In Hyde Park, Chicago real estate market is different than the rest of the city. It’s a fantastic place to live, work and play.
WHAT DRAWS PEOPLE TO HYDE PARK CHICAGO REAL ESTATE?
You’ll find all walks of life among Hyde Park’s nearly 13,000 residents. Here’s why:
THE UNIVERSITY OF CHICAGO HYDE PARK CAMPUS
As should be no surprise, The University of Chicago, the neighborhood’s largest employer, brings a multitude of different people to the area. From students to faculty to medical residents and beyond, folks from everywhere flock to Hyde Park for a quick trip to and from campus.
Pho
Photo from Chicago Architectural Center
OBAMA FOUNDATION & OBAMA PRESIDENTIAL CENTER
The Obama Foundation has been bringing traffic to the neighborhood since 2016. The foundation has grown and the Presidential Center construction has begun, resulting in more people moving to the area to be close to all the action.
As construction wraps up and the center is officially opened, we expect to see more and more new residents coming to the area for this spectacle.
Photo by C. L. Palacios Writer
NATURE LOVERS
Something remarkable about Hyde Park is the amount of nature you can find mere minutes from downtown. In fact, Hyde Park has the most green space per square foot of any Chicago neighborhood!
Outdoor runners love Hyde Park because they can switch up their jogging routes easily, opting for the Lakeshore Trail or a scenic park with less car traffic. Dog owners appreciate living close to large grassy areas to play fetch and let their furry friend run around. Students enjoy having places to picnic or study outside in warmer months. Families love having free places to take the kids to play and get their energy out on the weekend.
Photo from Ivy Promenade community
CHARMED BY CHARM
Many of the vintage apartments in Hyde Park like Ivy Residences were once hotels in the 1920s and 30s during the Columbian Exposition. While the technology inside apartments has undoubtedly improved since then, you’ll still find bits of character inside most older dwellings.
At Ivy Residences, you’ll find character in many different places. Our renovations were designed to bring those modern touches today’s renters long for, like stainless steel appliances, and keep the quaint features commonly found in buildings of this age. From original crown molding to arched doorways, from wood-trimmed walls to custom built-in storage, Ivy provides its residents with the best of old and new!
Living room in an apartment at Ivy at Piccadilly
SPACE SEEKERS
People love Hyde Park because of its vintage Chicago architecture. Most buildings in the area were built during the early 1900s, particularly when the Columbian Exposition was coming to town. Back then, Hyde Park was a vacation destination filled with resorts and fantastic accommodations.
When popularity moved elsewhere, Hyde Park transformed into a quaint place to live. Those hotels changed into apartment homes, many of which Hyde Parkers reside in today at Ivy Residences.
As you may know, sizes change over the years. In the first half of the 20th century, residences needed to fit large furniture sets, and square footage overall needed to be larger to do so. As a result, when those hotels turned to apartments, they retained those larger floorplans.
Today, people seek places in Hyde Park because you can get a larger layout. Many Chicago apartments are small, so finding a place where you can stretch out is perfect for those who work from home, couples moving in together, families, and more.
THE BUDGET-CONSCIOUS
According to Zumper, Hyde Park one-bedroom apartments are 33% lower than the median rent for Chicago as a whole. The Storage Space’s Chicago Moving Guide shares that Hyde Park is one of their top places to live, citing price as a significant draw as well.
Why is Hyde Park priced lower than other neighborhoods? There are a few things to keep in mind.
First, Hyde Park does not have a big nightlife scene. Even the bars in the area are quite tame in comparison to neighborhoods near other Chicago universities like DePaul and UIC. If you’re not into partying, that’s certainly a perk for living in Hyde Park. If you are, just know that you’ll pay a little more in Ubers home.
Second, there is not a particularly close L stop nearby. The closest is Cottage Grove on the Green Line, which is at least a mile away from any Ivy Residences property. There are plenty of public transit options, such as CTA buses, Metra trains, and UGo shuttle for UChicago affiliates. But, if you’re absolutely set on taking the L, it’s simply not the most convenient mode of transport in Hyde Park.
But, the budget-conscious folks also benefit from Hyde Park’s multitude of freebies. From permitless free street parking to many free local events and even quick access to free beaches, trails, and more, Hyde Park has tons to offer for those looking to save.
Photo by C. L. Palacios Writer via Flickr
RENT OR BUY?
Only you can make that decision for yourself. But, there are a few things to consider if you’re thinking about it.
According to Redfin, the local housing market is somewhat competitive. At the time of publication, the median home sale was $240,000, but the majority of those homes were condos. According to Zillow at time of publication, houses in Hyde Park will most likely be over $500,000 with some over $1M.
Pricing aside, it’s important to also understand what you get for your money. In a rented apartment, for example, your rent costs will cover any issues in the apartment or in your building, along with property taxes, common area utilities, weather-related maintenance, and so on.
In a purchased home, you will be responsible for all maintenance in your dwelling, including the costs, along with property taxes, HOA fees, utilities, and so on. This may also include landscaping, snow removal, and other weather-related costs.
