Buying your first home in today’s market can feel tough. Between high home prices and mortgage rates, affordability is still a big challenge. Some buyers are making one simple trade-off that’s getting them in the door faster: square footage.
According to the National Association of Home Buildders, 35% of buyers are willing to purchase something smaller to make homeownership happen. One place you usually fine a smaller footprint is in townhomes.
Why Townhomes Are Gaining Popularity
Townhomes typically cost less than single-family homes due to their more limited size. And that’s a big plus for today’s budget-conscious buyer.
So, if you’re trying to buy but feeling stuck because of rising prices, shifting your focus to townhomes could be one way to get into homeownership without maxing out your budget.
Builders Are Responding to the Demand
Builders have seen buyers’ appetite shift to smaller homes, and they’re adjusting to meet the demand. And the numbers back it up. According to data from Realtor.com, townhomes now make up a bigger share of new construction listings than they did just a couple of years ago.
That means, if you’re interested in this type of house, you have more choices than you would have had over the last few years. And more options that are potentially more affordable are definitely a good thing. It should make your search for your first home a bit easier.
Is a Townhome Right for You?
If you’ve been focused only on more traditional homes with their own yards, I can help you explore whether a townhome could work for you. Who knows, you may find out you love the lifestyle. Many people do.
That’s because they are lower maintenance. They can provide a sense of community with other residents. They have their own unique amenities. Not to mention, they give you the chance to start building wealth through homeownership without the upkeep that comes with having your own detached, single-family home. That can be great for first-time buyers who are a bit worried about the maintenance anyway.
But they also come with some other considerations, like dealing with noise through shared walls. If you are a renter right now, maybe you are used to that already. But these are the types of things you will want to think about. I will help you weigh the pros and cons so you understand how a townhome fits into your lifestyle and long-term goals before making your decisions.