Tom,
I saw that as well a few days ago, Its like someone ran through the thread with a magic marker and Tagged us all. Jim got the first and best answer ranking and got swiped with the marker as well...........
I Too think that most if not all the suggestions are feasible and a great starting point for M & L to look at .
Diversity/ Location/ Style and Ammenities all are different in these "Hoods"

Forest Park, which borders Oak Park but is more economical, sounds like it has exactly what you are looking for... very close to the city, public transportation, a walkable downtown, and a lot to offer for under $400,000. Your dollar will go a bit further here than it would up north in Evanston and Skokie.

M & L,
You could try Skokie or Park Ridge. you have the Skokie swift, (inner city)
you could also head to Aurora , or Naperville we have a Metra station that loads right into downtown Chicago.(from the quiet & peaceful burbs)

You might take a look at Evanston, the first suburb north of the city and home to Northwestern University. Great public transit by bus, El and Metra.

Lots of urban amenities and walkability. A SFH under $400k will be tough in the more desirable areas, but condos are plentiful. The Central Street area close to Green Bay Rd is a real walkable charmer.

Oak Park is superior to Beverly but probably 50% more expensive. Houses in Oak Park 400 and below can be pretty sad looking.

Maybe I'm a "square" from the suburbs (La Grange area) but do people in Chicago use the term 'hood?

M&L:
If you go suburbs, what you describe sounds like Oak Park to me. Oak Park is nationally known for its diversity. Here is a segment from Wikipedia:

* * * Oak Park has a long history of encouraging and maintaining racial and ethnic diversity, much of which was started in conjunction with the 1966 Chicago Open Housing Movement. The village operates a Diversity Assurance Program within its housing programs department to ensure a stable, diverse, and integrated population. Years ago, Oak Park eliminated the use of "For Sale" signs in front of houses, widely considered one of the keys of success to maintaining the high diversity. * * *

Oak Park is the best combination of city and suburbs with excellent public transportation. Just avoid the "award winning Mann" grade school as my guess is they are the most right-winged in town and they charge a premium. That would mean searching either South of Iowa St or East of East Ave. Even though you don't have children, the school district is very important when it comes to value. Yet not all schools within the same district are the same. To make your search easier, I'd look at Beye or Holmes grade schools to get the most bang for your buck. The referenced report cards will give you demographic information.

Good luck,
Ruth

At that price I would look at Beverly on the Southwest side. 23 minutes on metra to loop and a great stock of historic homes, very walkable, very diverse, actually hilly (ok not by SF standards but there are hills). I think the neighborhood is undervalued. It is well hidden -- many people don't know it exists, but it's a good option if you want an urban feel, attractive home, and a 75x150 lot but don't want suburbs and don't have $1M.

M & L, the one thing chicago has is inventory - so be prepared to see alot, if you are fixed on single family living vs. condo then that price point is going to push you pretty far north or northwest. Our your thinking of a home that might need some improvement? Here are some of my favorite "hoods" that fit your current price range and location request(yes there is a "Park" theme to alot of chicago communities)
- Edison Park, North Park, Norwood Park, Jefferson Park, Irving Park, Logan Square, Avondale, Edgewater, & Rogers Park to name just a few... hope this helps, feel free to contact me if you want any more...cheers