Its not that bad. The North Chicago area is not that pretty, nor bad. Other places around are really nice that are way too expensive to live in like Lake Forest. However, you can find some cheaper decent areas to live in like Gurnee, where I believe the average household income is $140 per year. Also look into Libertyville or Lake Bluff (which is a bit higher due to its proximity with Lake Forest).
The reality is that I hear about more crime happening in my hometown of Rochester, Mn than I do around here. Also, there are plenty things to do around here if you live at least 10 minutes away from the school.
Good Luck