Snape wrote:I agree that COL in Chicago vs. NY for lawyers is much different than any badly created COL calculator. Also, nobody is getting a decent 1bedroom in lake view for 800---thats just idiotic.
My friend is living in a nice 1BR in Boystown for around $900. There are a ton on Trulia in the $700-$1000 range.
Snape wrote:Here is really what you are looking at (not forgetting that even $5 shorts in Chicago has 10.9% sales tax while all clothes in NY under 100 are 0%--huge difference!).
Chicago's sales tax is 9.5%. Also, do the math. How much money do you spend that qualifies for that exception? $500 a month would be a big number, and it'd save you all of $50/month.
Snape wrote:You can live in a nice high rise in gold coast/river east/downtown, whatever in Chicago for about 2100.
I live in a nice high rise in Near North side for $1500. There are a ton of apartments like that for that price. $2100 is the top of the market, in a new building. Look on Trulia.
Snape wrote:You can live in a great place in Brooklyn for about the same (sometimes less) or Manhattan for about 3500. So there is no doubt rent is different (you are also paying to live in the safest big city in the US compared to the highest murder rate in the US for big cities).
$2100 is about right for a 1BR high-rise in Brooklyn, but the Brooklyn to DPW in midtown east is a 30 minute train commute. That's a bit further than the Boystown to K&E in River North commute. You're comparing apples and oranges. If you're willing to commute half an hour, compare Lake View to Brooklyn. Otherwise, compare Near North to Manhattan. Either way, you're looking at an $800-$1500/month advantage to Chicago.
Chicago has nowhere near the highest murder rate in the US for big cities. It's not even in the top 5. Moreover, if you look at violent crime overall, instead of just murders, Chicago is only moderately more dangerous than NYC. LA is actually quite a bit safer than both. http://latimesblogs.latimes.com/lanow/2 ... ities.html
Snape wrote:Otherwise, tax in NYC is crappy and tax in Chicago is equally crappy.
No, it's not. At $160k, NYC is $700 a month more in state and city taxes. Illinois, even with the recent hikes, has among the lowest income taxes of any big state, comparable to Utah. Chicago sales tax is high, but its property taxes are reasonable and it has no income tax.
$700/month is not nothing, that's a substantial chunk of money. If you've got $200k in loans, and put that money towards your loan payment, after six years you're down to $32k in debt versus $98k. You pay off your loans three years earlier and pay $27k less in total interest.
Snape wrote:Good Luck but don't ever think there is a big difference in COL from the 2 cities...that idea is mostly for people who argue "why Chicago."
Sorry you can't do math bro. But I'm actually about to move to NYC to start at a V5 next month, and I've thoroughly researched my options. Maintaining the same standard of living, commute time, etc, I could have saved close to $2,000 a month in Chicago versus NYC just between taxes and housing. That's cash money I could have put towards paying down the ungodly amount of debt I incurred for my JD.
Look, I'm willing to entertain the idea that NYC is worth the money for some people. But OP here has expressed neutrality as between Chicago and NYC. And to overlook large financial savings for the claim that NYC V10 > K&E Chicago in terms of exit options is, in addition to being absolutely filthy Skadden/Latham/Weil trolling, completely unsubstantiated.