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Condos have become the holy grail for young professionals who don't financially qualify for a traditional house and own a luxurious single-unit home featuring modern amenities sans the high cost of upkeeping. Millennials are interested in properties in unconventional locations since The rise of remote and hybrid work culture gives the freedom of living far from office spaces.
Contrary to the popular belief of condos situated only in densely populated city centers, they come in all the places a single-family home can be: urban/sub-urban, mountain lodge, waterfront, desert, rural, gated community, and many more.
Condos or traditional house living depends on the property type and lifestyles of the occupants. So, if you are still deciding whether to go for condo life or traditional housing, study the facilities and disadvantages of both condominiums and traditional homes.
Living in a Waterfront Home vs. a Waterfront Condo: The Perks and Problems
Waterfront homes are situated near lakes, seas, rivers, and ponds at the intersection of the states- perfect for office goes and academics. The condos can go high-rise, mid-rise, and low-rise near city crosssections, while traditional waterfront homes are detached houses- generally placed in the suburbs and far from downtown.
Waterfront Condo
Pros
- Beachside condos have public transport system to office zones, schools, tech companies, and trendy spots.
- Affordable property pricing and lower maintenance charges for fresh graduates with student loans than traditional homes.
- Residential beachfront condos are great as retirement income as the resale value ensures greater returns than Roth IRA and 401 (k).
- The view from the highrise condos ensures a great WFH environment for remote employees.
Cons
- Over time, the beachfront high-rise condo’s internal steel structure erosion leaves the possibility of a new home for a young adult who wants to use the property for decades.
- In some luxurious condos, the young owner has to pay COA fees higher than HOA fees even though they don’t enjoy the amenities (game room, tennis court, meeting rooms).
Waterfront House
Pros
- Great square footage is appropriate for a family with young kids.
- Owners can enjoy privacy all year round, unlike condos without private beaches during the summer months.
Cons
- Regular office commutes, restaurant visits, and casual meetups take hours.
- Depending on the location, the owner will need a private boat and a parking space on the mainland to go to work every day.
- High property maintenance costs (Wood and insolation get damaged easily, unlike Condos with concrete bases) and HOA fees are tough to bear for a person who just joined the workforce.
Market Valuation
The waterfront housing market can be a nightmare for millennials with a limited budget. The famed oceanview Malibu condo price starts from $1,000,000, while the house price starts from $2,000,000. A comparatively affordable location Ocean City offers seaside homes at a starting price of $600,000, which is still unattainable for young adults considering the renovation cost.
However, you can still fulfill your dream of owning a beachfront property at a young age if you opt for a condo, which typically comes at half the price ($300,000) of the neighboring traditional seaside home. The U.S. Census Bureau's American Housing Survey provides data on housing costs across different property types.
Urban Area Homes or Condos: What Works Better for Young Professionals?
Urban townhouses and condos are placed in densely populated downtowns near tech hubs, financial districts, and top schools in the US. However, townhouses comprise only 11% of urban neighborhoods, making them an extravagant option for young professionals.
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Photo by REDFIN
Urban Area Condos
Pros
- Communal living with other young neighbors comes without the trouble of property upkeep (landscaping, snow shoveling, cleaning, pools, etc.).
- Prime location -situated near bustling departmental stores, office settings, restaurants, universities, and hospitals- gives the chance of going for higher education or a second job.
- A first-time homebuyer can gain a property without help due to lower property taxes, insurance and down payment, mortgage rates, and renovation costs.
Photo by Infographic Zone
Cons
- Downtown condos can be too small for a professional working from home.
- The COA's restrictions on pets and the interior (even certain curtain colors) can be overwhelming for a young homebuyer with eclectic taste.
Traditional Urban Home
Pros
- Security features (gated entrances, CCTV, community policing, etc.) are great for a digital nomad or someone living alone. The HUD Office of Policy Development and Research discusses the importance of secure housing.
- Owners can implement smart home technologies, exterior modifications, and decorative pieces.
Cons
- The renovation cost, property maintenance expenses (snow plowing, city pavement cleaning, insulation), and HOA fees are extremely high for a young professional’s income.
- Relatively far from downtown and public transit, the owners must commute in a private vehicle for hours.
Market Valuation
Owning urban condos in major cities has become affordable, thanks to the compact design and significantly low square footage than a detached home. You can purchase a condo in one of the most affordable boroughs of NYC, Queens, for $152/sqft, while the San Fransisco Bay area condo near the tech hub Silicon Valley comes at $378/sqft.
In contrast, traditional homes or townhouses in Queens and Bay Area, CA, has a starting price of $264/sqft and $760/sqft, respectively. However, the less you pay for square footage for an urban house, the further it is from the downtown, and the renovation cost is often more than the house price.
What Works for a Young Professional in Rural America: Condo or Home?
Since big tech companies started to move their offices to rural parts of the US, the cities are seeing a population boom of youth in such regions. As a result, traditional homes surrounding astounding nature and accessibility to workplaces have become the first preference among young professionals in rural towns.
Photo by Housing Assistance Council from Homeownership in Rural America
Rural Condos
Pros
- Owners get to live with younger people from the same job sector- technology, content creation, designing, etc.
- COA caters to amenities (spa, lounging space, unique cafes, modern gyms) enjoyed by young adults often inaccessible in a small town.
Cons
- As rural towns have more detached homes than condos, a well-designed condo within the price limit of a young professional is hard to find.
Rural Home
Pros
- Due to the lower price point, young professionals can get debt-free sooner than urban areas.
- The generous house size is perfect for a millennial part of the WFH community or partial rent.
Cons
- Traditional rural houses at a lower price are far from the recreational activities a young person enjoys.
- The renovation and property management costs can be unachievable as the loan interest rates are higher than in urban areas.
Photo by Statista
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Market Valuation
Are you looking forward to moving to a rural town near tech companies? You might find your dream home in the Madison metro area, a tech hotspot where house prices start from $350,000, and you can find a one-bedroom condo at $90,000. Another suitable area for young techies is Lansing, where you can buy a 2-bed condo for $130,000. The traditional house price might exceed your imagination, starting from $40,000.
Things to Consider Before Owning a House or a Condo in a Gated Community: Benefits and Drawbacks
Gated community houses are perfect for young professionals looking for privacy and wanting to use their first home as a forever home. However, security and privacy come with a price that might be challenging to pay in the early years of employment.
Photo by Real Manage
Gated Community Condo
Pros
- The young adults can enjoy all the communal facilities the gated community house features at a significantly low price.
- Due to the resale value, young professionals can use the property for retirement funds after decades.
Cons
- High maintenance price (COA fees, community fees, security patrol) and restrictions about vehicles and condo upgradation.
- The communities are secluded from economic zones and trendy spots for young adults.
Gated Community Home
Pros
- The homes are perfect for young professionals with young children as they don’t have to think of kids running towards fast cars from the front yard.
- Like condos, the homes promise a higher ROI than traditional retirement plans for people who want to retire early.
Cons
- High downpayment, community charges, security upkeep, and maintenance fees might be hard for young professionals to afford.
- HOAs of Gated community homes want identical houses, which is very expensive for a new employee.
- The communities are secluded from economic zones and trendy spots for young adults.
Market Valuation
Gated communities are meant for young celebrities and CEOs looking for privacy and security- since the price of most community homes and condos are similar to Palmer Ranch – Sarasota, which boasts a vast range of $300,000 to $15,000,000. St. James Plantation, more affordable, offers condos starting from $300,000 and homes starting from $500,000.
Beachfront and urban condos work better for a young and busy professional considering the location, amenities, and pricing, while the price of rural homes is a bargain that shouldn’t be missed. In contrast, a gated community condo and house will be unsuitable as they are secluded, and the facilities are catered to the older generation. So, whatever you pick, research and find a convenient home for you.
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