The 5 most affordable neighborhoods in Chicago

The search for a new home isn’t easy, whether you are looking to buy or rent. Anyone who is wondering about the most affordable neighborhoods in Chicago could feel overwhelmed.

Why?

Simply because this major metropolitan area has 77 official neighborhoods!

If you’re looking to move to Windy City, you would be well advised to start your housing search before you arrive. Especially if you want to snag a new place in one of the most affordable neighborhoods in Chicago.

The prices for housing in Chicago can vary a great deal between neighborhoods. Certain areas are more affordable than others, though there are almost always deals to be found if you are patient enough.

Whether you are looking to buy a new home or rent a furnished apartment in Chicago, this guide will help you succeed.

In addition to cost factors like the median home sale price for a neighborhood and the average price per square foot, it’s important to consider where in the city a neighborhood is located. And what public transportation options are available.

All in all, finding your perfect home is a balance between cost and convenience. The more work you put into your search, the better your results will be.

Here is a look at the five most affordable neighborhoods in Chicago.

1. Riverdale

Median Home Sale Price: $62,000
Median Price Per Square Foot: $50.34
Data from neighborhoods.com

Located on the city’s South Side, Riverdale is one of Chicago’s most affordable neighborhoods.

Given that the neighborhood is fairly large, there are many options for anyone looking to buy an affordable home or rent a furnished apartment. Riverdale stretches from 115th Street South to 138th Street, and from the Bishop Ford freeway to the Illinois Central railroad tracks.

Riverdale is not only one of the most affordable neighborhoods in Chicago, it’s also convenient.

No matter where you work in Chicago, you can take public transportation to work if you live in Riverdale. The Riverdale Metra electric train station is located in the village of Riverdale, Illinois, which is adjacent to the Riverdale neighborhood of Chicago.

There are also a number of busses that serve Riverdale. The Chicago Transit Authority serves the neighborhood with the #34 South Michigan bus and there’s also PACE Suburban Bus #353.

If you’re looking for Chicago’s best affordable neighborhoods, Riverdale is an excellent choice.

2. Englewood

Median Home Sale Price: $72,500
Median Price Per Square Foot: $63.76
Data from neighborhoods.com

Englewood is one of Chicago’s 77 official neighborhoods. It’s another excellent, affordable option for both renters and would-be owners.

Overall, Englewood’s boundaries are Racine Avenue on the west side of the neighborhood and the Metra tracks to the east, then Garfield Boulevard on the north side and 75th Street on the south.

If you’re looking for the most affordable neighborhoods in Chicago, Englewood is a great choice.

There are many historic homes for sale, as well as a wide selection of rental apartments. Englewood’s South Side location means there are tons of great restaurants to choose from here and in adjacent neighborhoods, as well as a vibrant nightlife.

Englewood has excellent public transportation access since both the Red Line and Green Line run through the neighborhood. This means that it’s easy to get to The Loop or the North Side, whether for work or just to explore more of the city.

In terms of affordable neighborhoods in Chicago, it’s hard to beat Englewood — whether you are looking to buy or rent your new home.

3. South Deering

Median Home Sale Price: $88,000
Median Price Per Square Foot: $75.22
Data from neighborhoods.com

Another South Side area is one of Chicago’s most affordable neighborhoods in South Deering. This small residential area around Lake Calumet is a mix of apartment buildings and houses, as well as marshland.

This formerly industrial area has been the focus of a revitalization project in recent years.

As such, there are quite a few properties that have been recently renovated, as well as many undervalued properties that could tempt homebuyers who are looking for a fixer-upper.

However, south Deering is relatively small in size.

So be sure to consider some of the other best affordable neighborhoods in Chicago in your search for a new home.

There is no local El train service.

But the Chicago Metropolitan Transit Authority operates a number of bus lines that run through South Deering.

Residents can use the N5 South Shore Night Bus, the J14 Jeffery Jump, the 15 Jeffery Local, the 28 Stony Island, the 71 71st/South Shore, the 95 95th, the 100 Jeffery Manor Express (during weekday rush hours only). And the 106 East 103rd busses.

South Deering is a wonderful choice for anyone who is considering the most affordable neighborhoods in Chicago.

4. Grand Crossing

Median Home Sale Price: $100,000
Median Price Per Square Foot: $74.88
Data from neighborhoods.com

Another one of the most affordable neighborhoods in Chicago is Grand Crossing. This historic South Side neighborhood takes its name from a decommissioned Illinois Central Railroad line.

Today, the area is earmarked for redevelopment and has been the focus of a number of community-based investment projects in recent years.

Anyone looking to live in one of the best affordable neighborhoods in Chicago will want to consider looking for a new home in this neighborhood.

In addition to a variety of shops and restaurants, Grand Crossing is also home to Oak Woods Cemetery, one of the largest green spaces on Chicago’s South Side.

Grand Crossing has excellent public transportation options for residents. The Chicago Transit Authority’s Red Line stops at the 69th Street and 79th Street stations in Grand Crossing.

There is also a train service via the Metra electric line at 75th Street station.

If you’re looking to move to the city, it’s worth considering Grand Crossing, one of the most affordable neighborhoods in Chicago.

5. South Shore

Median Home Sale Price: $118,500
Median Price Per Square Foot: $79.17
Data from neighborhoods.com

Another excellent affordable neighborhood in Chicago is South Shore. This lakefront community is located on the city’s South Side and is an easy distance from the University of Chicago.

South Shore is a larger neighborhood than some of the other affordable neighborhoods in Chicago that we have covered.

In fact, the neighborhood is home to several smaller communities. The Jackson Park Highlands District stretches from South Jeffrey Boulevard on the east to South Cregier Avenue on the west and East 67th Street on the north to East 71st Street on the south.

There’s also the Jeffery–Cyril Historic District, a group of historic apartment buildings on Jeffery Boulevard, 71st Place, and Cyril Avenue.

Finally, there is the South Shore Bungalow Historic District, where you will find 229 buildings erected from 1911 to 1930.

In addition to being one of the best affordable neighborhoods in Chicago, South Shore offers a great deal of lake access.

Other attractions include the Museum of Science and Industry and sprawling Jackson Park, a historic green space.

Although it is not served by the Chicago Transportation Authority’s elevated train system, South Shore is home to five stations along the Metra electric train line. This makes it easy to get around Chicago!

If you’re looking for an affordable, safe neighborhood in Chicago, South Shore is an excellent choice.

Finding your perfectly affordable Chicago home

Are you ready to begin your search for a new place to live in Chicago?

Any of these five neighborhoods is an excellent place to begin!

Just remember, be patient!

Even within the neighborhoods, we have selected as the best affordable neighborhoods in Chicago you will see a range of prices.

All in all, some neighborhoods — or even single blocks — are more cost-friendly than others.

But if you look hard enough, you’re sure to find something within your budget that inspires both confidence and joy.

Whether you ultimately choose to rent or own, you will be well on your way to securing the home of your dreams if you focus your search on these five affordable neighborhoods in Chicago.