It’s certainly true that East Hyde Park has more new buildings and more high rises, and I have no reason to doubt that more people unaffiliated with the university live there simply because it’s somewhat less convenient to campus, so people who have no particular reason to be on campus on a daily basis will be more inclined to live there than people who do need to be on campus daily. Though there certainly are many university students, faculty, and staff living east of the tracks, too.
But if you’re implying that Hyde Park west of the tracks is a low-rent “student ghetto,” nothing could be further from the truth. Rents are fairly moderate by Chicago standards, certainly lower than downtown or in the more attractive North Side neighborhoods. But most of the Hyde Park area’s high end single-family housing—greystone rowhouses, townhouses, and detached single family homes–is in Hyde Park west of the tracks and in south Kenwood. And the rents don’t seem to be appreciably different east and west of the tracks, except that of course you’ll pay more in a high-rise with panoramic lake views. But that’s true everywhere in Chicago’s lakefront neighborhoods. While it’s certainly true that Hyde Park west of the tracks “appeals to students,” I don’t think it’s accurate to say that it “mostly” appeals to students. Very large numbers of U of C faculty and staff also live in the blocks within easy walking distance of the university–something the university itself has long encouraged. But there are also many doctors, lawyers, and other high-end professionals unaffiliated with the university who enjoy Hyde Park’s intellectual vibe, cultural offerings, bookstores, coffee shops, etc, along with its well maintained housing stock and distinguished architecture. Hyde Park is also a major center for theological study and education, with 4 seminaries–the Catholic Theological Union, the Chicago Theological Seminary (UCC/ecumenical), Lutheran School of Theology, and McCormick Theological Seminary (Presbyterian)—all located within a few blocks of each other, none of them officially affiliated with the university. Hyde Park and Kenwood have also long been a mecca for many of Chicago’s more affluent African-American families, among the few communities in the city or suburbs that are stably and comfortably integrated (as of the 2010 census Hyde Park was 46.7% white, 30.4% black, 12.4% Asian, 6.3% Hispanic, and 4.1% “other,” while Kenwood was 16.5% white and 71.9% black, though I imagine south Kenwood is somewhat whiter than the neighborhood average). That’s why people like the Obama’s chose to live there, affluent professional two-income households who could easily afford to live anywhere they wanted.