Agreed, real estate in Hyde Park is really affordable. Chicago in general has really great rental prices compared to New York or the Bay Area. My best friend in Chicago is a PhD student in Chicago and I think her building is technically campus housing, but really all that means is that a bunch of grad students live in her building. I don't know how much her rent is-- Last year I lived in a 2 bedroom, 2 bathroom, with a sunroom and my roommate and I paid around 700 each, plus utilities. I wouldn't bother with dorms (I think there are grad student dorms). Some grad students eventually decide to leave the Hyde Park bubble anyway.
Message me if you have more questions about Chicago-- I lived there for over 20 years.