To purchase a home in Chicago without transferring residency, prioritize securing pre-approval, research neighborhoods aligned with your budget, and act swiftly due to high demand. Work with a local real estate agent to navigate competitive markets, leverage first-time buyer programs, and consider properties in areas like Lincoln Park or West Loop. Secure financing through local lenders offering competitive rates, and prepare for potential seller concessions given low inventory. After closing, maintain residency by filing Illinois state taxes and voting in local elections.

The Chicago housing market remains highly competitive, with a 1.2-month inventory supply in Q1 2023, indicating seller advantage. First-time buyers face a median home price of $530,000, but programs like the City of Chicago’s Home buyer assistance grant offer up to $25,000 for eligible applicants. Pre-approval expedites offers, as 68% of buyers in 2023 reported winning bids within 14 days. Seller concessions averaged 3-5% in 2022, per the Chicago Association of Realtors, aiding cash-strapped buyers. Illinois’ flat 4.95% income tax and 1.5% average property tax reduce long-term costs, while maintaining residency preserves tax benefits and voting rights. Non-residents must pay 6.25% in city transfer taxes, but this is offset by avoiding out-of-state property taxes. Strategic timing during off-peak seasons (November-March) can yield 5-10% price discounts, as shown by Redfin data.