Looking to make a real estate investment? A condo could be a good choice. Condos are not only a single unit in a larger building, but also generally less expensive than a single-family home. Here are additional advantages to a condo, as well as how much the average condo costs in all 50 states.
Advantages to Condos
You can purchase a condo as a vacation home, and rent it out during the seasons you aren’t there, which will provide you with passive income. Condos usually have lower insurance rates, as the coverage doesn’t involve the entire structure like it would with a duplex. Because outdoor maintenance is overseen by the homeowner’s association (HOA), you really only need to concern yourself with the interior.
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Not needing to worry about the exterior can make for a simpler investment, particularly if you’re a first-time homebuyer. You also have the benefit of shared amenities that you don’t have to pay for, but are likely part of the HOA fee. Condominiums can also provide you the benefit of staff and security. If you are someone who appreciates being within a gated area for your peace of mind, this is something to consider.
Alabama
Average Condo Price: $344,066
Average Take-Home Salary: $43,447
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Alaska
Average Condo Price: $211,411
Average Take-Home Salary: $64,221
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Arizona
Average Condo Price: $286,914
Average Take-Home Salary: $52,786
Arkansas
Average Condo Price: $232,519
Average Take-Home Salary: $41,352
California
Average Condo Price: $660,626
Average Take-Home Salary: $62,525
Colorado
Average Condo Price: $413,926
Average Take-Home Salary: $61,090
Connecticut
Average Condo Price: $269,537
Average Take-Home Salary: $62,387
Delaware
Average Condo Price: $414,158
Average Take-Home Salary: $55,332
Florida
Average Condo Price: $307,612
Average Take-Home Salary: $51,200
Georgia
Average Condo Price: $293,950
Average Take-Home Salary: $50,232
Hawaii
Average Condo Price: $576,898
Average Take-Home Salary: $63,318
Idaho
Average Condo Price: $414,963
Average Take-Home Salary: $49,401
Illinois
Average Condo Price: $236,714
Average Take-Home Salary: $55,196
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Indiana
Average Condo Price: $223,701
Average Take-Home Salary: $49,366
Iowa
Average Condo Price: $177,024
Average Take-Home Salary: $50,455
Kansas
Average Condo Price: $194,821
Average Take-Home Salary: $50,109
Kentucky
Average Condo Price: $206,262
Average Take-Home Salary: $44,069
Louisiana
Average Condo Price: $164,984
Average Take-Home Salary: $43,230
Maine
Average Condo Price: $431,115
Average Take-Home Salary: $49,016
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Maryland
Average Condo Price: $289,363
Average Take-Home Salary: $67,883
Massachusetts
Average Condo Price: $526,528
Average Take-Home Salary: $65,919
Michigan
Average Condo Price: $264,200
Average Take-Home Salary: $49,516
Minnesota
Average Condo Price: $217,853
Average Take-Home Salary: $58,405
Mississippi
Average Condo Price: $242,117
Average Take-Home Salary: $39,502
Missouri
Average Condo Price: $217,441
Average Take-Home Salary: $48,320
Montana
Average Condo Price: $437,505
Average Take-Home Salary: $47,152
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Nebraska
Average Condo Price: $227,222
Average Take-Home Salary: $51,573
Nevada
Average Condo Price: $257,073.
Average Take-Home Salary: $53,950
New Hampshire
Average Condo Price: $379,565
Average Take-Home Salary: $66,446
New Jersey
Average Condo Price: $405,377
Average Take-Home Salary: $67,256
New Mexico
Average Condo Price: $274,097
Average Take-Home Salary: $43,554
New York
Average Condo Price: $598,743
Average Take-Home Salary: $56,897
North Carolina
Average Condo Price: $291,886
Average Take-Home Salary: $48,044
North Dakota
Average Condo Price: $186,822
Average Take-Home Salary: $54,925
Ohio
Average Condo Price: $209,164
Average Take-Home Salary: $50,208
Oklahoma
Average Condo Price: $129,707
Average Take-Home Salary: $45,431
Oregon
Average Condo Price: $334,634
Average Take-Home Salary: $51,380
Pennsylvania
Average Condo Price: $250,334
Average Take-Home Salary: $53,212
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Rhode Island
Average Condo Price: $363,973
Average Take-Home Salary: $57,698
South Carolina
Average Condo Price: $279,889.
Average Take-Home Salary: $46,048
South Dakota
Average Condo Price: $259,852
Average Take-Home Salary: $52,707
Tennessee
Average Condo Price: $331,104,
Average Take-Home Salary: $48,900
Texas
Average Condo Price: $254,200
Average Take-Home Salary: $55,100
Utah
Average Condo Price: $405,957
Average Take-Home Salary: $59,530
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Vermont
Average Condo Price: $367,440
Average Take-Home Salary: $52,631
Virginia
Average Condo Price: $337,807
Average Take-Home Salary: $60,333
Washington
Average Condo Price: $447,887
Average Take-Home Salary: $65,707
West Virginia
Average Condo Price: $170,689
Average Take-Home Salary: $40,539
Wisconsin
Average Condo Price: $265,941
Average Take-Home Salary: $52,307
Wyoming
Average Condo Price: $495,563
Average Take-Home Salary: $55,579
Methodology: In order to find the average condo price per state, GOBankingRates analyzed each U.S. state for a variety of factors including; average take home salary sourced from The Census Bureau, median home price by Forbes, condo and home data from Zillow, and various data from SoFi and other sources. All data was collected and is up to date as of June 28, 2024.
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This article originally appeared on GOBankingRates.com: How Much the Average Condo Costs in All 50 States
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