The Rise of Town Home Living in Suburbia

In a continuously growing real estate market in the United States, the value of square footage is skyrocketing. In some cities, the average price per sq. foot is more than $300 and the average home price exceeds $200,000. Although many experts expect the housing bubble to pop, or at least level, real estate in this country and around the world is still a hot commodity.

In large cities around the world, it is common for urbaners to live their entire lives in an apartment style condo and never bat an eye. A great place to them is one that includes a door attendant and basement laundry. However, the trend is catching on in little America. Construction companies are learning the value of high-density living, and although apt. style condos aren’t gaining in popularity, town homes are.

These town homes are modified versions of ”rowhomes” commonly seen on the east coast. However, these suburban town homes are specially constructed cookie cutter communities built with assigned covered parking, or garages, and have HOA fees that include lawn mowing, snow shoveling and garbage removal. Town homes have evolved from small two bed, one bath alternatives to renting, into spacious and comfortable homes.

This type of living is on the rise because the cost of suburbia is extremely expensive and these communities are excellent homes for single people, young families, divorcees or retirees. It’s nearly impossible for a single working person, in a relatively suburban neighborhood, to afford a $200,000 home. Town homes are usually cheaper and smaller. Additionally, they create a certain sense of security and privacy at the same time.

There are a few downsides to high-density living. Like in apartment complexes, walls are shared, rooms may be smaller, and their resale value doesn’t appreciate as quickly or as high as single family homes. That’s not to say the value of town homes doesn’t exist. Depending on the market and the area, these homes could be just as valuable, or more valuable, as their single family counter parts.

A new trend in town home living is the development of luxury town homes. Depending on the area and home style, some units in newly constructed communities sell for more than $300,000, well above the national average. Like newly constructed single homes, these properties are built to order with custom counter tops, flooring and appliances.

Town homes are not for everyone. They usually are not ideal for large families, those that love wide-open spaces or anyone easily bothered by neighbor noise. One of the top suggestions by real estate agents and brokers is for buyers and sellers to assess their needs and wants prior home hunting.

Resources

RealEstateABC. (2006). average home sales prices in all regions of the united states. Retrieved March 14, 2007, from http://www.realestateabc.com/outlook/overall.htm

Heavens, A. (2004, July 3). Realty Times - Real Estate News and Advice. Realty Times. Retrieved March 14, 2007, from http://realtytimes.com/rtcpages/20040603_townhouses.htm

Real Estate. (2007, February 15). RealEstate.com - Buying Townhouse or Semi-attached House. Retrieved March 14, 2007, from http://www.realestate.com/tipsandtools/Condos--Townhomes/Buying-a-townhouse-or-semi-attached-house.aspx