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Condo Living, Is It Right for Me?

condo living rhode island

Are you considering downsizing? Or, maybe you’re a first-time home buyer looking to ease into home ownership? No matter the reason, consider condo living as part of your home consideration list. Condo living may be the best thing you ever do!

Here we are in 2020 and condo living has never been more popular. Condo living brings with it a hands-off approach to home ownership maintenance and property preservation, among other benefits.

Condo Living is Popular with Older & Younger Generations

condo livingThis is especially true in relation to the Baby-Boomer generation, which includes people who were born between 1944 and 1964. This demographic is currently between 55 to 75 years old and make up approximately 76 million people in the United States.

Trends are showing that baby-boomers are growing older and starting to downsize their home ownership commitments. In doing so, they are experiencing how great it is to enjoy owning without the extra maintenance. And, it’s not just the baby-boomer generation that is taking advantage of condo living.

Condo Living Home Ownership Facts

Recent homeowner studies show that millennials are embracing condo home ownership too. Millennials are people born between 1981 and 1996 and are 23 to 38 years old. Condos can be the most affordable option for many people who are looking to purchase a home, including younger and first-time home buyers.

condo living rhode islandAccording to a recent study performed by Pew Research Center, “Millennials are the largest living generation on planet Earth, and their system of values is different compared to the one of generation X or baby boomers. It’s getting especially evident in the context of housing.” The Pew research Center study data also showed that “Millennials choose short commutes, walk-ability, and access to amenities over large homes in suburbs. Cost-efficiency and comfort are what defines their housing choices (and what makes them prefer condos over other property types).”

An additional study regarding generational homeowners was conducted by CoreLogic Loan Applications. This data shows that first-time-home-buyers (FTHBs) also gravitate toward condos. This study also produced the following results:

  • 43% of condo home-purchase mortgage applications were submitted by FTHBs, which submitted just 32% of all mortgage applications for single-family residences
  • 21% of all condo home-purchase mortgage applications were submitted by buyers aged 18 to 30, compared to 17% from the same group in the previous year
  • 23% of all condo home-purchase mortgage applications were submitted by buyers aged 55 to 80, compared to 18% from the same group the previous year

As a result, condos are in high demand and appreciating faster than single-family homes. If you’re considering homeownership, for whatever reason, and desire a smaller amount of space, condo life could be for you!

If you’re ready to find the condo that’s right for you, call the Noonan Lombardi Realtors team (401) 580-8672. The best part of working with the Noonan Lombardi Realtors team is that our team of dedicated professional realtors know their markets very well! Backed by years of experience, our real estate knowledge is second to none in Southern New England.

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