Brownstones, Parks and Tree-Lined Streets in Chicago’s Lincoln Park
The area of Chicago referred to as Lincoln Park extends along the western edge of Lake Michigan north from Ohio Street to Ardmore Avenue, is bordered on the east by the Chicago River,and it contains a total of 1,188.62 acres. Originally called Lake Park, the site was a public cemetery for victims of cholera and smallpox. By the middle of the 1800s citizens demanded the land be converted to park land; subsequently the bodies were exhumed and moved to other cemeteries. After the assassination of President Abraham Lincoln, the land was re-named in his honor. Lincoln Park--the actual park--is in the Lincoln Park neighborhood and includes the Lincoln Park Zoo, the Chicago History Museum, the Peggy Notebaert Nature Museum and many other areas, including North Avenue Beach and Oak Street Beach.
Lincoln Park is one of the wealthiest and most expensive communities in the United States with the average single-family home listed at $1 million and many that list in the $10 million+ range. The median income is $115,000 and 37% of the population earns more than $150,000. 38% of the residents have a master’s degree or higher. The largest percentage of the population falls into the 25-34-year-old bracket and 9% of the community is 65+ years old.
If you're not sure how much an apartment will cost, the table below shows the average price by size.
The Lincoln Park Zoo is one of the few free zoos in the United States and houses over 1,000 animals in a mere 35 acres. During warm months the zoo hosts many festivals and displays of twinkling lights abound during the winter holiday season. Exhibits like “Lincoln’s Chicago” and “Chicago: Crossroads of America” are found at the Chicago History Museum. During the summer months you can spend a day at the popular North Avenue Beach and enjoy fireworks from Navy Pier. Walking through Lincoln Park you will see the DePaul University campus with its many examples of gothic architecture. You can spend years trying to eat at all the restaurants in Lincoln Park and most notable is Alinea where chef Grant Achatz produces a flawless and constantly changing menu. James Beard award-winning chef Zachary Engel has brought a Middle Eastern menu to Lincoln Park with his restaurant Galit. Pequod’s pizza is a favorite of the locals. With a caramelized cheese crust and more than generous toppings, it is pizza you won’t forget.
Welcome to the October 2020 Chicago Apartment Report. In this assessment of the local rental market, ABODO data scientists and rental experts break down the October 2020 key findings and figures for the Chicago rental landscape.
Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Chicago and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Chicago rent prices in the chart below.
Chicago rent prices decreased over the last month. From September to October, the city experienced a -1.34% decrease for the price of a one-bedroom apartment. The rent price for a Chicago one-bedroom apartments currently stands at $1,697.0.
When we take a look at the two-bedroom comparison from September to October, Chicago experienced a -0.3% decrease for the price of a two-bedroom apartment. The rent price for a Chicago two-bedroom apartments currently stands at $1,979.0.
Rent prices have decreased in Chicago over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 3 of the Chicago suburbs increased last month. On the other hand, 3 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rent increased in Naperville, IL, Hoffman Estates, IL, Schaumburg, IL .
Rent decreased in Oak Park, IL, Evanston, IL, Lombard, IL.
2 suburbs are currently priced higher than the city of Chicago.
4 suburbs are currently priced lower than the city of Chicago.
Rent growth in Chicago over the past year has been declining. When compared to major cities nearby, along with some of the most expensive cities in the country, Chicago rent prices appear to be relatively affordable for local residents.
The price for a Chicago one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.
You can view the full rundown of ABODO's October 2020 National Apartment Report and data set here.
For more information about Chicago and surrounding area rent prices, take a look at the complete data set below.
|1 BR October||1 BR M/M % Change||2 BR October||2 BR M/M % Change|
|Oak Park, IL||$1,101.0||-0.27%||$1,609.0||0.63%|
|Hoffman Estates, IL||$1,340.0||0.75%||$1,555.0||0.65%|
Each month, using over 1 million ABODO listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.