Owning a home is an admirable pursuit, but that doesn’t mean it’s the right move for everyone. In fact, a home is the most expensive thing most people will ever purchase. In 2018, housing prices increased to a median of $250,000, according to the National Association of Realtors 2018 Profile of Home Buyers and Sellers. Despite the increase in price, 75% of nonhomeowners said that homeownership is part of their American dream. Before deciding whether owning a home is the right move for you, it’s important to consider all the facts.

Condos are a relatively new type of residence. The first condominium entered the market in 1960 in Salt Lake City, and soon after, Congress passed laws allowing federal funding for condo development. That opened the floodgates and today there are about 17 million privately owned condo units in the U.S.