Everything else equal, I think we can all agree that living in a cheaper place is better than living in a more expensive place.
I’d much rather pay $500/mo in rent than $1,000. And I’d rather pay $2 for coffee than $5.
And while every neighbhorhood in Chicago might be more expensive than living in rural Illinois, there are certain neighborhoods that are definitely cheaper.
So what exactly are those Chicago neighborhoods where your dollar goes a little further — you can get that one bedroom instead of the studio?
Instead of relying on public opinion and speculation, we wanted to get the facts straight and find out which neighborhoods in Chicago are the cheapest.
What’s the cheapest neighborhood to live in Chicago for 2020? According to the most recent census data, Ashburn looks to be the cheaptest Chicago neighborhood to live in.
At this point we should make it clear that you do get what you pay for — some of these neighborhoods might not be the best places to live in Chicago. You could be sacrificing location or crime rates in return for more space and cheaper groceries.
Read on to see how we determined the places around Chicago that deserve a little bragging rights or maybe you’re interested in the worst neighborhoods in Chicago.
Once you’re done, you can look at the bottom of the story for a complete chart of every neighborhood we looked at from cheapest to most expensive.
For more Illinois reading, check out:
- Best Places To Live In Illinois
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How We Determined The Cheapest Chicago Hoods In 2020
In order to rank the cheapest places to live in Chicago, we had to determine what criteria defines “cheap”.
- Overall Cost Of Living
- Rent To Income Ratio
- Median Home Value To Income Ratio
We then ranked each neighborhood with scores from 1 to 77 in each category, where 1 was the cheapest.
Next, we averaged the rankings for each neighborhood to create a cheap neighborhood index.
And finally, we crowned the neighborhood with the lowest cheapest neighborhood index the “Cheapest City Neighborhood In Chicago.” We’re lookin’ at you, Ashburn.
Read on below to learn more about what it’s like to live in the cheapest places Chicago. Or skip to the end to see the list of all the neighborhoods in the city from cheapest to most expensive.
The 10 Cheapest Neighborhoods To Live In Chicago For 2020
The median income in Ashburn comes in at $66,956 and the median home value is $159,289 for 2020.
The median income in Hegewisch comes in at $61,614 and the median home value is $140,800 for 2020.
The median income in Mount Greenwood comes in at $91,682 and the median home value is $224,582 for 2020.
The area known as Pullman encompasses a much wider area than its two historic areas. This article deals with all areas. The development built by the Pullman Company is bounded by 103rd Street on the North, 115th Street on the South, the railroad tracks on the East and Cottage Grove on the West.
Since the late 20th century, the Pullman neighborhood has been gentrifying. Many residents are involved in the restoration of their own homes, and projects throughout the district as a whole. Walking tours of Pullman are available.
The median income in Pullman comes in at $38,397 and the median home value is $107,912 for 2020.
The median income in West Lawn comes in at $52,390 and the median home value is $161,496 for 2020.
The median income in Clearing comes in at $61,588 and the median home value is $174,810 for 2020.
The median income in Calumet Heights comes in at $49,176 and the median home value is $152,919 for 2020.
The median income in Washington Heights comes in at $49,725 and the median home value is $130,192 for 2020.
It is part of the 10th Ward, once under the control of former Richard J. Daley ally Alderman Edward Vrdolyak. Primarily an industrial neighborhood, a small group of homes exists in the northeast corner and Lake Calumet takes up a large portion of the area. 80% of the community is zoned as industrial, natural wetlands, or parks. The remaining 20% is zoned for residential and small-scale commercial uses.
The median income in South Deering comes in at $37,207 and the median home value is $88,955 for 2020.
The median income in Garfield Ridge comes in at $69,182 and the median home value is $197,874 for 2020.
Summing Up The Cheapest Places In Chicago
If you’re measuring the neighborhoods in Chicago where prices are low and it’s cheap to live, this is an accurate list.
As we mentioned earlier, the neighborhoods in Chicago aren’t all cheap. Armour Square takes the title of the most expensive neighborhood to live in Chicago.
We ranked the neighborhoods from cheapest to most expensive in the chart below.
For more Illinois reading, check out:
- Cheapest Places To Live In Illinois
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