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 |
|---|---|---|---|
| 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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