Condos: Should you buy???

• 
  In 2006, the number of married households fell below the 50 percent level to 48 percent, according to the U.S. Census, meaning more singles and non-traditional households are the majority of housing consumers.


• 
  " Households are increasingly headed by singles. Young people are delaying marriage. The Census Bureau says that women today marry after age 26, while women in 1960 married at age 20. Half of marriages end in divorce.


• 
  Single women homebuyers make up nearly a quarter of the market, according to the National Association of Realtors, accounting for nearly 30 percent of total homeowner growth between 1994 and 2002, according to the Harvard Center for Joint Housing Studies in 2003.
  Single females make up 42 percent of condo buyers. Single males make up 20 percent, while married couples constitute 30 percent of condo buyers.
  The Tax Relief Act of 1997 has introduced unprecedented liquidity and mobility to the housing market, making it possible to own a home, occupy it for a minimum of two years, and move out in two years without taking a tax hit.


• 
  NAR's Profile of Home Buyers and Sellers 2006 says that condo buyers (median age: 43) are older than single-family home buyers (median age 41.) "The median age of condo buyers skews older because condos attract the bookends of the housing market -- first-time buyers, and empty-nesters (boomers) and retirees, who no longer need a large single family home but like lots of amenities in a simpler lifestyle," explains Molony.


• 
  Lenders have relaxed lending standards to allow younger and single homebuyers to buy homes by removing obstacles (such as differing credit standards for divorced women,) and creating a wide variety of adjustable or interest-only hybrids that don't penalize borrowers for short-term ownership. This has boosted the first-time homebuyer market as well as single female homebuyers.


• 
  Condominium buildings offer products not easily found in single-family homes, such as one-bedroom, one-bath configurations which appeal to singles and first-time homebuyers. "Among all condo buyers, the percentage of first-time buyers are highest among single-female households (59 compared to 48 percent among all condo buyers," says Molony.
  One out of ten homeowners owns a second home, often a condominium in the city or a favorite vacation spot.
  
• The tenure in condos is shorter (4 years in buildings with 5 or more units), while the median for detached single family homes is 6 years. "

Needless to say if you are debating on whether to buy a condo because of re-sale value everyone needs a home, everyone's situation is different and not everyone is ready to deal with the responsibilities of owing a home but I'll leave this decision up to you :)