3 Cities for Families To Consider Buying a Condo, According to Real Estate Agents

It’s no secret that, in today’s market, buying a home for your family is expensive. If you don’t have your heart set on a single-family home, a cheaper alternative to consider is a condominium. According to Realtor.com, condos are typically priced 5%-7% lower than single-family homes.

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Not only do condos generally have lower purchase prices, but also the monthly HOA fees cover maintenance, so you won’t need to budget for unexpected repairs. Additionally, condos often come with shared amenities like pools, gyms and playgrounds — things that might be unaffordable if you choose to purchase a single-family home.

Here are some U.S. cities to consider buying a condo, according to real estate agents .

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San Antonio, Texas

• Median condo price: $167,000

Real estate agent Chris Hoffman said that San Antonio offers relatively affordable housing compared to many other major cities in the United States.

“The cost of living is lower, making condo buying more accessible for many buyers,” he said.

“San Antonio’s economy is robust and diverse, with employment opportunities spanning various industries such as healthcare, technology, military and tourism. The city’s job market provides stability and growth potential for condo buyers.”

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Albany, New York

• Median condo price: $268,000

Hoffman said that Albany is known for having an affordable cost of living, which makes it an ideal place to call home if you want to save money.

“Housing prices in Albany are notably lower than in other major cities in the Northeast,” Hoffman said. “The median sale price is $268,000, and the average rent is $1,461, making renting or owning a home at a reasonable cost possible. The city also has a lower overall cost of living, with groceries, healthcare and transportation relatively inexpensive compared to other cities in the region.”

Virginia Beach, Virginia

• Median condo price: $290,565

Realtor DJ Parker said that the city of Virginia Beach has many different types of condos, from new construction to beachfront and condo communities.

“There are many affordable options in the city,” he said. “According to our local MLS, Real Estate Information Network, the median sales price of an attached home (such as a condo) in July was $290,565. This compares to single-family detached homes, which were $445,000 at the same time.

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“Similar to other areas in the country, home prices in Virginia Beach continue to rise, as condo prices were up 5.2% versus the same time period last year,” he said.

If you’re wondering whether Virginia Beach is family-friendly, Parker said it’s a great place for families due to its high-quality schools, location to the beach and strong military community.

Parker also pointed out that U.S. News & World Report ranked Virginia Beach No. 8 in its listing of the top 10 cities to live in the United States.

“From a long-term investment perspective, the city of Virginia Beach is well-suited for continued growth,” he said. “With a strong military presence in and around the city, there are always military families moving in and out of the city. So whether you’re looking for resale value or a potential rental investment, you will never have a shortage of buyers or renters in the area.”

This article originally appeared on GOBankingRates.com : 3 Cities for Families To Consider Buying a Condo, According to Real Estate Agents