The housing market has undergone a series of changes in recent years – from record high prices to brutal competition. But with some signs pointing to a cooling market (at least in certain places), other areas are seeing shifts, notably an increase in demand for condominiums.
In February, the average cost of a single-family home fell by 0.7% compared to the same period last year, while an average-priced apartment experienced an increase of 2.5%. per data of the Dutch Association of Estate Agents.
In some areas, apartments are even more expensive for buyers than mid-price homes. That’s what real estate analysts say Point2there are as many as 20 U.S. cities where this is happening, including Detroit, Michigan, which took the top spot, with the median home price of $58,000 versus the median condo price of $229,000 — a 75% difference.
Related: Apartment building sales are falling — but tenants can benefit from investor slump
Detroit led the rankings by a long shot. Second place was Birmingham, Alabama, where the median home price is $174,000 versus $246,000 for apartments – a difference of 29%.
While there are several reasons why people are drawn to condos versus homeownership — lower upkeep, upkeep, and energy costs — condo living isn’t for everyone. So if you’re looking to move from a building to a home, one of these 20 cities might be worth checking out.