Magnificent Mile

Chicago, IL

The Chicago Water Tower in the heart of the Magnificent Mile
A busy day in the Magnificent Mile
A beautiful spring day

Magnificent Mile - Chicago, IL Area Guide

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.

Explore the Neighborhood

The Chicago Water Tower in the heart of the Magnificent Mile

A busy day in the Magnificent Mile

A beautiful spring day

Getting Around

Exceptionally Walkable

Walkability

100 / 100

Exceptional Public Transit

Transit

100 / 100

Somewhat Drivable

Drivability

30 / 100

Very Bikeable

Bikeability

80 / 100

Daily Essentials

Supermarket Within a 5 Minute Walk

Groceries

100 / 100

Exceptional Restaurant Variety Nearby

Restaurants

100 / 100

Exceptional Café Variety Nearby

Cafes

100 / 100

Exceptional Variety of Shops Nearby

Shopping

100 / 100

Recreation

Exceptional Amount of Park Space Nearby

Parks

90 / 100

Exceptional Wellness Amenity Variety Nearby

Wellness

90 / 100

Local Vibe

Exceptionally Vibrant Atmosphere

Vibrancy

100 / 100

Exceptional Nightlife Variety Nearby

Nightlife

100 / 100

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.

Search Nearby Rentals

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 2026.

Demographic information comes from Neustar and combines detailed address data with U.S. Census and American Community Survey statistics to produce reliable local estimates.