Welcome to Chicago, Illinois, the Windy City! Known for its stunning skyline, bright art scene, and world-renowned deep-dish pizza, Chicago is a city that truly has it all. However, living in a city with so much opportunity often comes with a hefty price tag, especially when it comes to housing.
While finding an apartment close to all the excitement can be expensive, it is possible to work, play, and rent at a reasonable price. We’ve compiled a list to help you experience the best of Chicago without breaking the bank. The five cheapest neighborhoods in Chicago in 2023 are:
Far North Chicago
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Average 1-bedroom rent in Chicago: $1,743/month
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Average 1-bedroom rent in Far North Chicago: $1,175/month
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Median Home Value in Far North Chicago: $340,000
Far North Chicago is a diverse neighborhood located at the northernmost part of the city. Famous for its tree-lined streets, spacious parks, and community atmosphere, it's a popular location for families and young professionals. Commuting from here is straightforward, with Metra rail lines and several bus routes like the 22 Clark, 36 Broadway, and 151 Sheridan serving the area. There's also easy access to I-94 and I-90 for those who prefer to drive.
Things to do in Far North Chicago, IL
Residents in Far North Chicago have the benefit of choosing to explore the cityscape or stretch their legs through neighborhood greenspaces. Locals love the serenity of Loyola Park, which offers stunning views of Lake Michigan. The neighborhood is also home to the iconic Edgewater Beach and Hotel, which has been transformed into a luxury residential building. Additionally, residents and visitors can enjoy a wide range of dining options, from cozy cafes to upscale restaurants.
Edgewater
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Average 1-bedroom rent in Chicago: $1,743/month
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Average 1-bedroom rent in Edgewater: $1,262/month
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Median Home Value in Edgewater: $281,000
Edgewater is a charming area located on the North Side of Chicago. Known for its historic architecture, diverse community, and stunning lakefront views, Edgewater offers a mix of residential areas, commercial districts, and cultural attractions. The neighborhood is served by several bus routes. For those who commute by car, the neighborhood has quick access to I-94 and I-90.
Things to do in Edgewater, IL
Locals enjoy shows at the renowned Riviera Theatre or visiting the beautiful Foster Beach, where residents and visitors can relax and enjoy the lakefront. Additionally, Edgewater offers a bustling nightlife scene with numerous bars, clubs, and live music venues.
Uptown Chicago
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Average 1-bedroom rent in Chicago: $1,743/month
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Average 1-bedroom rent in Uptown Chicago: $1,470/month
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Median Home Value in Uptown Chicago: $283,000
Uptown Chicago is located just north of downtown. Known for its rich history, cultural diversity, and lively entertainment scene, Uptown offers a mix of residential areas, commercial districts, and entertainment venues. The neighborhood is served by several bus routes and major interstates, providing convenient access to downtown Chicago.
Things to do in Uptown Chicago, IL
Uptown locals can enjoy a variety of activities. They can explore Belmont Harbor, which offers stunning views of the lake and a variety of recreational activities. Others enjoy a variety of live performances at the historic Aragon Ballroom. The neighborhood is also minutes from Wrigley Field, the iconic baseball stadium and home of the Chicago Cubs.
Lakeview
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Average 1-bedroom rent in Chicago: $1,743/month
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Average 1-bedroom rent in Lakeview: $1,480/month
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Median Home Value in Lakeview: $370,000
Lakeview is located on the North Side of Chicago, IL. Known for its lively atmosphere and diverse community, Lakeview is home to a variety of housing options, including apartments, condos, and single-family homes. The neighborhood is known for its beautiful tree-lined streets, historic architecture, and proximity to Lake Michigan.
Things to do in Lakeview, IL
Locals enjoy a variety of activities in Lakeview. Explore the brightly lit community of Boystown, known for its lively nightlife and diverse dining options. Take a short drive to visit the Lincoln Park Zoo, a free and family-friendly attraction with a wide variety of animals. Shop at the trendy boutiques, dine at local restaurants, and catch a movie at the historic Music Box Theatre.
Northwest Chicago
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Average 1-bedroom rent in Chicago: $1,743/month
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Average 1-bedroom rent in Northwest Chicago: $1,088/month
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Median Home Value in Northwest Chicago: $306,000
Northwest Chicago is a diverse and affordable neighborhood located on the Northwest Side of Chicago, IL, offering a mix of residential areas and green spaces. The area is known for its strong sense of community and affordable housing options, making it an attractive choice for renters.
Things to do in Northwest Chicago, IL
Explore the Six Corners intersection, known for its shopping, dining, and entertainment options, or enjoy outdoor activities at Portage Park, which features a swimming pool, tennis courts, and a playground. Take a drive to the charming Old Irving Park, known for its historic homes, and spend the afternoon at Independence Park, which offers sports fields, a playground, and picnic areas.
Make the Most of Your Move with Apartments.com
Whether you're planning a short-term stay or looking to settle down, Apartments.com has the tools to help you find an affordable apartment easily. Navigate housing across neighborhoods with our customized search filters. Once you find the perfect location, narrow the search to a price range that works for you.
No matter your budget, the options are endless with Apartments.com. Ready to get started? Pay less, live more, and rent on.
*Apartment rent data provided by CoStar Group’s November 2023 reports
