Why are condos so expensive?
That’s a good question.
While there are still some cheap ones around, prices are skyrocketing for a variety of reasons, most of which are related to technology.
The biggest of these is that condo developers are turning their eye towards more affordable properties in hopes of attracting millennials.
That’s certainly not the case with many of the newer, cheaper condos, which are actually better value propositions.
For instance, a one-bedroom condo at a condo building in Manhattan is currently listed for $1.4 million and sells for $3.1 million.
But if you look closer, you’ll see that this unit includes three bedrooms, four bathrooms, a walk-in closets, and an outdoor deck.
This isn’t a cheap condo by any means, but it’s a lot more affordable than a similar unit on a lot in the neighborhood that is currently valued at $3 million.
This is why it makes sense for condo developers to try to keep prices down for the millennials who are moving into the city.
This trend is expected to continue.
A recent report by research firm CB Insights estimated that millennials in the U.S. will make up approximately 30 percent of the population by 2040, and they’re likely to make up more than half of new home buyers.
This means that condo prices will continue to climb for at least the next 10 years.
In a report from CB Insults, the firm said that condo development is expected in New York City to rise by nearly 80 percent by 2038.
But it’s not just millennials who will be buying condos.
Companies are also trying to attract younger buyers to their properties.
That means that there are fewer and fewer options for older renters to rent out their homes.
That, coupled with higher interest rates, means that the rental market will likely remain flat for at most another year.
This also means that if you want to build a condo with a lower mortgage payment, you will have to make an even bigger investment than you would with a newer condo.
But that doesn’t mean you have to cut out the millennials, though.
You can still have a lot of fun while saving money with these affordable homes.
Here are 10 places you can still rent out your apartment.