Lifestyle

Richest Neighborhoods In Chicago To Move In

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If you can afford one of Chicago’s more affluent neighborhoods, you will discover an exciting lifestyle with many amenities – but this doesn’t come cheaply.

After the Great Chicago Fire, when millionaire Potter Palmer built his home there and later sold it, the Gold Coast quickly became a magnet for wealthy residents looking for luxury shopping and restaurants. Today, this area is famous for its array of luxury shops and eateries.

1. Gold Coast & Near North Side

Gold Coast is an opulent neighborhood brimming with history. Home to luxury shopping on Michigan Avenue and numerous historic churches and mansions. Additionally, the Gold Coast features numerous upscale restaurants and boutiques frequented by Chicago elites of past and present.

Though still popular among homeowners and investors alike, the high-end market in this neighborhood has decreased substantially over time due to rising interest rates and an aging demographic of buyers. Many older homes in this neighborhood need extensive remodeling.

Since the pandemic, home prices in this neighborhood have experienced an almost 10.5% increase, and continue to provide buyers with various urban conveniences that attract investment or residing buyers alike. One such urban amenity is its proximity to downtown Chicago while green spaces and recreational opportunities attract those interested in an active outdoor lifestyle.

2. Forest Glen

Forest Glen residents tend to be financially secure compared to other parts of Chicago, living comfortably in brick bungalows, cottages, and English Tudor homes with yards bordered by forest preserves and the North Branch of the Chicago River. Most homes are owner-occupied and parents bring their children to playlot while local watering holes offer pool tables, dart boards, cheap drinks, and live entertainment on specific nights.

Edgebrook and Sauganash neighborhoods, two secluded residential areas located within a community area, are home to city administrators, upper-echelon police and fire officials, lawyers, judges and politicians – as well as providing excellent schools.

3. Lincoln Park

Lincoln Park, known for its namesake park as its centerpiece, is an exclusive North Side neighborhood with quiet residential streets and top-rated schools. Lincoln Park also boasts two major museums, a zoo, several eateries, bars and shops that add an element of unique charm.

Old Town has fairly clear boundaries: Lake Michigan lies to its east, the Chicago River to its west and Diversey Parkway defining its northern edge. There is some overlap in between with some residents calling themselves Lincoln Park while others claim their block as Old Town.

No matter, this area is well known for its mega charm; an average condo spends only about 73 days on the market! Reach out to Real Group RE today to begin searching for homes in this popular ‘hood!

4. The Loop

The Loop is the city’s central business district, packed with high-end shopping, dining and theater offerings as well as those looking for an active urban lifestyle.

Average home prices here exceed $490,000. That figure is almost 10.5% higher than the city median home value and while prices have seen some minor drops so far in 2023, they’re expected to increase again before year’s end.

The Loop offers its residents a vibrant culture, distinct urban amenities and an array of housing options ranging from lofts to single-family homes – no wonder its residents draw in high-income buyers looking to invest in Chicago’s most sought-after properties!

5. Edison Park

This quiet tree-lined neighborhood, named for the inventor of electrical lighting, boasts four Chicago Park District parks and an historic fieldhouse. Easily accessible via an UP-NW Metra station, CTA buses and “L” lines as well as major expressways leading directly into O’Hare Airport, it offers residents plenty of recreational opportunities.

Neighborhood is comprised of both modern and traditional homes with excellent schools. Residents can walk to local shops and restaurants along Restaurant Row or take the train downtown.

At least 10.5% home prices have increased since the pandemic’s onset in 2008; this compares favorably to more affluent neighborhoods such as Wicker Park and Bucktown, reflecting suburban empty nesters’ decreasing interest in high-end downtown condos; Crain’s has reported extensively on this phenomenon, as many loft owners begin selling for lower than they paid years before.