Condos vs. Houses: Which Is the Best Investment in Your City?
You might not get a great deal from buying a house.
Wichita, Kansas
- Condo value: $94,084.00
- Five-year change in condo value: 20.28%
- Single-family home value: $135,136.00
- Five-year change in single-family home value: 22.03%
Best investment: Single-family home
Difference in five-year growth rates: 1.76 percentage points
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Methodology: GOBankingRates began by looking at the 200 cities with the biggest housing markets according to Zillow. Using Zillow’s time series data on condos, GOBankingRates calculated the percentage change in the median estimated value of condos over the last five years (November 2014-19) in each city. GOBankingRates then did the same for single-family residences. This allowed GOBankingRates to compare the percentage change in the median estimated value of condos and the percentage change in the median estimated value of single-family residences in all cities over the last five years to see which type of housing has grown in value the most significantly in proportion to its cost in 2014. GOBankingRates then concluded whether condos or single-family residences proved to be the better investment over the past five years in terms of the growth seen in proportion to the initial investment. The one-year percentage change in median estimated value for each type of housing in each city, livability scores from AreaVibes and crime rates from NeighborhoodScout were provided as supplemental data. Six of the 200 cities considered were removed because data was not available for both types of housing over the specified time period. All data used to conduct this study was compiled and verified on Dec. 12, 2019, and is subject to change.
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