Condos are back in the game as they outpace single-family homes in appreciation. A recent research study released by Zillow stated that condos are appreciating at 5.1 percent annually, outpacing the 3.7 percent rate of single-family homes in the United States.
During the past recession, condos were hit hard by the sudden burst in the housing market. A typical condo in the United States during that time lost 33.2 percent of its value, while the median U.S. single-family home lost 20 percent of its value.
“The housing bust hit condo values hard, and over the past few years, buying a condo wasn’t always considered a good investment compared to a single family home,” said Zillow’s Chief Economist, Dr. Svenja Gudell. “But that’s changing, and condos increasingly represent a strong-performing, often affordable choice, particularly for first-time buyers interested both in home-ownership and in keeping a lower-maintenance, city lifestyle. However, as younger buyers compete for homes in urban neighborhoods, it’s important to consider some of the additional costs of condo life, especially home-owner association fees, when weighing options.”
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