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
|Cities||Median House Price||Median Condo Price||Net Difference|
|Des Moines, Iowa||$180,000||$209,000||-$29,000|
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.