One thing I don't think alot of people are aware of is that the SPH isn't really on the main campus, but it's in the medical district, which is about 3/4 mile to the west. That being said, you may have classes on the main campus as well, so I don't know. Nestled in between the two campuses is the aptly named "University Village" or "Little Italy." Most of my resident friends lived in this area, and you get a good bang for your buck in the neighborhood. The Medical Campus and the main campus are both serviced by the 24-hour blue line, though the pink line is closer to the actual SPH. Bucktown/Wicker Park is located on the blue line and is a great area for people to live, though I'm not certain what a "reasonable budget" would be in your case. I currently live in Lincoln Park, which is on the more expensive side, but it's arguably the safest area. It's also right on the brown/red lines which can be taken down to the pink or blue lines with relative ease. Lincoln Park and Lakeview are probably the two most "young professional" areas, but also more expensive, and don't leave quick access to the campus in all cases.
I would say that the surrounding areas of University Village, West Town(access campus by bus), and Ukranian Village would probably be the best to meet your needs.
On a car, I would say that you CAN have one, but absolutely do not need one. I have a car, and probably drive maybe once or twice a month. I would suggest that if you do not have kids that you need to shuffle around, I would get rid of it, as it's probably a bigger hassle than not having one. The CTA has an incredible reach and is more than reliable a good 90% of the time. I ride my bike everywhere in the summer, so I'm okay living a few miles north of the school if need be.
That may help, but let me know if you have any other questions. I would suggest just take a glance at GoogleMaps and the CTA(
www.transitchicago.com) maps and this rant my make a little bit more sense.
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