Average Cost of Living in Downtown Chicago
Chicago has long been known for its stunning skyline, diverse neighborhoods, and vibrant cultural life. But what many people may not realize is that Chicago offers big-city living at a much more affordable price than many other major U.S. cities like New York, Boston, San Francisco, Los Angeles, or Seattle. If you’re looking to enjoy the perks of urban life without breaking the bank, Chicago could be the perfect fit. Even in some of Chicago’s most popular neighborhoods—West Loop, River North, South Loop, The Loop, Lincoln Park, and Gold Coast—they still offer a lower cost of living than most other metro areas.
The West Loop is one of Chicago’s hottest neighborhoods, known for its thriving Michelin Starred restaurant scene on Randolph Street, converted lofts, and proximity to downtown. It’s home to McDonald’s international headquarters as well as many tech companies and co-working spaces.
River North is one of Chicago’s most upscale neighborhoods, boasting high-rise apartments, art galleries, and an electric nightlife. While it has the feel of a New York City neighborhood like Tribeca or Chelsea, it’s significantly more budget-friendly.
The South Loop offers a great balance between city life and a more relaxed atmosphere as well as popular Chicago landmarks like the Museum Campus, Grant Park, and Soldier Field. The South Loop is one of the more affordable neighborhoods in downtown Chicago.
The Loop is Chicago’s central business district, similar to Wall Street in New York or the Financial District in San Francisco. However, living here doesn’t come with the exorbitant price tag you’d find in those coastal hubs. Along with the South Loop, the Loop is one of downtown Chicago’s more affordable neighborhoods.
Lincoln Park is one of Chicago’s most beloved neighborhoods, known for its greenery, historic homes, boutiques and coffee shops along Armitage and Halsted, and residential atmosphere. Though it offers a similar lifestyle to areas like Boston’s Back Bay or San Francisco’s Pacific Heights, the cost of living is significantly lower.
Whether you’re looking for a vibrant social scene or seeking a balance between city life and comfort, downtown Chicago offers incredible value for those seeking big-city amenities at a more affordable price. New residents moving to Chicago are usually pleasantly surprised to find out that the average cost of living in downtown Chicago is substantially less than it is in other major US cities. Looking for luxury apartments for rent near downtown Chicago? Contact us today!
Moving to downtown Chicago can be an exciting adventure, but it also comes with its own set of challenges and considerations. From navigating the neighborhoods to finding the perfect apartment, there’s a lot to think about when making the move to the Windy City.
Wondering how to find downtown Chicago apartments, about neighborhoods, the benefits of working with a leasing agent, or the average rent in Chicago? Here are our top tips if you’re thinking of moving to Chicago!
1. Know Your Neighborhoods
Downtown Chicago is made up of several distinct neighborhoods, each with its own unique charm and character. From the bustling streets of the Loop to the trendy vibes of River North, there’s something for everyone in downtown Chicago. Before you start your apartment search, take some time to research the different neighborhoods and determine which one best fits your lifestyle and preferences.
Here’s a brief overview of some popular downtown Chicago neighborhoods and their average rent prices:
2. Work with a Leasing Agent
Navigating the downtown Chicago rental market can be daunting, but working with a leasing agent can make the process much easier and more efficient. A leasing agent can help you narrow down your search, find deals through their relationships with high rise buildings, take videos and do virtual tours if you’re out of state or busy, schedule apartment showings, and sometimes negotiate lease terms on your behalf. They have insider knowledge of the market and can help you find hidden gems that may not be listed online.
3. Timing Your Search
The downtown Chicago rental market moves quickly, especially during peak moving seasons like summer. To ensure you find the perfect apartment, start your search early and be prepared to act fast when you find a place you love. On the other hand, you also tend to find the best deals the closer you look to your move date. The sweet spot tends to be starting your search 30-60 days out from your move date.
4. Average Rent in Chicago
Renters coming from other big cities, such as New York, Boston, Seattle, Los Angeles, and San Francisco, tend to be pleasantly surprised that the average rent in downtown Chicago tends to be substantially lower than in other big cities. Most managed high rise buildings don’t ask for security deposits or move in fees, but most private landlords do.
5. Consider Transportation Options
Downtown Chicago is known for its excellent public transportation system, including buses and trains operated by the Chicago Transit Authority (CTA). Many downtown neighborhoods are also very walkable, with easy access to shops, restaurants, and entertainment venues. You really don’t need to have a car to get around downtown Chicago, but picking an apartment near the transit lines is an important consideration.
6. Embrace City Living
Moving to downtown Chicago offers an unparalleled urban experience, with endless opportunities for entertainment, dining, and cultural enrichment right at your doorstep. Embrace city living and take advantage of everything downtown Chicago has to offer, from world-class museums and theaters to waterfront parks and outdoor festivals. Get out and explore your new neighborhood, meet your neighbors, and immerse yourself in the vibrant energy of downtown Chicago.
Thinking of moving to downtown Chicago or wondering about average rent in Chicago? We’re happy to answer all of your questions! Contact us today to get in touch with one of our neighborhood experts.
There’s a reason New York and downtown Chicago are world renowned cities. Moving from New York to Chicago? Here are some of the biggest similarities and differences you need to know between the two.
Biggest Similarity
One thing New Yorkers and Chicagoans alike appreciate about their cities is the vibrant and distinct culture of each neighborhood. If you like the elegant brownstones of The Village, take a stroll down Dearborn Street in the Gold Coast or down Sheffield in Lincoln Park.
If SoHo is your vibe, check out the chic brick and timber lofts, galleries, and world-renowned restaurants of Fulton Market. Is Brooklyn more your scene? Head to Logan Square, Wicker Park, and West Town for a vibrant hipster artist scene mixed with tree-lined residential streets, coffee shops, and farmers markets. Another thing Chi City and the Big Apple have in common– both sure made great use of their waterfronts! If you’re seeking Cooney Island vibes, head to Navy Pier for boat cruises, carnival rides, the Ferris wheel, dining, fireworks, and incredible live events. When you’ve gotten your fix of the pier, stroll to North Avenue or Oak Street beaches for a fun round of volleyball or relaxing water-side yoga class.
Biggest Difference
Although Chicago streets feel quite bustling to Chicagoans, New Yorkers always marvel at how “little traffic” there is on both streets and sidewalks compared to downtown Manhattan. Chicago streets can get a little backed up during rush hour but for the most part, it’s easy to breeze between neighborhoods. New Yorkers also appreciate how easy it is to go for a run on the sidewalks compared to Manhattan and how many additional running and biking trails there are. From the 606 trail that runs through the western neighborhoods, the Lakefront trail that runs through the eastern neighborhoods, and the Riverwalk that runs through the center of the city, to the smaller paths through any number of spacious local parks, like the two mile loop around Humboldt Park or the 5.5 mile loop through and around Lincoln Park, there are plenty of places to be in nature and unwind in the heart of downtown.
Moving from New York to Chicago? Contact us today! One of our neighborhood experts will be happy to guide you in your search and answer your questions. We are also offering both virtual and in person apartment tours. Be sure to ask about move in specials including free rent concessions!