Yeah. The University-provided housing is a little more expensive than your alternatives, but it removes headaches, and is leased by the quarter, so you don't have any summer subletting shenanigans to worry about at the end of your degree (potentially making it cheaper than going with the alternatives). read more
For a 1-2 year master's program, just have the Hyde Park experience. Live on campus or in the student ghetto (51st to 55th St, east of Cottage Grove). The university runs decent late night buses around the neighborhood, and it's an increasingly nice place to live. read more
Obviously, the first thing to mention about Hyde Park is the University of Chicago, which is in the neighborhood. Being a 25 year old guy, I love stopping by as there are a number of people my age there, and some of my best friends in the city attend the school or live in Hyde Park. read more