Moving to Chicago? Know How Much Rent Costs

Moving to Chicago? Know How Much Rent Costs

Chicago, like many major metropolitans, can be expensive, but compared to New York and Los Angeles, this Midwest city is fairly reasonable. Chicago is a city rich in diversity with dozens of unique neighborhoods, so new residents are able to find a home in an area specific in line with their interests and budgets.

Citywide, the average rent in Chicago is $1,109.73. Comparatively, rent is $3,017.19 in New York City. (Source: Chicago Tribune)

Inevitably, rent will vary by neighborhood and number of bedrooms. The highest median (not mean) rent in Chicago—$1,925—can be found on the Near North Side, which includes the trendy River North neighborhood, as well as the well-established Gold Coast and Streeterville neighborhoods.

West Town, home to Bucktown and Wicker Park, has a mean rent of $1,750. The Near West Side, which includes Greektown, is comparable at $1,760.

Rent becomes more affordable the further away from downtown. The mean rent for Lincoln Park, popular among young professionals and families alike, rings in at $1500. Further north, Lakeview’s median rent is $1245, while Lincoln Square is $1045. (Source: Apartment Therapy)

Chicago is a city that’s all about location. As they say, “Location, location, location!” Whether you’re looking for proximity to work or an eclectic neighborhood to fit your personality, it’s possible to find a neighborhood within your budget. Just do your research and start looking for apartments well before your move!