Although condos once served as a downsizing dream for aging Americans, a new purpose is emerging: breaking into homeownership.
With the median single-family home price now above $430,000 across the United States, condos may be the next frontier for securing a home of your own.
Condos at the national level are about 15% more affordable than the average single-family home–but that’s not true for every city.
Zoocasa analyzed data from the National Association of REALTORS® to determine the difference between a 20% down payment for a condo versus a single-family home in 64 major metros.
Here’s How Condos Compare To Single-Family Home Prices
In July, the median condo price in the U.S. was $371,800, 15.6% lower than the median price for a single-family home. The difference widens when breaking prices down by region.
The South has the largest gap between the cost of a condo versus single-family home at 23.5%, followed by the western U.S. at 21.6%. Condo prices are technically lowest in the Midwest, although the region has the smallest price difference compared to single-family homes.
At the metro level, lower price differences are common throughout the South and Midwest, while larger gaps persist on the far East and West coasts. Overall, the largest differences in prices align with areas facing longstanding affordability issues like California and Massachusetts.
A Single-Family Home Could Be Better for Syracuse and Rochester
Two cities in New York stand out in the conversation about condos versus single-family homes: Syracuse and Rochester.
In Syracuse, it’s actually $3,800 less to buy a single-family home instead of a condo, based on median prices in Q1 2026.
In Rochester, the difference between median-priced options is almost negligible–buying a single-family home is only about $1,000 more expensive than a condo.
Realistically, this means buyers have more options to suit their needs. Buyers wanting more privacy and autonomy can opt for a single-family home, while those looking to offload some chores like grass mowing or pest control can choose a condo instead. The same can’t be said for other metros on the list, like Honolulu.
Honolulu Faces The Largest Divide
Across all metros, the largest difference between buying a condo or a single-family home was in Urban Honolulu, Hawaii, where the gap is over $130,000 for the down payment alone.
Considering the state of the market, it’s not surprising. Hawaii consistently has one of the most expensive housing markets in the United States due to limited land and strict development laws. Naturally, condos–which have the option of building up, rather than out–have lower prices since land costs can be shared.
The second-largest gap between condos and single-family home down payments is in San Francisco-Oakland-Hayward, California, at almost $96,000. Similar to Hawaii, San Francisco and the Bay Area also have a history of affordability issues, driven by both demand and geographic restrictions.
Despite certain areas of New York state coming in at the top of this list for affordability, the same cannot be said for Long Island. Nassau and Suffolk counties are third in terms of down payment disparities, with a single-family home costing about $80,000 more than a condo.
Condos Outpacing Single-Family Price Growth
From 2023 to Q1 2026, condo prices increased in 44 markets while single-family prices increased in 54 markets. While single-family homes overall had more markets with changes over 10%, two condo markets had the overall highest total percent change over the last three years.
The Norwich-New London area in Connecticut led the charge in condo price changes with a 23.6% increase over the past three years, while single-family home prices only rose 14.2%. Meanwhile, condos in Syracuse, New York, actually saw the second-largest increase at 21.9%, likely accounting for the comparable down payment price compared to single-family homes.
Another interesting trend is that price increases in one segment do not automatically indicate similar changes in the other. For example, in San Diego, California, single-family home prices increased 12.7% from 2023, while condo prices went down 0.7%. Similarly, in Wilmington, North Carolina, condo prices went up 5.9% while single-family home prices went down 1.4%.
For homebuyers looking for long-term appreciation in their home, this means it’s important to look into your specific home subtype before making the move, as segments don’t always move together.
Cashing in on Condos: What to Consider
Overall, condos serve as a more affordable way to break into the housing market, but that’s not true of every city and won’t always have long-term appreciating returns.
It’s important to consider the whole picture of homeownership in your decision. In coastal cities, owning a home can come with a heavy insurance burden that puts additional strain on your budget. Additionally, taxes can vary wildly from city to city, ranging from manageable to overwhelming.
On the other hand, buying a condo in a large city can seem like a good investment until supply outweighs demand and your home loses value in the long run. Many condo associations have also raised fees considerably due to deferred maintenance of aging buildings, pinpointing another pain source for condo owners.
At the end of the day, it comes down to your needs as a homeowner and what compromises you’re willing to make.
Buying a home is a big decision, but you don’t have to do it alone. Zoocasa agents can help find the right options for you. Reach out today to learn more.
