Gold Coast and Old Town, Chicago: A Buyer's Guide

The Gold Coast and Old Town sit side by side on Chicago's Near North Side, between Oak Street and North Avenue along the lakefront, with Old Town extending west toward Wells Street and beyond. They share a lot of history but very different housing. The Gold Coast is defined by lakefront high-rises, co-ops, and historic mansions, while Old Town is known for row houses, worker cottages, and townhomes on smaller, quieter streets.

What types of homes are in the Gold Coast and Old Town?

Along Lake Shore Drive, the Gold Coast is mostly high-rise buildings, many with doorman service and lake views. Some of the most established lakefront buildings are cooperatives rather than condos. Inland, especially along Astor Street and nearby blocks, you'll find 19th-century mansions, row houses, and vintage mid-rise buildings. Old Town offers more fee-simple townhomes and single-family homes, including some of the oldest housing in the city, along with condo conversions and newer construction on its edges.

How is buying a co-op different from buying a condo?

With a co-op, you buy shares in a corporation that owns the building rather than owning your unit outright. Most co-op boards review and approve every buyer, and many set their own financial requirements, such as minimum down payments or limits on financing. Monthly fees often include a share of the building's property taxes and any underlying mortgage. Fewer lenders finance co-ops, so confirm financing early if you're considering one.

What's the Gold Coast and Old Town market doing right now?

Pricing and demand differ sharply between high-rise units, townhomes, and single-family homes here. For current numbers, see the weekly neighborhood market data, searchable by location and property type.

Are there restrictions on renovating a home here?

Often, yes. Several Chicago Landmark districts are here, including the Astor Street District in the Gold Coast, the East Lake Shore Drive District along the lakefront, and the Old Town Triangle District. In a landmark district, exterior work beyond routine maintenance needs permit review by the Commission on Chicago Landmarks. If you plan to change a facade, windows, or add a rooftop structure, confirm a property's status before you make an offer.

How does parking work in the Gold Coast and Old Town?

Most high-rises offer garage parking, either included, sold as a separate deeded space, or leased monthly. Many vintage buildings and row houses have no parking, and street parking on residential blocks is limited and often permit-zoned. Townhomes with attached garages are among the most sought-after properties in Old Town for that reason. Always confirm exactly what parking comes with a property and what it costs.

How do you get from the Gold Coast or Old Town to the Loop?

The Red Line stops at Clark/Division, on the western edge of the Gold Coast, and at North/Clybourn near Old Town. The Brown and Purple Lines stop at Sedgwick in Old Town. Express buses along Lake Shore Drive and Michigan Avenue connect the Gold Coast directly to downtown, and many residents walk to offices in River North and the northern Loop.

What are property taxes like here?

Property taxes depend on each home's assessed value and the local tax rate, so budget from the actual bill for the specific property. As a benchmark, the Civic Federation estimated Chicago's effective residential tax rate at 1.69% of market value in tax year 2022. For co-ops, property taxes are paid by the building and included in your monthly fee, so review the co-op's budget to see your share. See our guide to property taxes and other costs when moving to Chicago.

What is there to do in the Gold Coast and Old Town?

Oak Street Beach and North Avenue Beach are steps from much of the Gold Coast, and the lakefront trail runs the length of both neighborhoods. Oak Street and Michigan Avenue offer high-end shopping, and Old Town's Wells Street is home to restaurants and The Second City. Lincoln Park and its free zoo are just to the north.

Where can I research schools and public safety?

Chicago Public Schools assigns schools by address. Use the CPS School Locator to confirm the schools for a specific property. For public safety, the City of Chicago publishes crime data on its open data portal.

Every Pareto client works with the same process, strategy, and tools, whichever neighborhood they choose. More guides: Chicago Neighborhood Guides.