You can afford to buy a home.
When most people think of buying their first home, they’re typically thinking of a single-family home with a driveway, a yard and multiple rooms to grow into. They imagine throwing fabulous dinner parties at a grand dining table, and kids and a dog frollicking about the backyard. But you don’t cook. And you don’t have kids, or a dog for that matter. So while that vision is cute and all, that might not be your pathway to homeownership right now, diva. Going from 6 roommates to the dream of suburbia might not be the present moment, but maybe a one- or two-bedroom condo is actually doable sooner rather than later. Let's look at some numbers, shall we?
Condos usually cost less than you think
According to a recent study by Zillow: “Condos are the most commonly affordable home type in virtually every metro. At the starter level, the savings can be pretty significant. Nationally, starter condos average $197,468 — that’s about 6% less than the typical starter home.” Even in my neck of the woods, West Hollywood - which is considered a high price, in-demand area - there are a wide range of condos starting from $340,000 up.
Of course, every market is different. But the bigger point standss: if you’ve only been searching for traditional single-family homes, you’re likely overlooking some of the most affordable options in your area.
A Condo Could be a gentle first step into homeownership
Part of the reason condos can cost less is pretty straightforward. They usually take up less space than a single family home, and less square footage tends to result in a lower purchase price.
If you’re coming from an apartment or a roommate situation, the transition to condo ownership can be a gentle first foray into homeownership. You also don’t have to buy a ton of furniture or hustle to fill in a large space before you’re fully ready to grow into it. It’s really a win-win; you get a lower up-front purchase price and get an easier time managing costs in a smaller space.
But don’t take my word for it! Ali Wolf, Chief Economist for New Home Source, explains: “In addition to favoring smaller floor plans, more consumers are showing a willingness to live in an attached home. This shift is not driven by a preference for shared walls, but by a pursuit of value.”
Don’t overlook this optimal option
If you've convinced yourself that renting will forever be your tea, talk to your real estate agent (...me?) about condos in your area. You can find charmers in neighborhoods you probably think are out of your budget, you have access to amenities like pools, gyms and landscaping and maintenance services, and most importantly, you can get a head start on building equity in real estate.
Long story short, the first home you buy doesn’t have to be a house. If affordability has been holding you back, let’s talk about expanding your search and seeing if a condo may be the best fit for you.
xoxo, tin <3
