Are you looking for a great place to work and live in Chicago? The Loop would make a solid bet for your next home.

Today I will discuss the neighborhood of the Loop. Real estate experts and Chicago residents have placed this metropolitan community in the ranks of the Best Neighborhoods to Live in Chicago. And in Illinois.

The Loop, Chicago Real Estate

When we talk about the "downtown" of Chicago, we refer to The Loop. It is the center of the City of Chicago. It is a booming central business, entertainment, and retail district. A few big companies that have offices here are United Airways, Northern Trust, and Boeing. And it’s also Chicago’s fastest-growing neighborhood.

Edward McClelland of the Chicago Magazine reported that the Loop’s population has increased 158 percent, from 16,388 to 42,298 since the turn of the century. Here the average one-bedroom apartment rents for $2,075 a month, and the average home sells for $351,000. According to the Chicago Metropolitan Agency for Planning, 50 percent of Loop residences are occupied by one person and 49 percent of those residences were built in 2000 or later. There are barely any single-family homes. Professionals, students and couples live here with a  median income of $108,676.

The Loop is famous for its iconic skyscrapers that form a magnificent skyline. The modern buildings like The Nuveen building and the Boeing Building reflect the sights of historic buildings like The Mart, formerly known as The Merchandise Mart, and the elegant theater, The Lyric Opera of Chicago.

In the Loop, housing options are limited to condos, studios, deluxe penthouses and high-rise apartments. It’s a concrete jungle akin to Manhattan in New York. The luxury condominiums offer unparalleled lake views. Many historical buildings along Printer's Row are now charming vintage lofts. In the South Loop, there are townhouses, high-rises, and affordable residential hotels. Many Loop houses are popular as primary residences and second homes. 

High-rise buildings provide convenience amidst the fast-paced Loop lifestyle through such amenities as an on-site concierge, complimentary coffee in the morning, package receiving, and on-demand dry cleaning.

Before I talk about what’s it like to live in the Loop, let me first tell you about the history of this place.

History of The Loop

The Loop is the moniker given to the Chicago business district located south of the Chicago River's main stem. The name comes from a location in the city center when the cable car strands twisted around on a pulley. The plan was expanded to include a ring of elevated rail tracks connecting downtown to the neighborhoods for fast transit lines. This loop, completed in 1897, produced an integrated intracity transit infrastructure that helped ensure Chicago's historic core's primacy in the metropolis' development.

Jean Baptiste Point DuSable established a trading post on the north bank of the Chicago River in the late 1780s. Fort Dearborn followed on the opposite side in 1803–4. South Water Street, along the south bank, became a hub of activity in the 1830s, with Lake Street, a block to the south, soon picking up the character of a retail street. At this time, the Loop accommodated city life near the main stem of the river.

Since its start, the Loop was a diverse neighborhood. There were Germans, Irish, African Americans, and other nationalities. Then the Civil War brought rapid growth downtown with the introduction of streetcars along State Street in 1859. This reorientation of the business district was well underway when the Fire of 1871 completely destroyed the central part of the city.

After the Chicago Fire of 1871 wiped out almost all the buildings, developers rebuilt the Loop with skyscrapers and established the distinct Chicago skyline here. Then as transportation evolved from horse-drawn carts to cable cars to electric trolleys to gasoline-powered buses, the Loop was at the center of this evolution with the State Street Subway (today known as the Red Line) opening in 1938. 

Cooperation between the city government led by Richard J. Daley and business leaders, supported by a steady flow of state and federal funds, produced a building boom of unprecedented scale to provide offices for corporations, banks, and governmental agencies, as well as hotel rooms for visitors, and expanded facilities for cultural and educational institutions.

What's it really like to live in the Loop?

But now, you might be wondering what living in the Loop would be like. Let me walk you through the pros and cons of living in the Loop.

A. Pros:

a. Vibrant, Fun Neighbors

The Loop, as Chicago's main downtown region, is known for its vibrant architecture and big-city vibe. The award-winning Chicago Riverwalk, a pedestrian-only walkway dotted with fantastic riverside eateries, the McCormick Bridgehouse & Chicago River Museum, and the mind-blowing digital art exhibit Art on theMART are all located here.

Many condo residents worked together to build a vertical neighborhood. There is a strong sense of community here since people often have lots of fun together. They enjoy progressive dinners, book clubs, yoga, and picnics in Millennium Park. And there are several families who live independently, but within a few blocks from each other. Some of the more common neighbors you will find in The Loop are students, artists, professionals, and empty-nesters.

While many know the Chicago Loop as a business hub, it has also built a distinct reputation as a beautiful Chicago neighborhood for after-work recreation. There are many opportunities for neighbors to congregate and have fun in their condo complexes and beyond. 

c. Booming Jobs

The Loop is Chicago’s commercial center. It is the second-largest commercial business district in North America. The industries working here are mainly the professional sector, finance, healthcare, education and public administration. Young professionals flock to this neighborhood to be able to work in the best and biggest companies such as the following: AON Corporation, Archer Daniels Midland, Blue Cross Blue Shield Association, BMO Harris Bank, CIBC, Clayco, CME Group, Cushman Wakefield, Exelon Corporation, GATX Corporation, GrubHub, Guidehouse, Hyatt Hotels Corporation, Integrys Energy Group, JBT Corporation, Jones Lang LaSalle, Kemper Corporation, Leo Burnett Worldwide, Levy Restaurants, LKQ Corporation, MillerCoors, Morningstar, Inc., Morton Salt, Northern Trust Corporation, RR Donnelley, Sidley Austin, Strategic Hotels & Resorts, SP Plus, Telephone and Data Systems, Inc., Tribune Media, and United Continental Holdings.

d. Fine Chicago Cuisine

There are so many fantastic restaurants in this neighborhood. There are outstanding handmade pastas including bucatini cacio e pepe, pici with ragu, and paccheri mancini served tableside. Au Cheval serves some of the best burgers in town. And the possibilities of slaking your hunger are endless in this upscale community.

e. Proximity to Amenities

From condominiums, residential homes, beauty spas, restaurants, health services centers, and so much more, the Loop has it all. The amenities are everywhere and easy to access. Even if you just moved into this neighborhood, you wouldn’t really have a hard time adjusting because you can find whatever you need here. It is very convenient, especially when you commute. Most residents enjoy the luxury of a 15-20 minute train ride, 15 minutes by bike, and 30 minutes walking.

The Chicago Riverwalk is home to wine bars, ice cream shops and restaurants. And if you are a fan of live music, you can go to the Tiki Bar, Island Party Hut, located between Lake Shore Drive and Columbus Drive on the Riverwalk. Here you can also book regular trips, cruises and architectural tours.

If you want to go shop, you can visit the Loop Retail Historic District. And of course, walk through the neighborhood to check out the different grocery stores and local shops. 

For the artist at heart, there are many museums that house the works of Pablo Picasso, Joan Miró, Henry Moore, Marc Chagall, Magdalena Abakanowicz, Alexander Calder, and Jean Dubuffet. You can also go to the Art Institute of Chicago, the Goodman Theatre, the Chicago Theatre, the Lyric Opera at the Civic Opera House building, the Chicago Symphony Orchestra, the Harold Washington Public Library, Maggie Daley Park. and the historic Palmer House Hilton hotel, found on East Monroe Street.

Even if it’s a concrete jungle, there is a lot of fun to be had in its natural sceneries. There’s the Grant Park showcasing Chicago’s waterfront. It is the home of Buckingham Fountain, the Petrillo Music Shell, the Grant Park Symphony and Chicago's annual two-week food festival, the Taste of Chicago. Another section of Grant Park is the famous Millenium Park  where you can enjoy amazing Lake Michigan views, watch open-air concerts, and marvel at  Frank Gehry's Jay Pritzker Pavilion, Jaume Plensa's Crown Fountain, and Anish Kapoor's Cloud Gate sculpture.

Amid the hustle and bustle of the Loop, its main selling point is that you can access everything you need by commuting or walking to your destination. All these amenities rank high in satisfaction, cleanliness, and quality, in both government and individual assessments.

f. Pet-friendly

The Loop is a pet-friendly area. There are many condominiums that are pet-friendly, restaurants that are open for dogs, and hotels that accommodate pets. So if you love having your pets around wherever you go, you can enjoy this privilege in the Loop.

Of course, it isn’t sunshine and daisies here. It is my fiduciary duty to show you the cons of living in every neighborhood, including the Loop.

Cons:

a. High crime rates

As the city center of Chicago, it is a hotbed of criminal activity. According to AreaVibes:

• Loop crime rates are 485% higher than the national average
• Violent crimes in Loop are 155% higher than the national average
• In Loop you have a 1 in 8 chance of becoming a victim of crime

b. High Cost of Living

You pay a premium to live in the Loop. Most condos and high-rises are luxury accommodations. 

According to Area Vibes:

1. The cost of living in Loop is 31% higher than the Chicago average.

2. The cost of living in Loop is 26% higher than the national average.

3. Loop housing is 79% higher than the national average.

4. Illinois general sales tax is 22% higher than the national average.

5. Illinois state income tax is 119% higher than the national average.

b. Terrible Traffic

It's difficult to imagine a more congested and busy environment than downtown Chicago. Chicago drivers spend more than four days a year driving. Chicago has a total driving time of 104 hours, whereas New York has a total driving time of 102 hours. 

Chicago was ranked 6th in the world for traffic congestion. This leads to the problem of tough competition for parking. If you drive to work, you need to be alert and reserve your parking slots ahead of time. This is such a stifling environment that could turn off many people who need to be on time for their appointments and work.

c. Away From Good Schools

Several colleges and universities operate campuses in and around the Loop. But for young children, you would need to travel far for good elementary, middle, and high schools. This is a real hassle for families with children. That’s why most Loop residents are singles or couples with no children. When they start a family, they choose to move to suburbs with more spaces and better access to good schools for their children.

Conclusion

All things considered, the Loop is one of the best places to live in Chicago. It has a rich, storied history embedded in Chicago’s economy. On the other hand, you would contend with terrible traffic and the lack of access to good schools in the area.