Condo vs House Cost Comparison
Compare the total cost of owning a condo vs a house.
Factor in HOA fees, maintenance, insurance, and taxes to find the better deal.
Cost Comparison
Condo vs house comparison must account for all costs, not just the purchase price:
Monthly condo cost:
Mortgage + HOA Fee + Property Tax + Condo Insurance
Monthly house cost:
Mortgage + Maintenance Reserve + Property Tax + Homeowner Insurance
Houses have no HOA but require you to budget for maintenance:
Maintenance Reserve ≈ 1-2% of home value per year
Condos include exterior maintenance in HOA fees but charge them whether you need work or not.
Example: $300,000 condo with $350/mo HOA vs $350,000 house:
- Condo monthly: ~$2,350 (mortgage + HOA + tax + insurance)
- House monthly: ~$2,500 (mortgage + maintenance + tax + insurance)
- Condo is cheaper monthly but the house builds more equity
Tips:
- HOA fees increase over time, often 3-5% per year
- Houses appreciate faster on average than condos
- Condos have lower maintenance hassle but less control
- Factor in lifestyle preferences, not just costs