Magnificent Mile

Chicago, IL

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Magnificent Mile - Chicago, IL

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The magnificent heart of Chicago

Shopping Restaurants Upscale Walkable Convenient

Magnificent Mile is home to the bulk of Chicago’s retail and restaurant offerings, making it the perfect place for any renter. Upscale eateries, luxe boutiques, amazing hotels, and the city’s most iconic destinations all call the Magnificent Mile home. See the city from the John Hancock Center’s observation deck, perched 100 stories over the city, or admire the more historic side of Chicago architecture at Tribune Tower.

Wondering what it’s like to live in the Magnificent Mile? Well, visitors and residents love the almost overwhelming convenience of this neighborhood. With plenty of stores to shop at and restaurants to enjoy, the diversity of this area’s offerings spread far and wide. Rentals on and around the Mile can be some of the most expensive in the city, but with so much to enjoy within walking distance, it’s easy to see why.

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The Chicago Water Tower in the heart of the Magnificent Mile

A busy day in the Magnificent Mile

A beautiful spring day

Transportation

100

Walker's Paradise

out of 100 WalkScore® Rating

Lace up your walking shoes because this area is considered a walker’s paradise.

98

Rider's Paradise

out of 100 TransitScore® Rating

Living in this area is considered a rider’s paradise, with world-class transportation.

82

Very Bikeable

out of 100 BikeScore® Rating

This area is very bikeable. You’ll find a variety of bike paths and lanes.

Points of Interest

Top Apartments in Magnificent Mile

Houses for Rent in Magnificent Mile

Property Management Companies

Living in Magnificent Mile

Cost

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Renters living in the Magnificent Mile pay an average of $2,390/month to rent an apartment, compared to the city average of $2,215. City dwellers exploring houses for rent throughout the Magnificent Mile can expect to pay around $3,000 per month. For those looking to buy, the average house is valued at $545,000, compared to the city average of $262,866.

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Methodology

† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.

Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.

Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in February 2025.