Most Affordable Neighborhoods in Chicago, IL
Some of the cheapest neighborhoods in Chicago are South Lakefront, Far North Chicago, and Edgewater. These neighborhoods offer some of the lowest rent prices in Chicago, making them ideal for renters on a budget. As of November 25, 2024, the average rent in Chicago is $1,843, which is 1.9% 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.
South Lakefront
Average Rent
$1,700/Month
Year-Over-Year Rent Change
1.3%
TransitScore® Rating
66/100
Units Available
515 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.
Far North Chicago
Average Rent
$1,745/Month
Year-Over-Year Rent Change
0.8%
TransitScore® Rating
64/100
Units Available
698 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
$1,855/Month
Year-Over-Year Rent Change
0.4%
TransitScore® Rating
70/100
Units Available
695 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.
Uptown Chicago
Average Rent
$2,061/Month
Year-Over-Year Rent Change
1%
TransitScore® Rating
27/100
Units Available
586 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
$2,064/Month
Year-Over-Year Rent Change
4.7%
TransitScore® Rating
75/100
Units Available
1,156 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
$2,455/Month
TransitScore® Rating
71/100
Units Available
4,051 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
$2,574/Month
Year-Over-Year Rent Change
3.2%
TransitScore® Rating
76/100
Units Available
1,778 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
$2,692/Month
Year-Over-Year Rent Change
1.1%
TransitScore® Rating
100/100
Units Available
432 Rentals
Chicago Loop is a top choice for budget-conscious renters for a variety of reasons. The average rent in Chicago Loop is $2,692 while the city average is $1,843. This is a -1.1% difference from last year. Residents enjoy convenient access to DePaul University, Loop Campus, The Shops at North Bridge, and Quincy Station (Downtown Loop). The neighborhood is considered walkable with a WalkScore® of 100.
South Loop
Average Rent
$2,798/Month
Year-Over-Year Rent Change
1.3%
TransitScore® Rating
86/100
Units Available
853 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.
Grant Park
Average Rent
$2,973/Month
Year-Over-Year Rent Change
1.8%
TransitScore® Rating
98/100
Units Available
548 Rentals
When you’re looking for a great Chicago neighborhood on a budget, check out Grant Park. The average rent is $2,973, compared to the city average of $1,843. Rent prices have increased by 1.8%. Grant Park is convenient to Columbia College Chicago, Roosevelt Station (Red Line), and Harrison Station. The community is walkable with a WalkScore® of 96.
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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.