34 Best and Worst Cities for Affordable Condos
Purchasing a condo can be a more affordable route to homeownership compared to buying a traditional single-family home. The median condo price is still under $300,000 in most major cities, Zoocasa reported.
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However, affordability doesn’t just depend on the list price — what’s affordable to a buyer in a city with higher wages could be unaffordable to a buyer in a city where workers earn less. To find the most and least affordable cities to buy a condo, Zoocasa analyzed median condo price data in 34 markets across the U.S. and calculated how many months it would take a homebuyer earning the median household income to save for an 8% down payment — the typical down payment for a first-time homebuyer.
Here’s a look at how the cities ranked, from most to least affordable for condo buyers.
San Antonio
Median condo price: $167,000
8% down payment: $13,360
Median household income: $59,593
Months of income the down payment represents: 2.7 months
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Albany, New York
Median condo price: $260,000
8% down payment: $20,800
Median household income: $77,049
Months of income the down payment represents: 3.2 months
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Washington
Median condo price: $352,400
8% down payment: $28,192
Median household income: $101,722
Months of income the down payment represents: 3.3 months
Louisville, Kentucky
Median condo price: $214,800
8% down payment: $17,184
Median household income: $63,114
Months of income the down payment represents: 3.3 months
Tallahassee, Florida
Median condo price: $195,000
8% down payment: $15,600
Median household income: $52,899
Months of income the down payment represents: 3.5 months
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Atlanta
Median condo price: $284,200
8% down payment: $22,736
Median household income: $77,655
Months of income the down payment represents: 3.5 months
Chicago
Median condo price: $280,000
8% down payment: $22,400
Median household income: $71,673
Months of income the down payment represents: 3.7 months
Indianapolis
Median condo price: $229,500
8% down payment: $18,360
Median household income: $59,110
Months of income the down payment represents: 3.7 months
Houston
Median condo price: $235,000
8% down payment: $18,800
Median household income: $60,440
Months of income the down payment represents: 3.7 months
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Columbus, Ohio
Median condo price: $253,000
8% down payment: $20,240
Median household income: $62,994
Months of income the down payment represents: 3.9 months
Portland, Oregon
Median condo price: $346,400
8% down payment: $27,712
Median household income: $85,876
Months of income the down payment represents: 3.9 months
Dallas
Median condo price: $290,000
8% down payment: $23,200
Median household income: $70,852
Months of income the down payment represents: 3.9 months
Austin, Texas
Median condo price: $355,600
8% down payment: $28,448
Median household income: $86,556
Months of income the down payment represents: 3.9 months
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St. Louis
Median condo price: $215,000
8% down payment: $17,200
Median household income: $52,941
Months of income the down payment represents: 3.9 months
Albuquerque, New Mexico
Median condo price: $256,400
8% down payment: $20,512
Median household income: $61,503
Months of income the down payment represents: 4 months
Sacramento, California
Median condo price: $338,200
8% down payment: $27,056
Median household income: $78,954
Months of income the down payment represents: 4.1 months
Cleveland
Median condo price: $161,500
8% down payment: $12,920
Median household income: $37,271
Months of income the down payment represents: 4.2 months
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New Haven, Connecticut
Median condo price: $238,900
8% down payment: $19,112
Median household income: $54,305
Months of income the down payment represents: 4.2 months
Jacksonville, Florida
Median condo price: $290,000
8% down payment: $23,200
Median household income: $64,138
Months of income the down payment represents: 4.3 months
Tampa, Florida
Median condo price: $297,945
8% down payment: $23,836
Median household income: $66,802
Months of income the down payment represents: 4.3 months
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Philadelphia
Median condo price: $263,600
8% down payment: $21,088
Median household income: $57,537
Months of income the down payment represents: 4.4 months
Denver
Median condo price: $420,000
8% down payment: $33,600
Median household income: $85,853
Months of income the down payment represents: 4.6 months
Nashville, Tennessee
Median condo price: $339,900
8% down payment: $27,192
Median household income: $71,328
Months of income the down payment represents: 4.6 months
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Milwaukee
Median condo price: $285,800
8% down payment: $22,864
Median household income: $59,319
Months of income the down payment represents: 4.6 months
Tucson, Arizona
Median condo price: $248,000
8% down payment: $19,840
Median household income: $52,049
Months of income the down payment represents: 4.6 months
Rochester, New York
Median condo price: $214,500
8% down payment: $17,160
Median household income: $44,156
Months of income the down payment represents: 4.7 months
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Phoenix
Median condo price: $350,000
8% down payment: $28,000
Median household income: $72,092
Months of income the down payment represents: 4.7 months
New York
Median condo price: $379,900
8% down payment: $30,392
Median household income: $76,607
Months of income the down payment represents: 4.8 months
Baltimore
Median condo price: $294,600
8% down payment: $23,568
Median household income: $58,349
Months of income the down payment represents: 4.8 months
Miami
Median condo price: $340,000
8% down payment: $27,200
Median household income: $64,215
Months of income the down payment represents: 5.1 months
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San Francisco
Median condo price: $800,000
8% down payment: $64,000
Median household income: $136,689
Months of income the down payment represents: 5.6 months
Richmond, Virginia
Median condo price: $374,008
8% down payment: $29,921
Median household income: $59,606
Months of income the down payment represents: 6.0 months
Los Angeles
Median condo price: $650,000
8% down payment: $52,000
Median household income: $83,411
Months of income the down payment represents: 7.5 months
Boston
Median condo price: $740,000
8% down payment: $59,200
Median household income: $89,212
Months of income the down payment represents: 7.9 months
All data is sourced from Zoocasa and is accurate as of April 18, 2024.
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