The people of Chicago love their sports teams, their pizza, and their city. But those are just the basics of living in the Windy City. 

If you’re thinking of buying a home here, whether that means swapping your Chicago rent for a mortgage or coming from somewhere else entirely, it’s important to know about the market and the homebuying experience. Before you start going to showings and falling in love with a home, here are five things for potential Chicago homebuyers to consider.

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Homes in Chicago, Illinois

The Homes Are Affordable

Living in a large U.S. city has its perks. Major metropolises offer career opportunities, amazing restaurants, and a vibrant culture, drawing many to urban areas. But those perks come with a price. Buying a home in big city is typically more expensive than opting for the suburbs or a smaller urban center. If you’re hoping to find an urban home without the prices of New York or San Francisco, Chicago is the place to start.

Data from consulting firm John Burns Real Estate found that Chicago is the second-most affordable market of the 20 largest cities in the country, just behind St. Louis. Home prices vary from neighborhood to neighborhood, but you’ll be able to find existing homes for sale at or even below the national median ($255,400 as of October 2018, according to YCharts). For example, the median home sale price in the Far North Side neighborhood of Rogers Park is in the high $100s.

If you’re in the market for a luxury home, Chicago also has a thriving market for upscale condos, townhomes, and single-family homes. The median sale price in Lincoln Park is in the mid $500s.

Home Inventory Can Be Tight

If you’re looking to buy a home in Chicago, you’ll likely need to move fast. Inventory is tight, which means homes probably won’t spend too much time on the market. In September, Illinois homes spent an average of 48 days on the market, down from 51 days in 2017, according to a report from Illinois Realtors.

“Low inventories, coupled with increases in interest rates, are making it much tougher for some buyers to make a move, even though the data suggests many very much do want to make a purchase,” said Ed Neaves, president-elect of Illinois Realtors and managing broker of Berkshire Hathaway HomeServices Snyder Real Estate in Bloomington.

Property Taxes Are High

While Chicago home price may be lower than most other large cities, the city outdoes nearly everywhere else when it comes to the amount of property tax homeowners have to pay. 

According to a report from Attom Data Solutions, Chicago property taxes are 93 percent higher than the rest of the country. Illinois as a whole has the second-highest property tax in the country, second only to New Jersey. Crain’s broke down the report by property taxes for Chicago-area counties as: 

Winter Makes Parking a Premium Amenity

Parking in Chicago is the most expensive in the country, according to ABC 7. Not only is it expensive, it can also be a hassle. On average, Chicagoans spend 56 hours per year searching for parking, according to the report.

When you start looking for a home, keep the parking situation in mind. Does the home come with a garage or a designated parking spot? How much is the monthly price for that designated spot? Is there residential zoned parking on the street? Remember, winter only makes parking tougher.

You’ll quickly form an opinion on whether winter parking “dibs” is acceptable or not. If you decide to eschew car ownership and the competition for parking, the city’s public transit and thriving ride-share services will make it easy to get around.

Each Neighborhood Experience Can Be Different 

Chicago is a sprawling city with 77 distinct neighborhoods. Each of those neighborhoods offers homebuyers something different. 

Do you want a central location in a high-rise condo tower with lakefront views? Try River North. Do you want to live near wide open greenspace? Humboldt Park and Hyde Park are just two of several neighborhoods that fit the bill. Chicago has a variety of home prices, styles, and neighborhood aesthetics so you can find your dream home. 

View homes for sale in Chicago