Condo living has been on the rise in recent years, and it’s easy to see why. With lower costs, incredible amenities, modern features, convenient locations, sustainability and vibrant social life, the future of these communities is exciting and bright

Here are a few trends that are shaping the condo market now and in the future:

Aging Population

The United States is aging rapidly. By 2035, one in five Americans will be 65 or older. This aging population is expected to have a major impact on the housing market as many older adults will choose to downsize from their single-family homes to condos or apartments. This large segment of the population will no longer have the physical ability to shovel the snow, mow the yard or clean the pool and will seek to move into homes that require less maintenance and expense. In addition, as more people find themselves living alone due to the illness or death of their significant other, many are seeking the safety and community that comes along with condo living. In addition, as many condos are located in urban areas close to shopping, dining and entertainment, many residents no longer own automobiles. In fact, there are several new construction buildings that have completely eliminated resident parking garages.

Affordability

Of course you need to consider the unit size, building location, amenities, supply and demand but overall, condos are more affordable than single-family homes. In 2022, The average price for a condo was $330,000 and a single family home was $420,000. However, in cities like Miami, the costs differential is even greater with condos averaging $325k and Single Family Homes closer to $500k. In addition to the lower purchase price, condo owners also enjoy lower maintenance, property taxes, utilities and insurances costs.

Community

Condos can offer a sense of community that is often lacking in single-family homes where properties are set further apart and are frequently surrounded by gates. In some neighborhoods, one may rarely interact with the family living next door. However, in condos, residents see one another at the gym, pool and lobby. This sense of community can be a major draw for people who are looking to connect with their neighbors and make friends. Many buildings employ a social director and have a full calendar of events and activities.

Amenities

There are a variety of amenities offered to condo residents. In addition to the expected pool and fitness center, many buildings now include roof top gardens, sky longes, yoga studios, pet areas, playgrounds, lounge areas with WiFi and restaurants. These amenities offer convenient and relaxing gathering spots to work and entertain. As more people are choosing condo living, it will be interesting to see what the new developments will be offering in the next few years.

Proximity to Transportation and Other Conveniences

Both urban and suburban condos are often located close to public transportation, taxis, and ride-sharing services. This is a major advantage for people who don’t own a car or who want to avoid the maddening traffic. In addition, residents want to be close to dining, shopping, cultural venues and entertainment where they can walk or bike to their favorite local places. As cities continue to grow and become more congested, condos that are located near public transportation, schools, restaurants and businesses will become increasingly valuable.

Buying and Selling

Condo living can be wonderful, but one should be aware of all the unique factors of the building including association rules, pet and renovation restrictions and maintenance fees. The buying and of a condo is a complex transaction and it is always recommended that consumers work with a trusted, experienced real estate advisor to understand the details, help you navigate the process, negotiate the best price, and avoid costly mistakes.