In 20 U.S. Cities, Buying a Single Family Home Is Cheaper Than a Condo
While home prices decreased by 0.7% in February, condos went up by 2.5%.
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The housing market has experienced a series of changes over the past couple of years — from record-high prices to ruthless competition. But now, with some signs signaling a cooling market (in certain places, at least), other areas are seeing shifts, notably a rise in demand for condominiums.
In February, the average cost of a single-family home went down by 0.7% from the same period last year, while a median-priced condo experienced a 2.5% increase, from the National Association of Realtors.
In some areas, condos are even more expensive for buyers than median-priced homes. According to real estate analysts at , there are as many as 20 U.S. cities where this is happening, including Detroit, Michigan, which took the top spot, with the average home price of $58,000 versus the average condo price of $229,000 — a 75% difference.
Related: Apartment Building Sales Are Dropping — But Renters May Benefit From Investor Slump
Detroit led the rankings by a long shot. Second was Birmingham, Alabama, where the average home price is $174,000 versus $246,000 for condos — a gap of 29%.
While there are several reasons people are attracted to condos versus homeownership — less maintenance, upkeep and utility costs — condo living isn’t for everyone. So if you’re looking to make the move from a building to a home, one of these 20 cities may be worth looking into.
The housing market has experienced a series of changes over the past couple of years — from record-high prices to ruthless competition. But now, with some signs signaling a cooling market (in certain places, at least), other areas are seeing shifts, notably a rise in demand for condominiums.
In February, the average cost of a single-family home went down by 0.7% from the same period last year, while a median-priced condo experienced a 2.5% increase, from the National Association of Realtors.
In some areas, condos are even more expensive for buyers than median-priced homes. According to real estate analysts at , there are as many as 20 U.S. cities where this is happening, including Detroit, Michigan, which took the top spot, with the average home price of $58,000 versus the average condo price of $229,000 — a 75% difference.
Related: Apartment Building Sales Are Dropping — But Renters May Benefit From Investor Slump
Detroit led the rankings by a long shot. Second was Birmingham, Alabama, where the average home price is $174,000 versus $246,000 for condos — a gap of 29%.
While there are several reasons people are attracted to condos versus homeownership — less maintenance, upkeep and utility costs — condo living isn’t for everyone. So if you’re looking to make the move from a building to a home, one of these 20 cities may be worth looking into.
