Report: 10 Cities Where Houses Are Cheaper Than Condos

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The U.S. real estate market has been an exercise in patience for many Americans. Many have opted for a condo because they could not afford a home, but there are some cities where it makes more financial sense to purchase the latter. But as you’re about to see, location matters.

A recent study from Point2, a real estate site, shows the U.S. cities where houses cost less than condos.

Here are some key findings from the report:

  • In 20 of the largest U.S. cities, single-family homes cost less than condos.
  • Looking at the top 10 cities, half of those where the homes are cheaper than condos are located in the Midwest.
  • Rochester, New York is the only place where single-family homes and condos have the same median price: $183,000.

Houses Are Cheaper Than Condos in These Cities

CitiesMedian House PriceMedian Condo PriceNet Difference
Detroit, MI$58,000$229,000-$171,000
Birmingham, AL$174,000$246,000-$72,000
Cleveland, Ohio$115,000$181,000-$66,000
Akron, Ohio$103,000$169,000-$66,000
Syracuse, NY$155,000$210,000-$55,000
Chattanooga, TN$259,000$301,000-$42,000
Toledo, Ohio$108,000$145,000-$37,000
Des Moines, Iowa$180,000$209,000-$29,000
Jackson, MS$100,000$128,000-$28,000
Chicago, IL$295,000$320,000-$25,000

Read the study in full at Point2.

Thinking About Buying a Home? Read This

High mortgage rates, economic uncertainty and a lackluster inventory of homes have made many would-be homeowners hesitant about purchasing, according to Redfin’s latest real estate report.

Clark says when it comes to buying a home right now, patience is a virtue.

“This is a terrible time [to buy] right now,” Clark says. “But the prospects in the future are better.”

While it is encouraging to see some homes for a fraction of the cost of condos, there are many factors to consider when trying to decide if you should buy a house now or wait.

Want more home-buying tips? Read our guide on how to buy a home.

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