Purchasing a condo can be a more affordable route to homeownership compared to buying a traditional single-family home . The median condo price is still under $300,000 in most major cities, Zoocasa reported.
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However, affordability doesn’t just depend on the list price — what’s affordable to a buyer in a city with higher wages could be unaffordable to a buyer in a city where workers earn less. To find the most and least affordable cities to buy a condo, Zoocasa analyzed median condo price data in 34 markets across the U.S. and calculated how many months it would take a homebuyer earning the median household income to save for an 8% down payment — the typical down payment for a first-time homebuyer.
Here’s a look at how the cities ranked, from most to least affordable for condo buyers .
Sean Pavone / Getty Images/iStockphoto San Antonio Median condo price: $167,000 8% down payment: $13,360 Median household income: $59,593 Months of income the down payment represents: 2.7 months Find Out: Here’s the Salary a Single Person Needs To Live Comfortably in Hawaii
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©Shutterstock.com Albany, New York Median condo price: $260,000 8% down payment: $20,800 Median household income: $77,049 Months of income the down payment represents: 3.2 months
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SeanPavonePhoto / Getty Images/iStockphoto Washington Median condo price: $352,400 8% down payment: $28,192 Median household income: $101,722 Months of income the down payment represents: 3.3 months lovingav / Getty Images/iStockphoto
Louisville, Kentucky Median condo price: $214,800 8% down payment: $17,184 Median household income: $63,114 Months of income the down payment represents: 3.3 months Michael Warren / Getty Images Tallahassee, Florida Median condo price: $195,000 8% down payment: $15,600 Median household income: $52,899 Months of income the down payment represents: 3.5 months
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Sean Pavone / Getty Images/iStockphoto Atlanta Median condo price: $284,200 8% down payment: $22,736 Median household income: $77,655 Months of income the down payment represents: 3.5 months ©Shutterstock.com
Chicago Median condo price: $280,000 8% down payment: $22,400 Median household income: $71,673 Months of income the down payment represents: 3.7 months Sean Pavone / Getty Images/iStockphoto Indianapolis Median condo price: $229,500 8% down payment: $18,360 Median household income: $59,110 Months of income the down payment represents: 3.7 months Sean Pavone / Getty Images/iStockphoto Houston Median condo price: $235,000 8% down payment: $18,800 Median household income: $60,440 Months of income the down payment represents: 3.7 months Check Out: I’m a Real Estate Agent: Here Are the 4 Florida Cities Where You Should Avoid Buying a Home
aceshot / Getty Images/iStockphoto Columbus, Ohio Median condo price: $253,000 8% down payment: $20,240 Median household income: $62,994 Months of income the down payment represents: 3.9 months Long_Strange_Trip_01 / Getty Images/iStockphoto Portland, Oregon Median condo price: $346,400 8% down payment: $27,712 Median household income: $85,876 Months of income the down payment represents: 3.9 months benedek / Getty Images Dallas Median condo price: $290,000 8% down payment: $23,200 Median household income: $70,852 Months of income the down payment represents: 3.9 months f11photo / Shutterstock.com Austin, Texas Median condo price: $355,600 8% down payment: $28,448 Median household income: $86,556 Months of income the down payment represents: 3.9 months For You: In Less Than a Decade, You Won’t Be Able To Afford Homes in These ZIP Codes
JByard / iStock.com St. Louis Median condo price: $215,000 8% down payment: $17,200 Median household income: $52,941 Months of income the down payment represents: 3.9 months ivanastar / Getty Images/iStockphoto Albuquerque, New Mexico Median condo price: $256,400 8% down payment: $20,512 Median household income: $61,503 Months of income the down payment represents: 4 months Davel5957 / Getty Images/iStockphoto Sacramento, California Median condo price: $338,200 8% down payment: $27,056 Median household income: $78,954 Months of income the down payment represents: 4.1 months Sean Pavone / Getty Images/iStockphoto Cleveland Median condo price: $161,500 8% down payment: $12,920 Median household income: $37,271 Months of income the down payment represents: 4.2 months Discover More: 8 Places Where Houses Are Suddenly Major Bargains
f11photo / Shutterstock.com New Haven, Connecticut Median condo price: $238,900 8% down payment: $19,112 Median household income: $54,305 Months of income the down payment represents: 4.2 months SeanPavonePhoto / Getty Images/iStockphoto Jacksonville, Florida Median condo price: $290,000 8% down payment: $23,200 Median household income: $64,138 Months of income the down payment represents: 4.3 months csfotoimages / Getty Images Tampa, Florida Median condo price: $297,945 8% down payment: $23,836 Median household income: $66,802 Months of income the down payment represents: 4.3 months Check Out: Housing Market 2024: Home Prices Are Plummeting in 10 Formerly Overpriced Housing Markets
f11photo / Getty Images/iStockphoto Philadelphia Median condo price: $263,600 8% down payment: $21,088 Median household income: $57,537 Months of income the down payment represents: 4.4 months Planet Unicorn / Getty Images/iStockphoto Denver Median condo price: $420,000 8% down payment: $33,600 Median household income: $85,853 Months of income the down payment represents: 4.6 months Jonathan Ross / Getty Images/iStockphoto Nashville, Tennessee Median condo price: $339,900 8% down payment: $27,192 Median household income: $71,328 Months of income the down payment represents: 4.6 months Trending: Mark Cuban Reveals Why He Keeps a Strict Budget Everyday
Ron and Patty Thomas / Getty Images/iStockphoto Milwaukee Median condo price: $285,800 8% down payment: $22,864 Median household income: $59,319 Months of income the down payment represents: 4.6 months Sean Pavone / Getty Images/iStockphoto Tucson, Arizona Median condo price: $248,000 8% down payment: $19,840 Median household income: $52,049 Months of income the down payment represents: 4.6 months traveler1116 / Getty Images/iStockphoto Rochester, New York Median condo price: $214,500 8% down payment: $17,160 Median household income: $44,156 Months of income the down payment represents: 4.7 months Good To Know: 10 Things Frugal People Always Buy at Yard Sales To Save Money
Kruck20 / iStock.com Phoenix Median condo price: $350,000 8% down payment: $28,000 Median household income: $72,092 Months of income the down payment represents: 4.7 months palinchakjr / Getty Images New York Median condo price: $379,900 8% down payment: $30,392 Median household income: $76,607 Months of income the down payment represents: 4.8 months Sean Pavone / Getty Images/iStockphoto Baltimore Median condo price: $294,600 8% down payment: $23,568 Median household income: $58,349 Months of income the down payment represents: 4.8 months Sean Pavone / Getty Images/iStockphoto Miami Median condo price: $340,000 8% down payment: $27,200 Median household income: $64,215 Months of income the down payment represents: 5.1 months Read Next: 7 Ways People Destroy the Value of Their Homes, According to a Real Estate Agent
Sean Pavone / Getty Images/iStockphoto San Francisco Median condo price: $800,000 8% down payment: $64,000 Median household income: $136,689 Months of income the down payment represents: 5.6 months ferrantraite / Getty Images Richmond, Virginia Median condo price: $374,008 8% down payment: $29,921 Median household income: $59,606 Months of income the down payment represents: 6.0 months Eloi_Omella / Getty Images/iStockphoto Los Angeles Median condo price: $650,000 8% down payment: $52,000 Median household income: $83,411 Months of income the down payment represents: 7.5 months DenisTangneyJr / Getty Images Boston Median condo price: $740,000 8% down payment: $59,200 Median household income: $89,212 Months of income the down payment represents: 7.9 months All data is sourced from Zoocasa and is accurate as of April 18, 2024.
This article originally appeared on GOBankingRates.com : 34 Best and Worst Cities for Affordable Condos
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