Most Affordable Neighborhoods in Chicago, IL
Some of the cheapest neighborhoods in Chicago are Far North Chicago, Edgewater, and South Lakefront. These neighborhoods offer some of the lowest rent prices in Chicago, making them ideal for renters on a budget. As of April 12, 2025, the average rent in Chicago is $1,917, which is 2% higher than last year. However, it's important to remember that rental prices can vary significantly based on factors such as location, amenities, and floor plans.
Far North Chicago
Average Rent
$1,801/Month
Year-Over-Year Rent Change
1.9%
TransitScore® Rating
64/100
Units Available
738 Rentals
Nestled in the northernmost part of Chicago, Far North offers expansive green spaces perfect for outdoor activities. Its proximity to Lake Michigan provides scenic views and easy access to lakeside trails. Public transportation options here make commuting a breeze, ensuring convenience for all residents.
Edgewater
Average Rent
$1,917/Month
Year-Over-Year Rent Change
2.4%
TransitScore® Rating
70/100
Units Available
646 Rentals
Edgewater, situated along the north lakefront, offers a balance of historic architecture and modern amenities. Its beautiful beaches and parks provide plenty of recreational opportunities, and a variety of dining and shopping options cater to diverse tastes.
South Lakefront
Average Rent
$2,041/Month
Year-Over-Year Rent Change
2%
TransitScore® Rating
66/100
Units Available
486 Rentals
Boasting stunning vistas of Lake Michigan, South Lakefront is an excellent choice for budget-conscious renters. The area is home to several parks, providing ample space for sports and relaxation. Nearby museums and cultural institutions enhance its appeal, making it a desirable location.
Northwest Chicago
Average Rent
$2,187/Month
Year-Over-Year Rent Change
1.4%
TransitScore® Rating
60/100
Units Available
509 Rentals
Northwest Chicago offers a peaceful retreat with easy access to urban amenities. Its abundant parks and community centers foster a strong sense of belonging, and its proximity to Chicago O’Hare International Airport makes planning a vacation easy. Affordable housing and good schools add to its appeal, making it a practical choice for many.
Uptown Chicago
Average Rent
$2,210/Month
Year-Over-Year Rent Change
1.6%
TransitScore® Rating
27/100
Units Available
455 Rentals
Known for its rich history and entertainment venues, Uptown Chicago is a vibrant neighborhood that won't break the bank. The area features beautiful green spaces and a thriving arts scene. Excellent public transit connections ensure easy access to the rest of the city.
Lakeview
Average Rent
$2,212/Month
Year-Over-Year Rent Change
2.5%
TransitScore® Rating
75/100
Units Available
954 Rentals
Lakeview has something for everyone, from sports fans to nature lovers. Wrigley Field, the home of the Chicago Cubs, sits at the center of this neighborhood while boating opportunities abound on Lake Michigan. Affordable housing options make Lakeview an attractive destination for baseball fans seeking a rental in Chicago.
North Lakefront
Average Rent
$2,634/Month
Year-Over-Year Rent Change
2.8%
TransitScore® Rating
71/100
Units Available
3,404 Rentals
North Lakefront offers both affordability and charm along the shores of Lake Michigan. This neighborhood boasts numerous parks, recreational facilities, and the Chicago River at its center. Frequent public transit services ensure seamless connectivity to downtown Chicago.
Lincoln Park
Average Rent
$2,730/Month
Year-Over-Year Rent Change
2.6%
TransitScore® Rating
76/100
Units Available
1,460 Rentals
Lincoln Park is a scenic neighborhood known for its extensive parklands and cultural attractions. Affordable rental options and proximity to the Lincoln Park Zoo and Conservatory add to its allure. Bike-friendly streets and numerous public transit options enhance its accessibility.
Chicago Loop
Average Rent
$2,882/Month
Year-Over-Year Rent Change
1.2%
TransitScore® Rating
100/100
Units Available
376 Rentals
When you’re looking for a great Chicago neighborhood on a budget, check out Chicago Loop. The average rent is $2,882, compared to the city average of $1,917. Rent prices have increased by 1.2%. Chicago Loop is convenient to Harold Washington College, Monroe Station (Blue Line), and Washington/Wells Station (Downtown Loop). The community is walkable with a WalkScore® of 95.
South Loop
Average Rent
$2,947/Month
Year-Over-Year Rent Change
1.3%
TransitScore® Rating
86/100
Units Available
850 Rentals
South Loop combines historic landmarks with budget-friendly living options. The neighborhood's extensive park areas offer excellent spots for jogging and relaxation. Proximity to attractions like Grant Park, the Field Museum, and The Bean enriches the living experience.
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Methodology
Transit Score measures access to public transit. Scores range from 0 (minimal transit) to 100 (rider’s paradise). Learn more about the Transit Score methodology. Rental data is sourced from CoStar Group’s Market Trend reports. As a leading authority in commercial real estate information, analytics, and news, CoStar performs in-depth research to build and sustain an extensive database of commercial real estate insights.
We've combined this data with public records to provide the most current rental information available.