Why Live in Lake Meadows
Lake Meadows in Chicago's South Side has undergone significant redevelopment since the 1940s, transforming from deteriorating housing projects into a vibrant community. The neighborhood features a mix of renovated condominiums, townhouses, and single-family homes, with contemporary and Queen Anne architectural styles. The area is predominantly rental, with high-rise apartments and midcentury condominiums. Lake Meadows Park, an 8-acre green space, offers basketball courts, playgrounds, and walking paths, while the nearby 33rd Street tennis courts host the historic Chicago Prairie Tennis Club. The neighborhood's biggest draw is its proximity to Burnham Park and the scenic Lakefront Trail, which leads to 31st Street Beach and continues 3 miles north to The Loop.
Despite limited dining and shopping options within walking distance, residents frequent the Lake Meadows Shopping Center and local eateries like Bronzeville Hoagie & Panini and Chicago’s Home of Chicken & Waffles. The neighborhood is well-connected by Chicago Transit Authority (CTA) bus stops and the Metra, facilitating easy commutes to downtown Chicago. Educational institutions include John J. Pershing Elementary Humanities Magnet School and Wendell Phillips Academy High School, both part of Chicago Public Schools. The Illinois Institute of Technology is also nearby, enhancing the area's educational landscape.
Lake Meadows is safer than the national average, contributing to its appeal for families and professionals. The upcoming Bronzeville Health Center will further enhance local healthcare options. With its blend of green spaces, convenient transit options, and proximity to cultural hubs, Lake Meadows offers a balanced urban living experience.
Frequently Asked Questions
Is Lake Meadows a good place to live?
Lake Meadows is a good place to live. Lake Meadows is considered somewhat walkable and very bikeable with good transit options. Lake Meadows has 12 parks for recreational activities. It is very dense in population with 18.6 people per acre and a median age of 36. The average household income is $58,847 which is below the national average. College graduates make up 51.4% of residents. A majority of residents in Lake Meadows are renters, with 90.7% of residents renting and 9.3% of residents owning their home. A
local real estate agent serving Lake Meadows can help you decide if this neighborhood is the right one for you. Learn more on our
Lake Meadows neighborhood guide.
How much do you need to make to afford a house in Lake Meadows?
The median home price in Lake Meadows is $190,500. If you put a 20% down payment of $38,100 and had a 30-year fixed mortgage with an interest rate of 6.56%, your estimated principal and interest payment would be $970 a month plus property taxes, HOA fees, home insurance, PMI, and utilities. Using the 28% rule, you would need to make at least $42K a year to afford the median home price in Lake Meadows. The average household income in Lake Meadows is $59K.
What are the best public schools in Lake Meadows?
The best public schools that serve Lake Meadows are:
What are the best private schools in Lake Meadows?
The best private schools that serve Lake Meadows are:
What are the most popular zip codes in Lake Meadows, Chicago, IL?
What are the most popular neighborhoods near Lake Meadows, Chicago, IL?
Home Trends in Lake Meadows, IL
On average, homes in Lake Meadows, Chicago sell after 18 days on the market compared to the national average of 52 days. The median sale price for homes in Lake Meadows, Chicago over the last 12 months is $125,000, down 16% from the median home sale price over the previous 12 months.
Median Sale Price
$125,000
Median Single Family Sale Price
$641,000
Median Townhouse Sale Price
$425,000
Median 2 Bedroom Sale Price
$190,500
Median 1 Bedroom Sale Price
$110,000
Average Price Per Sq Ft
$154
Number of Homes for Sale
4
Last 12 months Home Sales
6
Median List Price
$190,500
Median Change From 1st List Price
9%
Median Home Sale Price YoY Change
-16%