Is Buying Your First Home Feeling Out of Reach? Have You Considered a Condo?
“I want to buy a home, but the ones I really like are beyond my budget.”
That's something I often hear from buyers these days.
When purchasing a first home, it's natural to picture a single-family house with a spacious kitchen, a backyard, and plenty of bedrooms. But trying to find a home that checks every box can sometimes mean putting your plans on hold indefinitely.
If that sounds familiar, it may be worth adding condominiums to your home search.
According to an October 19, 2026 article from Keeping Current Matters, condos offer a more affordable entry point into homeownership than single-family homes in many markets. The article cites Zillow research showing that the average price of a condo purchased by a first-time buyer nationwide was approximately $197,468, about 6% lower than a typical first-time buyer home.
These are national figures, however. Actual price differences in Chicago and the surrounding suburbs will vary by neighborhood and property.
Think About the Home You Need Today
When choosing your first home, it's worth asking not only, “Is this the home I want to live in forever?” but also, “Is this a home I can comfortably afford and enjoy right now?”
Do you truly need a dedicated home office? How often would you use a large backyard? Would a shorter commute make a bigger difference in your daily life?
Your answers may change which type of home makes the most sense.
Once you include condos in your search, you may discover options that weren't available when you were looking only at single-family homes.
The same is true in the Chicago suburbs. Expanding your search to different property types can help you compare locations, interior conditions, and everyday convenience within the same budget.
If you have children, verify the schools assigned to each specific address. If your household has two vehicles, review the available parking spaces and any restrictions on additional parking.
Even if a property fits your budget, it may not be the right choice if it doesn't meet your everyday needs.
Compare Total Housing Costs, Not Just Purchase Prices
A lower purchase price doesn't automatically mean a condo will cost less to own.
What matters is your total monthly housing expense, including mortgage principal and interest, property taxes, insurance, and HOA fees.
It's also important to understand what the HOA fee covers. A building that includes water or heating in its monthly assessments may have a different overall cost than one where those utilities are paid separately.
For example, suppose a condo's monthly mortgage payment is $400 lower than that of another home, but its HOA fee is $500. You can't conclude that the condo is more affordable based on the mortgage payment alone.
On the other hand, when you consider services included in the HOA fee and maintenance expenses you would otherwise pay directly as a single-family homeowner, the comparison may look different.
The best approach is to put all expected expenses side by side.
Look Beyond the Condo's Interior
The condition of the building and the financial health of its homeowners association matter just as much as the appearance of the unit itself.
Ask how HOA fees have changed in recent years, whether major building repairs are planned, and whether any special assessments have been approved or are under discussion.
A beautifully renovated interior doesn't necessarily tell you how well the entire building is maintained.
If you plan to finance your purchase, it's also wise to ask your lender early whether the condo qualifies for the loan program and terms you're considering.
Consider Your Future Plans
Think about how your needs might change over the next several years.
Could your family grow? Might you change jobs or relocate? Would you plan to sell the condo or rent it out?
If renting the property in the future is a possibility, check the association's rental rules and restrictions before buying.
It's also important not to assume that your first home will automatically appreciate in value or sell quickly whenever you're ready to move.
A practical question is whether you'd still be comfortable living there if you needed to stay longer than originally planned.
The Bottom Line
Buying your first home isn't about purchasing the biggest house possible. It's about finding a home that fits your lifestyle and financial situation.
If a single-family home feels beyond your budget, that doesn't mean you need to give up on homeownership. Consider expanding your options to condos and townhomes, and compare them based on location, lifestyle, and total ownership costs.
If you're preparing to buy your first home in Chicago or the surrounding suburbs, feel free to contact me at 773-717-2227. I'd be happy to help you compare condos, townhomes, and single-family homes based on your budget and family needs, including HOA fees and ongoing maintenance responsibilities, so you can find a home you'll feel comfortable owning.
Chicago Realtor | Sang Han
773-717-2227
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