The housing market has skilled a sequence of modifications over the previous couple of years — from record-high costs to ruthless competitors. However now, with some indicators signaling a cooling market (in sure locations, at the very least), different areas are seeing shifts, notably an increase in demand for condominiums.
In February, the common price of a single-family residence went down by 0.7% from the identical interval final yr, whereas a median-priced rental skilled a 2.5% improve, per information from the Nationwide Affiliation of Realtors.
In some areas, condos are much more costly for patrons than median-priced properties. Based on actual property analysts at Point2, there are as many as 20 U.S. cities the place that is occurring, together with Detroit, Michigan, which took the highest spot, with the common residence worth of $58,000 versus the common rental worth of $229,000 — a 75% distinction.
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Detroit led the rankings by an extended shot. Second was Birmingham, Alabama, the place the common residence worth is $174,000 versus $246,000 for condos — a spot of 29%.
Whereas there are a number of causes persons are interested in condos versus homeownership — much less upkeep, maintenance and utility prices — rental residing is not for everybody. So in case you’re seeking to make the transfer from a constructing to a house, one in all these 20 cities could also be value trying into.
