This article will explore the cost of living (and how to make savings) in the New Eastside neighborhood, Chicago, Illinois.
New Eastside Location
For those who are not familiar with the New Eastside, it’s located right on the lake just off Streeterville, and right next to Millennium Park. It also borders Michigan Ave and the Chicago River.
It’s no secret why people are moving to Chicago’s newest neighborhood. It boasts modern high-rise buildings with state-of-the-art amenities, comprehensive lake and city views, and green space galore. New Eastside is home to the most gorgeous views with easy access to Chicago’s downtown attractions. The skyscrapers let you know you’re in a business epicenter, but the surprisingly resident-friendly neighborhood is a fantastic place to call home. This neighborhood is a total walker’s paradise where you’ll get plenty of green space and beautiful lakefront.
New Eastside Family Life & Education
There’s a huge misconception that city life isn’t for families and that’s completely untrue. This area is especially great for families. We’ve helped so many people embrace this fun and extravagant downtown lifestyle, by helping them find their perfect home, right here in the New Eastside neighborhood.
There are some great public schools, as well as highly rated private schools, in particular, Gems World Academy. This top private school in Chicago is attended by many children residing in the New Eastside neighborhood. This prestigious school is Pre-K through 12th Grade and is located right in the heart of Chicago. Tuition ranges from around $25,000 – $35,000 per year.
New Eastside Real Estate Market
When it comes to housing in this area, options range from residential and modern, to high-rises and townhouses. Homes in New Eastside come in a wide range of prices styles and sizes. Those who have a love for chic urban condos can find juniors or studios for as low as $185,000. You’ll also find condos and high-rise penthouses starting around $300,000 – $4 million. It all depends on what you’re looking for.
The New Eastside includes historic buildings with striking architecture and luxurious amenities, as well as bright shiny new residential spaces. Here you’ll find cutting-edge high-rise condos as well as some contemporary town homes. The newer residential towers have modern amenities, many are energy efficient and environmentally friendly by design. The price will reflect these features, but it saves you money and you’re being good to the environment, so it pays off in the long run.
Home prices can be expensive and parking rates are high, but those who can afford this neighborhood will live life to the fullest. This area is highly walkable and packed with energy. Residents favor the neighborhood because it intertwines with city life but it’s really low-key in its own little private pocket.
New Eastside Parking & Transport
Parking is limited anywhere in downtown Chicago so most residents of the New Eastside neighborhood rely on on-site parking, which can run for around $250 – $300 per month. Other residents’ main options are limited metered parking or off-site parking. If you’re lucky enough to not need a car you’re going to save money right there.
For those who rely on public transportation for convenience or to save money and reduce the cost of living, an unlimited pass for the Chicago Transit Authority’s CTA and Pace buses costs $105. You simply tap your public transit card, called a Venture Card, when you board a train or bus. You don’t have to constantly buy tickets and you can top up your card using their convenient app.
New Eastside Accessibility
Additional savings on transportation costs, while living in the New Eastside, is possible because of the area’s walkability and the Chicago Pedway. The 5-mile long Pedway is a network of tunnels, ground-level concourses, and bridges, that connect tons of buildings, stores, hotels, and train stations throughout the central business district of Chicago. The Pedway is a warm path in the winter and a dry one when it’s raining. We’re getting so much snow right now, so you’ll be amazed how many people are utilizing the Pedway. It also makes getting places a lot quicker.
The Pedway connects over 60 locations primarily between the Loop and the New Eastside neighborhood. There’s a super handy Pedway map that’s really easy to follow. The Pedway is more than just an underground sidewalk — it includes everything from art installations and restaurants — they’ve even got a barber shop down there.
In addition to walking, bicycle enthusiasts can take advantage of the separate biking trails along the lakefront. If you don’t have your own bike, you can rent one.
New Eastside Utilities
Utilities come into play regardless of whether you rent or you buy, and a basic utilities package of electricity, heating, water, and garbage, costs around $130 per month in Chicago. If you add in the internet, your combined bill can be around $190.
New Eastside Food & Restaurants
A local grocery store in the New Eastside neighborhood is Mariano’s. The store hosts a number of classes and events throughout the year such as wine tasting, cooking demonstrations, and they’ve even got story time for the kids. Prices are no different to any other grocery store.
If you want to grab a quick bite, there are many different casual dining spots that are also reasonably priced. You’ll also find plenty of high-end steakhouses, seafood joints, and Italian restaurants close by in the Loop. If you jump over to River North, you’ll find even more fine dining options.
New Eastside Cost of Living (+ Savings)
The cost of living in the New Eastside neighborhood can be up there in price, but the views, the convenience, and the great neighborhood make it worth it. It is possible to live a little bit more economically if you know how to budget, and take advantage of the money-saving activities that are available.
If you’re ready to learn more about this exciting and new hot neighborhood in Chicago, you know what to do. Call, text or send an email, days, nights and weekends. We’ve got you covered when moving anywhere in the Chicago area.