trump trains in daily ridership according to the Chicago Transit Authority (CTA).

The type of transportation you rely on depends on where you live and your final destination. Generally, ‘L’ trains are a great option for connecting neighborhoods and the airports directly with the Loop – but since most lines go in and out of the city center, buses are often the most efficient route for traversing neighborhoods and going from east to west. Additionally, buses offer express routes through popular areas that ensure your commute is as smooth as possible.

Can public transportation replace the need for a car in Chicago?

With all of these ways to get around, it’s worth considering whether you even need a car to live in the city. The answer depends on many things: your commute, family situation, neighborhood and hobbies all determine whether a car would be best for you.

That said, given the cost of owning a car in the city – which can cost you thousands when accounting for extras like parking, insurance and gas – public transportation is a worthwhile option for people looking to commute while saving money.

The cost of public transportation

The overall cost of public transportation varies depending on the frequency with which you ride, as well as special status. As you factor this cost into your cost of living in the city, note that many employers offer pre-tax or subsidized options for your commute. Make sure you look into this money-saving option!

Current CTA costs are:

• Regular, one-way bus fare, which includes transfers between multiple buses: $2.25
• 1-day CTA pass, which includes both ‘L’ trains and buses: $5
• 7-day CTA pass, which includes both ‘L’ trains and buses: $20
• Monthly unlimited CTA pass, which includes both ‘L’ trains and buses: $75

Students, seniors, veterans and other groups qualify for reduced fares, which are worth looking into if you’re a member of one of those groups. 

Additionally, while you’re able to acquire a physical Ventra card to load your CTA value, you can also add the card to your phone to make uploading values and passes easier. Through the app, you can pre-load any amount and use it towards rides as you go.

For more answers to the question “is it expensive to live in Chicago?”, click the button below!

If you drive or pay attention to gas prices, you’ve likely noticed that these numbers have climbed over recent months. Knowing how those changes may affect you and your wallet is important. That’s why we’re taking a closer look at current gas costs in Chicago.

The Average Gas Costs in Chicago

There are a few reasons we’ve seen the cost of gas hit our wallets harder lately, including political and production bases. Overall, demand was high, and supply was low. 

While no one enjoys climbing gas prices, the good news is that these numbers seem to be dropping finally. In fact, the national average has been down almost a dollar since mid-June, when pump prices hit an all-time high of $5.01 per gallon.

Chicago experienced a record high on June 6 this year when some stations sold fuel for over $6.50 a gallon. At this point in time, the Great Lakes region experienced its lowest fuel supply since 1990. Many Chicagoans (and their bank accounts) felt the impact of this shortage. Thankfully, the Windy City is following the national gas trend, and prices are declining.

At this point in time, you can expect to pay around $5.48 a gallon filling up for gas in the city of Chicago. Keep in mind that these prices can fluctuate daily and also depend on the gas station and the type of gas you’re purchasing. If you need mid-gas, you’re looking at $5.87 per gallon, while premium costs around $6.38 and diesel will run you close to $5.84.

AAA offers a look at average prices of gas currently, yesterday, a week ago, and a year ago. It also compares the costs throughout the varying Chicago counties. If you’re interested in evaluating the gas station prices around you, there are also apps that can help locate the cheapest spot to fill up, including GasBuddy, Gas Guru, and DriverDash. Most of these apps also provide additional features that you can check out and compare.

If you’re a city driver, it’s essential to follow and budget for gas, but that’s not the only cost to consider. Be sure to take into account all the expenses that come with car ownership, including maintenance, insurance, and parking.

If you’re looking to move to Chicago, let a Luxury Living Chicago Realty broker help you find a suitable luxury apartment. Our team members can walk you through all the steps in finding a home, including the less obvious considerations, like gas costs in Chicago or other costs that may influence your rental budget. Connect with us today start your search!

Interested in learning more about the costs associated with living in Chicago? Follow the link below!

No matter where you’re moving from (even if it’s within Chicago!), it’s easy to harbor the assumption that a bigger city implies higher expenses. As the third-biggest city in the US by population, you’d think that Chicago follows this line of thinking – but according to a study by Move.org, the cost of living here ranks lower than other top U.S. cities.

The study, completed in 2021, used the average cost of rent, food, transportation and utilities as compared to U.S. Census population data. Interestingly, the data showed that 7 of the top 10 most expensive cities were in California; Honolulu also topped the list.

Read on for a ranking of Chicago’s expenses versus comparable U.S. cities, which together round out the top four most populous in the country.

Chicago Cost of Living Rank: #37

Despite being the third-largest city in the country by population, Chicago ranks lower than its coastal counterparts. Part of this is because cost varies so greatly by neighborhood.

Average costs in Chicago are indicative of this trend:

• 1-Bedroom Rent: $2,400
• Food: $358 per person
• Utilities: $156, including electricity, heating, cooling, water, garbage
• Transportation: $75 for a monthly CTA ventra pass

New York Cost of Living Rank: #12

When weighing the cost of living in New York vs. Chicago, it’s no surprise that the biggest city in the U.S. also happens to be one of the most expensive. Even as the city’s population declined last year, rent still managed to hover around $4,000 per month on average in Manhattan.

Average costs in New York overall slightly lower than the premiums paid in Manhattan:

• 1-Bedroom Rent: $3,986
• Food: $521
• Utilities: $162
• Transportation: $129 for a monthly MetroCard

Los Angeles Cost of Living Rank: #13

Known for its laid-back lifestyle and urban sprawl, Los Angeles mirrors Chicago in that it can be very expensive or more affordable depending on neighborhood and area. See how LA compares to Chicago in terms of the average cost of living.

Average costs in Los Angeles are just below those of their east coast counterparts:

• 1-Bedroom Rent: $2,642
• Food: $398
• Utilities: $138
• Gas: $200

Houston Cost of Living Rank: #51

Boasting 640 square miles, Houston has the largest land area of the country’s top-populated cities, – and therefore, more room to grow (and the ability to keep rent lower). H-Town also saw the smallest rate of population decline last year.

Average costs for Houston rank the lowest among their counterparts:

• 1-Bedroom Rent: $1,941
• Food: $328
• Utilities: $158
• Gas: $122

If you’re considering moving to Chicago, our LLCR brokerage team is here to share insights into cost of living while finding the right apartment for you.

Interested in learning more about the costs associated with living in Chicago? Follow the link below!

A popular question from our clients while they are apartment hunting is “what is rent concession and how does it actually work?”

If you’ve wondered or asked the same question, you’ve come to the right place. We are here to help!

What is a Rent Concession?

By definition, a rent concession is an adjustment or compromise a property manager or landlord makes to lease terms to attract tenants. This generally happens when they want to incentivize a current tenant to renew or keep their lease, or attract new renters. 

Often, the property manager will reach this point if they have or expect to have vacancies. They may realize that lowering a cost somewhere for their tenant will still bring them more money than having an empty unit.

As a renter, you may come across various types of concessions. Here are the many forms they make take:

• One free month: This is a popular rent concession because it is an easy way to attract renters. Many buildings eager to fill empty units will advertise the first month free, knowing that losing that month’s rental income is worth having a signed lease.
• Discounted rent: In a hot market, rental prices tend to increase, but if a property needs renters, they may lower the monthly costs to get more folks in. While this is a considerable incentive, keep in mind that rent may rise back up after the end of your lease.
• Reduced security deposit: Renting an apartment often involves putting down a security deposit. While this protects the property owner, it certainly adds to the renter’s initial costs. Lowering or even taking away this cost definitely sparks some interest.
• Renovations and upgrades: You may also come across an apartment unit boasting brand new floors, fixtures, or appliances. This comes at an extra expense for the owner, but it’s often a worthwhile investment and strategy for attracting renters.
• Free amenities: On some occasions, you may also come across an apartment offering free parking spaces, storage units, or fitness center access that normally comes at a cost. This bonus may make the other rental costs worth it for you.

We hope we’ve answered the burning question, “what is a rent concession?”. If you have more questions or are ready to find an apartment that fits your price range, be sure to get in touch with us! Luxury Living Chicago Realty has a team of real estate professionals to help you get the best deal and the best home possible.

Have more questions in regards to your apartment search? Follow the link below!

If you’ve chosen the budget for an apartment, the next step is saving for your new home. Check out our tips on how to save for an apartment fast:

How to Save for an Apartment Fast

1. Make your own meals

For many, eating out is the highest discretionary expense or non-essential purchase.

If this is easy to believe and you find yourself breaking the bank on restaurants, consider making a shift.

While dining out can be fun and convenient, it will also make saving up harder.

The average commercially prepared meal costs around $13, as opposed to $4 for a homemade meal. That’s a huge difference! It means eating out is about 325% more pricey than staying home and cooking.

2. Avoid retail therapy

Those who like to shop for fun may find saving quite challenging.

Taking a break from purchasing non-necessities is a practical way to set aside extra money for your apartment.

3. Be mindful of transportation

This is another expense that can add up quickly.

The average Chicagoan spends $66 a month on Uber rides.

On days you’re tempted to order a ride, first see if there is a cheaper option. Consider walking, taking public transit, or carpooling.

The Windy City is known for its impressive walkability and the CTA!

4. Set limits and stick to them

Even if you can’t give up some expenses entirely, limits will help you manage and reduce your spending.

However, you have to have a way of holding yourself accountable during the process! 

5. Let an app help you

Technology can help streamline any process, especially money saving.

Many free apps are designed to make it easier to watch your bank account grow.

Consider Mint to help you track and adjust your spending habits. It connects with your bank and then automatically categorizes all your expenses.

Acorns is another fan favorite. The app keeps the change every time you swipe your linked credit card and then sends that change to an investment portfolio for you.

6. Keep your eye on the prize

In all of your spending and saving, don’t forget what your end goal is.

You will find that being able to rent the apartment of your dreams is worth setting some rules for yourself.

Now that you know how to save for an apartment fast, it may be time to find a Chicago apartment quickly. Let Luxury Living Chicago help you get started right away!

As you begin looking for a place to call home, consider some of these Chicago apartments or click the button below to view more apartments.

• 727 W Madison
• Sentral Chicago – 808 S Michigan
• The Paragon Chicago – 1326 S Michigan
• Three Old Town Park – 228 W Hill

Along with choosing the right Chicago neighborhood, figuring out a budget is another early step in the apartment hunting process that will help narrow your search. Check out these helpful budgeting tips and insights that lay out how to budget for the apartment of your dreams.

How to Budget for an Apartment

Know Your Cost of Living

Understanding the cost of living is essential to creating a budget.

Knowing what your day-to-day will cost allows you to make a budget factoring in all of your expenses. Check out our guide to the cost of living in Chicago for more insight into what it actually costs to live in the Windy City.

Once you have this figured out, you’ll be in great shape to start creating your budget.

Follow Simple Budgeting Principles

When budgeting for an apartment, you don’t have to start from scratch!

Financial experts have created simple guidelines that outline basic percentages and figures you can use to help you create a budget and understand what you can actually afford.

Check out our blogs that outline ways to understand what rent you can actually afford and figure out your rent vs. salary ratio to help you make your decision.

Understand All of the Costs

When creating your budget for your apartment, it’s essential to understand not only the rent you’re saving up for, but also other costs that will affect your bottom line.

Utilities as well as additional fees for your living space can both drastically change the budget you may have allocated based on sticker price, so be sure to fully understand the costs that may be hidden upfront when you start your search.

Budgeting for your apartment may seem overwhelming at first, but it doesn’t have to be!

Once you have your budget outlined, you can narrow down your search for your new home. For a comprehensive overview of all of our best budgeting tips, check out our Best Budgeting Tips for 2022 blog.

Looking to use your savings for a new apartment? Check out a few of our favorite listings here:

727 W Madison – 727 W. Madison

The Paragon Chicago – 1326 S. Michigan

Mila Apartments Chicago – 201 N. Garland

Sentral – 808 S. Michigan

Searching for a Chicago apartment quickly? Luxury Living Chicago will help you get started right away! Connect with a Luxury Living broker to begin your search.

Looking to furnish your Chicago apartment? Here’s what it will cost on average to fully furnish a 1-bedroom apartment in the Windy City.

The Cost of Furnishing an Apartment in Downtown Chicago

On average, the cost of furnishing an apartment can run you about $6,000, but can range anywhere from $3,000 to $8,000 depending on your necessities and taste.

We’ve broken down a few costs you’ll need to consider when furnishing your apartment:

Living Room

In total, living room expenses can cost around $2,450. This is broken out between the following:

Seating, whether it be a sofa and accent chairs or a sectional, can typically cost you up to $1,000. A coffee table, end tables, and TV stand can run you around $850. An area rug will be around $250, and decor/lamps can run you around $150. 43” TVs run you about $200.

Kitchen

In total, you can expect to pay $1,000 to fully furnish your kitchen and dining areas.

A four-person dining set will cost you about $500. Silverware, dinnerware, and cups/mugs are around $100. Cookware and bakeware can run you about $200; and additional kitchen utensils, appliances, and cleaning supplies will tack on another $200.

Bedroom

In total, bedroom costs can run you close to $2,400.

For a good mattress, you can expect to pay $800 or more, depending on your sleeping needs. A queen bed frame and two nightstands can be another $800. For a dresser, lamps, and additional necessities, you can expect to pay around $600. Bedding and pillows will add an additional $200 to the total.

Bathroom

In total, you can expect to pay just about $150 for bathroom necessities.

A towel set can cost about $50, a bathmat is around $30, and a shower curtain will be around $40. You can expect to pay an extra $30 in additional bathroom expenses, including shower curtain rings, soap, and bathroom cleaning supplies.

If you’re moving into a 1-bedroom apartment and expect to furnish it completely from scratch, you can ballpark to spend about $6,000 for a nice, new apartment.

In the market for a new Chicago apartment? The Luxury Living team can help you find a new apartment that fits your wish list. Connect with us today to start your search!

Searching for more information on furnishing apartments? Follow the link below!

Are you comparing city lifestyles? Consider the cost of living in Chicago vs. New York.

The Cost of Living in Chicago vs. New York

While the Windy City and the Big Apple both offer a vibrant urban experience, a Chicago lifestyle is less expensive across the board. This means that you will get more for your money here in Chicago.

Overall, Chicago is 42.9% cheaper than New York. While median home cost is the most significant cost factor in the cost of living difference, other variables also account for this difference.

Buying a home in Chicago will run you 66% less in Chicago than New York. Renting an apartment will also take less from your bank account. The median monthly rent for a 1-bedroom is $1,708 in Chicago compared to $2,850 per month in New York.

We’ve compared the price of one-bedroom rental units in similar Chicago and New York neighborhoods:

• The Loop ($1,921) vs. the Financial District ($3,500)
• West Loop ($1,967) vs. Downtown Brooklyn ($3,216)
• River North ($2,411) vs. Midtown ($3,300)
• Lincoln Park ($1,625) vs. Village ($3,000)
• Bucktown ($1,700) vs. Williamsburg ($3,250)
• South Loop ($2,690) vs. Long Island City ($2,850)

Not only can you find more affordable rent in Chicago, but your money can also stretch to afford more luxurious living. Residing in Chicago provides more room in your budget for spacious apartments, extra amenities, and upgraded finishes.

Daily life, in general, is more affordable in Chi-town as well. Additional living expenses such as utilities, parking, transportation, and groceries all cost around 15 to 20 percent cheaper here than in New York.

Along with a lower cost of living, Chicago also boasts an impressive selection of free activities for community members throughout the city. 

During the warm months, residents take advantage of the public parks, trails, the Chicago Riverwalk, Lincoln Park Zoo, and lakefront without spending a dime. Year-round locals can also access various indoor museums and conservatories at no cost.

When comparing the cost of living in Chicago vs. New York, you’ll quickly realize that while these cities may offer similar experiences, New York comes at a much steeper price.

If you want to maximize your finances and find a luxury apartment in Chicago, connect with us today! We have experienced team members who are eager and ready to help you find the best home at the best price.

Expenses can add up quickly, so budgeting is a great way to manage and monitor your spending. 

When creating a budget, you’ll need to include your monthly spend on groceries. So what does the average cost of groceries per month look like in the Windy City?

While there are a few variables that affect this answer, like how many mouths you have to feed and how often you cook, the grocery store you shop at can significantly influence your final grocery bill. 

So let’s look at some of the popular Chicago grocery stores and see how they compare to one another.

The Average Cost of Groceries Per Month in Chicago

• Whole Foods – This USDA Certified Organic national grocer provides Chicagoans with a wide selection of organic food and products. Whole Foods’ products typically run 10 to 20 percent higher than typical grocery stores due to their quality standards. Many shoppers find this increase worth the value they receive.
• Marianos – As one of Chicago’s most popular grocery stores, Marianos chains can be found throughout the Chicago neighborhoods. Marianos is generally known for its high-quality food and reasonable prices. The store often offers a bar, coffee shop, and pharmacy too.
• Jewel Osco – This is another grocery store you can find all over Chicago, which closely compares to Marianos. Choosing between these two stores may depend on which one is closer to you.
• Trader Joe’s – Over the years, this retailer has gained quite the popularity. People gravitate towards this grocery store for its affordable prices, delicious pre-made food, and pleasant shopping experience. This store can sell items at better prices than other shops because it doesn’t charge suppliers a shelf fee and it buys directly from suppliers in volume. Here you can’t find as many organic products as Whole Foods, but you can find more reasonably-priced wholesome products.
• Aldi – This grocery store chain has a very similar history as Trader Joe’s and is also known for its extremely competitive price points. Aldi tends to offer slightly more affordable prices; however, their selection is also slightly smaller. This is a great option for your basic everyday items.

While these are Chicago’s largest grocery chains, every neighborhood has its own local grocery stores worth considering. While these prices are generally higher at the mom-and-pop stores, some prefer the convenience smaller stores offer and the opportunity to support local businesses. 

A Luxury Living Chicago Realty broker can help you choose an apartment that works best for your eating habits and lifestyle — whether that’s proximity to grocery stores, a functional kitchen to cook in, or a central location near popular restaurants.

If you’re ready to find your dream home and trust one of our experts to answer your questions, even around the cost of groceries per month, connect with us today.

For more insight on all the costs you can expect while living in Chicago, check out our comprehensive guide below.

Living in the Windy City makes getting around the city without a car fairly easy. The public transit options, the city’s walkability, and the other modes of transportation beg the question, “Is the cost of owning a car in Chicago worth it?”

First, you have to look at all of the costs associated with owning a car here. Here’s what you want to consider if you’re trying to decide whether owning a car is worth it for you.

The Cost of Owning a Car in Chicago

• Maintenance – To ensure your car is and stays in good condition, regular maintenance is vital. Routine car maintenance keeps your engine running and helps avoid more serious and expensive car problems. Those basic services generally include oil and filter change, tire rotation and multipoint inspections.
• Fuel – If you want your car to run, you’ll need gas. While the price of gas fluctuates, it tends to cost more in the city. Right now, the average cost of fuel is $3.07. Keep in mind, this expense also depends largely on how frequently you use your car and what kind of vehicle you own.
• Insurance – The state of Illinois requires every car owner to purchase liability insurance. This helps protect the driver against the cost of injuries or damages caused to other people in a crash. While many factors influence your insurance rate, the average annual cost runs an Illinois resident $1,303.
• Parking – Free street parking is few and far between in downtown Chicago. You will most likely need to purchase a permit to park along streets near your home or purchase a parking spot at your building or in a nearby garage or lot, which can cost you quite a bit.

If owning a car in Chicago doesn’t make sense for you, the good news is that there are other transportation options:

• Public transit – The public transportation system in Chicago is excellent. From buses to the infamous “L” and metra system, you can get anywhere in the city with the efficient routes and options. While you can pay a single fee or purchase daily passes, a monthly pass for $105 may be the most cost-effective option.
• Biking – You can invest in your own bike or take advantage of the Divvy bikes– a shared biking system. You can purchase daily, monthly, or annual passes and find biking stations all throughout Chicago.
• Walking – Chicago has consistently been ranked as one of the nation’s top 10 most walkable cities. Downtown Chicago and many of the surrounding neighborhoods provide excellent walkability.
• Ride-hailing – Chicago is home to plenty of cabs and other ride services, including Lyft and Uber. This is a convenient way to order or even schedule a ride ahead of time.

Whether you need parking space, a close commute, or nearby access to public transportation, Luxury Living Chicago Realty can help you find a luxury apartment that fits your needs. Begin your search by connecting with one of our experienced brokers today.

For more on the costs of living in Chicago, check out our comprehensive guide below.