Buying a home, no matter what it costs, is a massive purchase. This is especially true in big cities, where space is hard to come by and, as a result, comes at a premium price. One of the biggest ways to save money when buying in an urban area is to think on the smaller side, making condominiums an appealing option. And in places like New York City where smaller is the norm, condos can offer more flexibility for buyers than co-ops sometimes can, with fewer restrictions on things like subletting.
Condos are individually owned homes in multi-unit buildings, and just like houses and apartments, they can vary widely in price. Finding an inexpensive condo isn't easy, because they tend to be more common in dense cities with high property values, but it's not impossible. Using Zillow's property search tool, we looked at condo prices in some of the country's biggest urban areas and found plenty of places listed at $100,000 or less. We didn't include foreclosed homes or those up for auction, though such properties can sometimes be an opportunity to get a significant discount on a home.
Of course, the listing price doesn't mean that's what you'll pay. Homebuying often involves a fair amount of negotiating, and there's more to what you'll owe than the home's sticker price. There's the down payment, mortgage fees and closing costs to consider when putting together a homebuying budget, not to mention the condo or homeowners association fees that sometimes apply in condo living. And your credit score will impact how much house you can actually afford. (You can check your credit scores for free on Credit.com to see where you stand.)
Still, listing price has a huge impact on the overall cost, and if you look hard enough, you can find some decent and affordable condos.
Indianapolis, Wynnedale neighborhood
Listing price: $79,900
Details: Two bedrooms, two bathrooms, 1,362 square feet
Chicago, Avondale neighborhood
Listing price: $99,900
Details: Studio, one bathroom, no square footage listed
Phoenix, Northern Lanai neighborhood
Listing price: $64,900
Details: Two bedrooms, one bathroom, 924 square feet
San Antonio, Woodlake neighborhood
Listing price: $68,000
Details: Two bedrooms, two bathrooms, 1,253 square feet
Chicago, Old Irving Park neighborhood
Listing price: $95,000
Details: One bedroom, one bathroom, 600 square feet
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This article originally appeared on Credit.com.