HOT Condo Market Continues to Grow

would rather pay $500 to $1,500 per month on maintenance than perform such tasks themselves, making condominiums a popular alternative to the traditional single-family home.

With single-family dwellings outnumbering condominiums 15-to-1, according to the Census Bureau, builders could find it profitable to "condo-ize" conventional single-family homes in the future. Demand for condominiums already has pushed the median price close to the $200,000 mark, surpassing the median single-family home price, says Economy.com economist Celia Chen.

Source: American Demographics (10/01/04);