How about a move to the 'sticks' around Hemel Hempstead or Sunbury?
You have to give up the cosmopolitan surroundings of the city, transport, culture and many other things, but you can buy yourself a nice car, live in a fairly quaint little village with a good pub and score with some country maid .
Worth considering.
I've always felt that living anywhere 'down south' would be a serious downgrade for me unless I was living and working in central London, and a nice bit to boot; the satellite towns surrounding London can seem busy, soul-less and depressing. And the roads are shocking.
If you can stump up the rent for a bijou London apartment, do it. Your quality of life will be great. And remember if you're commuting out from London you will be travelling 'against' the flow of traffic, whether that be by rail or road.
Good luck if you do take the plunge.
BTW what are the chances of 'recovering' your present lifestyle like if, having spent a year or two renting (with no equity) in London, you then return to Chicago?Keep us informed.