How Much Does it Cost to Live in Lincoln Park Chicago?

Lincoln Park, a vibrant neighborhood in Chicago, offers a unique blend of urban amenities and natural beauty. However, its desirability comes with a higher cost of living compared to both the city and national averages.

Cost of Living Index

The cost of living index is a metric that compares the overall expense of living in a specific area to the national average, which is set at 100. An index above 100 indicates a higher-than-average cost.

Housing Costs

Housing is a significant factor contributing to Lincoln Park’s elevated cost of living.

Transportation Expenses

Transportation costs in Lincoln Park are comparable to the city average. The neighborhood is well-served by public transit, including the CTA Red, Brown, and Purple Lines, making commuting convenient. However, parking can be challenging due to its popularity and dense population.

Utilities and Miscellaneous Expenses

Utility costs in Lincoln Park are generally in line with city averages. Miscellaneous expenses, including groceries and healthcare, also align closely with city and national figures.

Income Considerations

The median household income in Lincoln Park is $132,432, which is significantly higher than both the city and national medians. This higher income level helps offset the elevated cost of living in the neighborhood.

Conclusion

Living in Lincoln Park offers numerous amenities and a high quality of life, but it’s accompanied by a cost of living that is substantially higher than both the city and national averages. Prospective residents should carefully consider their financial situation and lifestyle preferences when evaluating a move to this neighborhood.

For a more detailed visual overview, you might find the following video helpful: