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Single Family house vs Townhouse vs Condo. Which is more expensive? I have been asked this question many times, and in this not so brief article, I'll take a look at the monthly expenses closely.
Assumptions.
For the Single Family House I will be using a made-up $440,000 house located in South Minneapolis. This factitious house has an annual tax of $5700, and monthly heating average of $100, electricity of $90, water/sewer/garbage of $75. It is located in an area serviced by Minneapolis Wifi and they can get fiber internet for $60 per month. Its configuration is 4 bedroom / 2 bathroom / 2 car garage / 2000 sqft.
For the Townhouse, I will be using a made-up $390,000 townhouse located in South Minneapolis. This factitious townhouse has an annual tax of $4400, association dues of $350 which include sanitation, snow / lawn, hazard insurance, water / sewer, professional management. It's configuration is 3 bedroom / 2 bathroom / 2 car garage / 1450 sqft.
For the Condo, I will use a made-up $390,000 condo located in South Minneapolis. This factitious condo has an annual tax of $3100, association dues of $400 which include heating, snow / lawn, sanitation, outside maintenance, hazard insurance, water / sewer, and professional management. The owner still pays electricity and internet. It has 2 bedrooms / 1 bath / 1 car garage / 965 sqft.
On each of the examples, I will assume 10% down, 4% interest on a 30 year mortgage.
updated 2022 |
Single Family
|
Townhouse
|
Condo
|
Configuration |
3/3/2/2072
|
3/3/2/1700
|
2/2/2/1300
|
Purchase Price |
$440,000
|
$390,000
|
$390,000
|
P+I |
1890
|
1675
|
1675
|
Taxes |
444
|
366
|
398
|
Insurance |
130
|
60
|
50
|
MIP/PMI |
85
|
85
|
85
|
Association Dues |
0
|
405
|
650
|
Heating |
150
|
75
|
0
|
Electricity |
90
|
60
|
60
|
Water/Sewer/Trash |
75
|
75
|
0
|
Internet |
60
|
60
|
60
|
Maintenance Fund |
100
|
0
|
0
|
Total |
3024
|
2861
|
2978
|
updated 2017 |
Single Family
|
Townhouse
|
Condo
|
Configuration |
3/2/2/1800
|
3/2/1/1100
|
2/1/1/965
|
Purchase Price |
$231,000
|
$229,000
|
$230,000
|
P+I |
992
|
983
|
988
|
Taxes |
312
|
225
|
258
|
Insurance |
110
|
10
|
10
|
MIP/PMI |
85
|
85
|
85
|
Association Dues |
0
|
250
|
300
|
Heating |
85
|
55
|
0
|
Electricity |
75
|
65
|
50
|
Water/Sewer/Trash |
60
|
0
|
0
|
Internet |
30
|
30
|
30
|
Maintenance Fund |
100
|
0
|
0
|
Total |
1849
|
1703
|
1721
|