The South Loop is the fastest growing neighborhood in Chicago, and as such, there is a wealth of diverse and unique housing options throughout the sprawling residential blocks. In 2006, nearly one-half of the condos that were sold in downtown Chicago were located in the South Loop neighborhood -- that's nearly twice what it was just three years earlier. Low interest rates coupled with the urban renaissance that Chicago experienced in the 1990s laid the foundation for the ensuing boom in the South Loop which continues to see major residential development today.

In 1993, Mayor Daley moved from the neighborhood he grew up in (Bridgeport) to the South Loop, serving as the symbolic start of what would become a major housing explosion. Developers flooded in, quickly followed by homebuyers, eager to move into new loft conversions and shiny new high-rises. Plans have been announced to construct an enormous multi-use complex between Roosevelt Road and 9th Street that would include about 1,000 residences, 50 retail outlets and a large multiplex theatre -- it's a sign of things to come in the neighborhood.

Old commercial and industrial buildings are being converted to fashionable lofts and it seems like a new high-rise is erected every day. If you look towards the South Loop from the south or west, you'll see almost as many cranes as there are buildings. And while the urban loft lifestyle appeals to many single working adults, young couples and retirees, the South Loop has proven itself an ideal neighborhood in which to raise a family because of its close proximity to the Loop, Museum Campus and Grant Park.

Like most of the downtown area, almost all of the available housing in the South Loop is attached. A one-bedroom South Loop condo or loft generally ranges between $175,000 to the mid to upper $300,000s. The average price of a two-bedroom is in the low $400,000s, although there are some two-bedroom homes available for close to $1 million, if you feel like splurging. For a little more space, say a three-bedroom townhouse, the price tag jumps up -- starting at around $500,000.