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 goes far beyond the purchase price. This calculator models the true total cost of ownership over a user-defined time horizon, accounting for fees, maintenance, and appreciation differences.
Total Cost of Ownership formula:
True Cost = Purchase Price + Cumulative Interest + HOA Fees + Maintenance + Insurance + Property Tax − Appreciation
Key differences between property types:
| Cost Factor | Condo | Single-Family House |
|---|---|---|
| Purchase price | Typically lower | Typically higher |
| HOA / maintenance fee | $200–$800/month | $0 (but you pay for everything) |
| Exterior maintenance | Covered by HOA | Owner’s responsibility |
| Major repairs (roof, HVAC) | Partially shared | Fully owner |
| Land appreciation | Lower or none | Includes land value |
| Flexibility | HOA restrictions apply | Full owner control |
Typical annual maintenance costs:
- Condo (inside only): 0.5–1% of unit value
- Single-family house: 1–2% of home value per year
Worked example over 10 years:
- Condo: $350,000 purchase | $450/month HOA | 1% maintenance | 4% appreciation
- Total paid: $350K + $54K HOA + $17.5K maintenance = $421.5K; value grows to ~$518K → Net cost: ~$97K loss of principal (appreciation offsets most costs)
- House: $500,000 purchase | $0 HOA | $7,500/year maintenance | 5% appreciation
- Total paid: $500K + $75K maintenance = $575K; value grows to ~$814K → Net gain ~$239K
Other factors to weigh:
- Condo lifestyle: shared amenities (pool, gym), less privacy, noise
- House lifestyle: yard space, more privacy, more responsibility
- Location: urban condos often appreciate faster than suburban houses