Buying a home in Chicago can be expensive with median home prices at over $300,000. If you’re looking for a more affordable area, there are some neighborhoods with much lower home prices and rents. We researched and ranked the most budget-friendly Chicago neighborhoods based on median home values, median rents, and cost of living.
If you’re short on time, here’s a quick answer to your question: The cheapest neighborhoods in Chicago are Humboldt Park, New City, South Chicago, and Irving Park. Home prices in these areas are well under $200,000.
In this comprehensive guide, we’ll cover the top 10 most affordable Chicago neighborhoods. For each area, we’ll highlight median home prices, typical rents for apartments, amenities, crime rates, things to do, and more.
Whether you’re looking to buy or rent in Chicago on a budget, this list will help you find the perfect affordable neighborhood.
10. Irving Park
Median Home Value
Irving Park is one of the top 10 cheapest neighborhoods in Chicago when it comes to median home value. According to recent statistics, the median home value in Irving Park is significantly lower than the city average.
This makes it an attractive option for those looking to purchase a home on a budget.
Median Rent
If you’re not ready to buy a home just yet, Irving Park also offers affordable rental options. The median rent in this neighborhood is below the city average, making it an ideal choice for individuals or families who are looking to save money on housing expenses.
Amenities
Despite being a budget-friendly neighborhood, Irving Park doesn’t skimp on amenities. Residents can enjoy a variety of parks, community centers, and recreational facilities. Additionally, there are several grocery stores, restaurants, and shops within close proximity, ensuring that residents have easy access to all their daily needs.
Crime Rate
Safety is always a top concern when choosing a neighborhood to live in. Fortunately, Irving Park boasts a relatively low crime rate compared to other areas in Chicago. This provides residents with a sense of security and peace of mind.
Things To Do
Living in Irving Park doesn’t mean sacrificing entertainment options. The neighborhood is home to numerous attractions and activities for residents to enjoy. From beautiful parks and playgrounds to local theaters and art galleries, there’s always something exciting happening in Irving Park.
For more information about Irving Park and other affordable neighborhoods in Chicago, you can visit www.chicagotribune.com.
9. Lincoln Square
Located on the North Side of Chicago, Lincoln Square is known for its charming tree-lined streets and affordable housing options. This neighborhood offers a great balance between urban amenities and a tight-knit community feel.
Median Home Value
The median home value in Lincoln Square is well below the city average, making it an attractive option for first-time homebuyers or those looking to downsize. With a variety of housing options available, including apartments, condos, and single-family homes, there is something for everyone in this neighborhood.
Median Rent
Renting in Lincoln Square is also more affordable compared to other areas in Chicago. The median rent here is lower than the city average, allowing residents to save money while still enjoying all that the neighborhood has to offer.
Amenities
Lincoln Square is known for its vibrant commercial district along Lincoln Avenue, where you can find a diverse range of shops, restaurants, and entertainment options. From local boutiques to international cuisine, there is something for every taste and budget.
Crime Rate
When it comes to safety, Lincoln Square has a relatively low crime rate compared to other neighborhoods in Chicago. Residents can feel secure in their homes and enjoy peace of mind while exploring the community.
Things To Do
There is no shortage of things to do in Lincoln Square. The neighborhood is home to several parks and green spaces, including Welles Park, which offers a playground, sports fields, and a swimming pool.
Additionally, the Old Town School of Folk Music is located in Lincoln Square, offering a variety of classes and performances for music enthusiasts.
8. Logan Square
Median Home Value
Logan Square is known for its affordable housing options, making it an attractive neighborhood for first-time homebuyers or those looking to downsize. The median home value in Logan Square is significantly lower compared to other neighborhoods in Chicago, making it a great option for individuals or families looking to find an affordable place to call home.
Median Rent
For those who prefer renting instead of buying, Logan Square offers a variety of affordable rental options. The median rent in this neighborhood is lower compared to other parts of the city, making it an ideal choice for individuals or couples looking for more budget-friendly housing options.
Amenities
Logan Square is renowned for its vibrant community and abundance of amenities. The neighborhood is filled with a wide range of restaurants, cafes, bars, and shops, providing residents with plenty of options for dining and entertainment.
Additionally, Logan Square is also home to several parks and green spaces, offering opportunities for outdoor activities and recreation.
Crime Rate
When it comes to safety, Logan Square has seen a significant improvement in recent years. The neighborhood has experienced a decrease in crime rates, making it a relatively safe place to live. However, it’s always important to take necessary precautions and stay vigilant, regardless of the neighborhood you choose to reside in.
Things To Do
Logan Square is a vibrant neighborhood with plenty of things to see and do. Whether you’re interested in exploring the local art scene, visiting unique boutiques, or taking a leisurely stroll through the neighborhood’s iconic square, there’s always something happening in Logan Square.
The neighborhood also hosts various community events and festivals throughout the year, providing residents with opportunities to socialize and engage with their neighbors.
7. Chicago Lawn
Median Home Value
Chicago Lawn is known for its affordable housing options, making it an attractive neighborhood for those looking to buy a home on a budget. The median home value in Chicago Lawn is significantly lower than the city average, making it a great option for first-time homebuyers or those looking to downsize.
According to Zillow, the median home value in Chicago Lawn is around $150,000, making it one of the cheapest neighborhoods in Chicago.
Median Rent
Renting in Chicago Lawn is also a budget-friendly option, with median rent prices below the city average. According to RentCafe, the median rent for a one-bedroom apartment in Chicago Lawn is around $900 per month, which is significantly lower compared to other neighborhoods in the city.
Amenities
Despite its affordability, Chicago Lawn offers a range of amenities for its residents. The neighborhood has several parks and green spaces where residents can enjoy outdoor activities such as picnics, sports, and walking trails.
There are also various grocery stores, restaurants, and shops within close proximity, ensuring residents have easy access to everyday necessities.
Crime Rate
While Chicago Lawn has a reputation for higher crime rates compared to other neighborhoods in the city, recent data suggests that the crime rate has been decreasing over the years. The Chicago Police Department has implemented various initiatives to improve safety in the area, including increased police presence and community engagement programs.
It is always recommended to stay informed about the local crime statistics and take necessary precautions to ensure personal safety.
Things To Do
Chicago Lawn may not have the same level of entertainment options as some of the more upscale neighborhoods in the city, but there are still plenty of things to do in the area. The neighborhood is home to several community centers that offer recreational activities for people of all ages.
Additionally, nearby neighborhoods such as Beverly and Bridgeport offer a variety of dining, shopping, and entertainment options just a short drive away.
6. South Chicago
Median Home Value
South Chicago is one of the top cheapest neighborhoods in Chicago when it comes to median home value. The median home value in this neighborhood is significantly lower compared to other areas in the city. This makes it an attractive option for those looking to buy a home on a budget.
Median Rent
Not only is South Chicago affordable for homebuyers, but it also offers affordable rental options. The median rent in this neighborhood is lower compared to many other areas in Chicago. Renters can find great deals and save money while enjoying the benefits of living in this vibrant community.
Amenities
South Chicago may be a budget-friendly neighborhood, but that doesn’t mean it lacks amenities. Residents have access to a range of amenities, including parks, schools, and community centers. There are also various shopping and dining options available, ensuring that residents have everything they need within reach.
Crime Rate
While crime rates can vary across different neighborhoods in Chicago, South Chicago has seen a decrease in crime in recent years. Efforts by local law enforcement and community organizations have helped improve the safety of the area.
However, it’s always important to stay informed and take necessary precautions to ensure personal safety.
Things To Do
Living in South Chicago doesn’t mean missing out on fun activities and entertainment. The neighborhood offers a range of things to do for residents of all ages. From exploring the beautiful Lake Michigan shoreline to visiting local museums and art galleries, there’s always something exciting happening in South Chicago.
For more information on South Chicago and its attractions, you can visit the official Choose Chicago website.
5. Englewood
Median Home Value
The median home value in Englewood is around $83,000, which makes it one of the most affordable neighborhoods in Chicago. Home prices are low compared to other parts of the city due to its history of disinvestment.
However, this presents an opportunity for buyers looking for affordable housing near the city center.
Median Rent
Englewood has a median rent of approximately $750 per month for a one-bedroom apartment. Rents are among the lowest in Chicago, about 40% below the citywide median. The low cost of living makes Englewood attractive to renters on a budget.
Amenities
Englewood offers several amenities for residents despite its low housing costs, including:
- Kennedy King College
- Ogden Park which features basketball courts, baseball diamonds, and an indoor pool
- 63rd Street retail corridor with grocery stores, pharmacies, and shops
- Englewood Square shopping center with major retailers like Walmart, Aldi, and Planet Fitness
Crime Rate
Unfortunately, Englewood does have a significantly higher crime rate than the Chicago average. Initiatives are underway to increase safety and security through more community policing, youth programs, and neighborhood watches. Crime reduction remains a top priority.
Things To Do
Some attractions and activities in Englewood include:
- Shopping and dining on 63rd Street
- Events at Hamilton Park like movies in the park and festivals
- Visiting Cool Classics Museum which has over 100 classic cars
- Playing sports at Ogden Park
While Englewood faces challenges with crime and disinvestment, it remains an affordable option for homebuyers and renters. The neighborhood offers amenities and activities for residents as revitalization efforts continue.
4. Humboldt Park
Median Home Value
Humboldt Park is known for its affordable housing options, making it a great choice for those looking to buy a home on a budget. The median home value in this neighborhood is significantly lower than the city average, making it one of the cheapest neighborhoods in Chicago to invest in real estate.
Median Rent
Renting in Humboldt Park is also a cost-effective option for those who prefer not to buy a home. The median rent in this neighborhood is lower compared to other areas in the city, allowing residents to save money on housing expenses.
This makes it an attractive choice for individuals and families looking to live in Chicago on a budget.
Amenities
Despite its affordability, Humboldt Park offers a range of amenities for its residents. The neighborhood is home to the expansive Humboldt Park, which features beautiful green spaces, walking trails, and a lagoon.
Additionally, there are several schools, community centers, and shopping options within close proximity, providing convenience and accessibility to residents.
Crime Rate
While every neighborhood has its own unique safety concerns, it’s important to note that Humboldt Park has taken significant steps to improve its safety in recent years. The community has worked together with local law enforcement to implement initiatives aimed at reducing crime and improving the overall security of the neighborhood.
Note: For the most accurate and up-to-date information on crime rates in Humboldt Park, it is recommended to visit the official website of the Chicago Police Department.
Things To Do
Humboldt Park offers a variety of recreational activities and attractions for residents and visitors alike. The park itself provides opportunities for picnicking, sports, and outdoor events throughout the year.
Additionally, the neighborhood is known for its vibrant arts scene, with galleries, theaters, and music venues showcasing local talent.
For more information on upcoming events and attractions in Humboldt Park, you can visit the official website of Choose Chicago at www.choosechicago.com.
3. New City
Median Home Value
New City is one of the top 10 cheapest neighborhoods in Chicago when it comes to median home value. The median home value in New City is significantly lower compared to other neighborhoods in the city. This makes it an attractive option for those looking to buy a home on a budget.
Median Rent
If you’re not looking to buy a home, New City still offers affordable rental options. The median rent in this neighborhood is relatively low compared to other areas in Chicago. This makes it a great choice for individuals or families who are looking to save money on housing expenses.
Amenities
Despite being one of the cheapest neighborhoods in Chicago, New City still offers a range of amenities to its residents. There are grocery stores, parks, and other essential services within close proximity to the neighborhood.
Residents can enjoy the convenience of having everything they need nearby without breaking the bank.
Crime Rate
When it comes to safety, New City has a relatively low crime rate compared to other neighborhoods in Chicago. While it is always important to take precautions and be aware of your surroundings, residents of New City can feel a sense of security knowing that the crime rate in their neighborhood is relatively low.
Things To Do
New City may be affordable, but that doesn’t mean it lacks things to do. The neighborhood is home to a variety of restaurants, shops, and entertainment options. Whether you’re looking for a night out or a day of exploration, New City has something to offer for everyone.
For more information on New City and other neighborhoods in Chicago, you can visit Choose Chicago, the official tourism website of the city.
2. West Englewood
West Englewood is one of the top 10 cheapest neighborhoods in Chicago, making it an attractive option for individuals and families looking for affordable housing options. Located on the city’s South Side, West Englewood offers a range of amenities and a diverse community.
Median Home Value
The median home value in West Englewood is significantly lower compared to other neighborhoods in Chicago. According to recent data, the median home value in West Englewood is around $80,000. This makes it an affordable option for first-time homebuyers or those with a limited budget.
Median Rent
Renting in West Englewood is also more affordable compared to other areas of the city. The median rent for a one-bedroom apartment in this neighborhood is around $800 per month. This is considerably lower than the citywide median rent in Chicago.
Amenities
West Englewood offers a range of amenities to its residents. The neighborhood has several parks and green spaces, including Ogden Park, which features sports fields, playgrounds, and walking trails. There are also a variety of local businesses, restaurants, and shops, providing convenience to residents.
Crime Rate
While it’s important to consider safety when choosing a neighborhood, it’s worth noting that West Englewood has a higher crime rate compared to some other areas in Chicago. However, local community organizations and initiatives are working to improve safety and promote a sense of community in the neighborhood.
Things To Do
Despite its affordability, West Englewood offers plenty of activities and attractions for residents. The neighborhood is home to the West Englewood Library, which provides a range of resources and programs for all ages.
Additionally, nearby attractions such as the Garfield Park Conservatory and the Chicago White Sox stadium are easily accessible from West Englewood.
1. Auburn Gresham
Median Home Value
The median home value in Auburn Gresham is around $175,000, making it one of the most affordable neighborhoods in Chicago. With mostly single-family homes and two-flats, Auburn Gresham offers starter homes at reasonable prices.
The housing stock consists of brick bungalows and cottages built in the early 20th century that provide historic charm. While some properties need rehabbing, the low home values allow room for fix-and-flips.
Median Rent
If you’re looking to rent in Auburn Gresham, prices are very affordable. The median rent for an apartment is approximately $900 per month. You’ll find a mix of rental options from older apartment buildings to single-family homes for rent.
With lower rents than many parts of Chicago, Auburn Gresham is ideal for price-conscious renters.
Amenities
Auburn Gresham offers everyday amenities like grocery stores, pharmacies, and restaurants. The neighborhood is home to a shopping plaza with major retailers including Target, Walmart, and Planet Fitness. For recreation, Auburn Park has baseball fields, basketball courts, and a swimming pool.
Residents also enjoy events like movies in the park and a farmer’s market during warmer months.
Crime Rate
While crime used to be an issue in Auburn Gresham, rates have dropped significantly over the past two decades. However, crime rates are still higher than the Chicago average. The most common crimes are property crimes like burglary and theft.
Maintaining community watch programs and an active neighborhood presence can help deter crime.
Things To Do
Auburn Gresham has plenty of community pride with events throughout the year. The neighborhood celebrates with an Annual Auburn Gresham Festival in the summer. For nature lovers, Dan Ryan Woods provides wooded trails and opportunities for birdwatching.
Auburn Gresham also offers several beautiful churches, such as Antioch Missionary Baptist Church and Saint Sabina Catholic Church that are architectural landmarks worth visiting.
Conclusion
Chicago has several affordable neighborhoods where you can find lower home prices and rents compared to the rest of the city. Areas like Humboldt Park, New City, South Chicago, and Irving Park offer median home values under $200k.
While cheaper areas tend to have higher crime rates, there are still safe pockets and plenty of amenities. Focus on neighborhoods undergoing revitalization with improving schools, new businesses, and community development initiatives.
We hope this guide gave you a comprehensive overview of the most budget-friendly places to live in Chicago. With the right neighborhood research, you can find an affordable home or apartment that fits your budget and lifestyle needs.
