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 close look at the monthly expenses.

Assumptions:

For the Single Family House I will be using a made-up $231,000 house located in South Minneapolis. This fictitious house has an annual tax of $3750 and a monthly heating average of $85, electricity of $70, and water/sewer/garbage of $60. It is located in an area serviced by Minneapolis Wifi, and they can get fiber internet for $30 per month. Its configuration is 3 bedroom / 2 bathroom / 2 car garage / 1800 sq ft.

For the Townhouse, I will be using a made-up $229,000 townhouse located in South Minneapolis. This fictitious townhouse has an annual tax of $2700, association dues of $250 which include sanitation, snow / lawn, hazard insurance, water / sewer, professional management. It's configuration is 3 bedroom / 2 bathroom / 1 car garage / 1100 sq ft.

For the Condo, I will use a made-up $230,000 condo located in South Minneapolis. This fictitious condo has an annual tax of $3100, association dues of $300 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 sq ft.

On each of the examples, I will assume 10% down and 4% interest on a 30 year mortgage.