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GOBankingRates
How Much the Average Condo Costs in All 50 States
By Gina Hagler,
17 hours ago
Looking to make a real estate investment? A condo could be a good choice. Condos are not only a single unit in a larger building, but also generally less expensive than a single-family home. Here are additional advantages to a condo, as well as how much the average condo costs in all 50 states.
Advantages to Condos
You can purchase a condo as a vacation home, and rent it out during the seasons you aren’t there, which will provide you with passive income . Condos usually have lower insurance rates, as the coverage doesn’t involve the entire structure like it would with a duplex. Because outdoor maintenance is overseen by the homeowner’s association (HOA), you really only need to concern yourself with the interior.
Not needing to worry about the exterior can make for a simpler investment, particularly if you’re a first-time homebuyer. You also have the benefit of shared amenities that you don’t have to pay for, but are likely part of the HOA fee. Condominiums can also provide you the benefit of staff and security. If you are someone who appreciates being within a gated area for your peace of mind, this is something to consider.
Methodology: In order to find the average condo price per state, GOBankingRates analyzed each U.S. state for a variety of factors including; average take home salary sourced from The Census Bureau, median home price by Forbes, condo and home data from Zillow, and various data from SoFi and other sources. All data was collected and is up to date as of June 28, 2024.
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