Richest Neighborhoods in Chicago
Go Back To Previous PageLet’s discuss the Richest Neighborhoods in Chicago. With a population of over 2.6 million, Chicago is the third largest city in the U.S. and home to many affluent communities. If you’re considering moving to the Windy City, here’s a list of the ten wealthiest neighborhoods in Chicago.
1. Gold C
oast is the Richest Neighborhood in Chicago
oast is the Richest Neighborhood in ChicagoThe Gold Coast is Chicago’s wealthiest neighborhood, with a median household income of $111,800. This historic luxury shopping district became a popular destination for the city’s most affluent residents after the Great Chicago Fire.
Millionaire businessman Potter Palmer built the first mansion on the Gold Coast. Then, many other wealthy residents soon followed suit. By the 1980s, the Gold Coast was the second richest neighborhood in the U.S., after the Upper East Side in New York.
Today, it continues to be a very affluent area with a mix of gorgeous mansions, high-rise apartments, and rowhouses. Also, it gathers upscale shops and restaurants.
2. Lake View is the second Richest Neighborhood in Chicago
Situated on the North Side, it has just over 100,000 residents. As its name suggests, Lake View boasts stunning views of Lake Michigan. It is near popular attractions such as Wrigley Field and Lincoln Park.
Therefore, with its low crime rate, Lake View is considered one of the safest neighborhoods in Chicago. This area is popular among affluent families and young professionals seeking a peaceful environment with easy access to entertainment.
However, the convenience comes at a cost, as the average home price is $398,712, and the median household income is $106,900.
3. Beverly
Beverly is one of the richest neighborhoods in Chicago. It’s located in Chicago’s Far South Side and is known for its quiet, family-oriented community and residential atmosphere. However, unlike other urban Chicago neighborhoods, Beverly is more secluded and insulated from the crime and violence of the southside.
It’s considered one of the safest places to live in Chicago, with a violent crime rate that’s 63% lower than the rest of the U.S. Additionally, it’s one of the city’s most affluent communities, with a median household income of $106,700 and a median home price of $391,479.
4. Lincoln Park
Lincoln Park is one of the wealthiest communities in Chicago. It’s located on the North Side just south of Lake View and is home to the sprawling park of the same name. The area boasts notable attractions like the Chicago History Museum, North Avenue Beach, and the Lincoln Park Zoo.
It’s an upscale, walkable community filled with 19th-century townhouses, mansions, luxury apartment buildings, and plenty of shopping, dining, and nightlife options.
However, it’s also one of Chicago’s pricier neighborhoods, with an average home price of $548,639 and a median household income of $100,600.
5. Edison Park
It is located on the affluent Northside and has a population of 11,525. This suburban enclave is regarded as one of the best places to live in Chicago and is home to many affluent residents.
Edison Park’s median household income is $98,100, and the average home price is $398,712. It is also considered one of the safest neighborhoods in Chicago, with a violent crime rate 72% lower than the national average.
6. Forest Glen
It is located next to Edison Park and is known for being a quiet residential area with a low crime rate. The total crime rate in Forest Glen is 54% lower than the national average, and the violent crime rate is 74% lower than the national average.
The neighborhood has many local politicians, city officials, and affluent families. The median household income is $96,000, and the average home price is $447,353.
7. The Loop
It’s the central business district of Chicago and the second largest CBD in North America after Midtown Manhattan. The Loop is home to about 42,298 residents and some of the city’s most notable attractions, such as Millennium Park and Chicago’s City Hall.
It’s a popular destination for young professionals and students who want to be in the heart of the action. It’s relatively affordable, with an average home price of $253,423, yet the median household income is $94,500.
8. Mount Greenwood
Mount Greenwood is one of the wealthiest communities in Chicago, located in Southwest Chicago. It features a central shopping district with a variety of local businesses, shops, and restaurants and has a population of 18,628.
Mount Greenwood is also home to Saint Xavier University and Mount Xavier Park, making it an ideal area for students and families. The median household income in Mount Greenwood is $92,900.
9. Lincoln Square
Lincoln Square is one of the wealthiest neighborhoods in Chicago, located on the North Side. The larger district comprises smaller communities like Ravenswood, Budlong Woods, and Bowmanville.
The area has a total population of 40,494 and is known for its quaint, walkable community. It is home to many upper-middle-class and wealthy families, with a median household income of $80,700 and an average home price of $423,990.
10. West Town
West Town is an affluent neighborhood in Chicago. It is located northwest of the Loop on the West Side and comprises smaller neighborhoods such as Wicker Park, East Village, and Noble Square. The area is known for its art galleries, upscale boutiques, and great restaurants.
The median household income is $75,500, and the average home price is $475,419.
Georges has been working in Wall Street for the last 16 years trading derivatives with hedge funds. He has been an active real estate investor for over a decade. Georges graduated from HEC Business School in Paris and holds a master in Finance from ESADE Barcelona.
