Consider a Condo or Townhome for Your First Home Purchase

If you’re looking to become a homeowner but single-family home prices seem out of reach, consider a condo or townhome. These options often come with a lower price tag, making it easier to start building equity sooner. As of September 2024, the median price for a condo in Las Vegas is $299,500, compared to $479,900 for a single-family home. (See graph below)

Why Condos and Townhomes Are Great for First-Time Buyers

• Lower Entry Costs: Condos generally have a lower asking price than single-family homes, making them a more affordable option.
• Low Maintenance: Most condo communities handle maintenance tasks like landscaping and roof repairs.
• Amenities: Many condos offer access to pools, gyms, and other amenities you might not get with a standalone home, like water and sewer services.
• Community Feel: Living in a condo or townhome means closer connections with neighbors and the chance to participate in community events.

While a condo may not be your forever home, it’s a great way to enter the housing market and start building wealth. Over time, the equity you build can help you transition to a larger space if you decide to upgrade.

Bottom Line

If you’re ready to explore condos and townhomes as a first-time buyer, reach out to a local real estate agent. They can help you find the right home and provide more details on what’s available within your budget.