Buying a home is a big decision. Every step is effortful, starting from the very beginning — choosing the right option. In this article, we'll compare the pros and cons of apartments, houses, and construction to help you make the best decision for your needs.
The three options of purchasing an apartment, purchasing a house, and building a house have different advantages and disadvantages, and the best option for you will depend on your individual needs and preferences. Let's look at the basic parameters.
Now let’s talk numbers. Of course, prices vary from city to city, and every house and apartment is different. But still, there are some general statistics.
According to the Federal Reserve Bank of St. Louis, the average price of a house in the United States is $416,100 (as for Q2 2023), while the median price of an apartment is about $200,000. This means that houses are about 108% more expensive than apartments.
According to a recent study by HomeAdvisor, the average cost of building a house in the United States is $284,723.50. This includes the cost of land, construction, and other expenses. This means that building a house is about 46% cheaper than buying one.
Starting in 2021, secondary real estate prices in America and Europe have risen strongly. Meanwhile, building a new house looks like a cheaper option.
If you choose a good contractor and use ready-made solutions (such as modular homes), building a house can not only be cheaper than a new house, but even comparable in price to an apartment.
For example, Home Key, a Smart House Building Business, offers modular home construction in a short time for the price of an apartment. And this option is becoming increasingly popular.
