Co-op or condo

You might also consider a condominium or co-op (short for “cooperative” housing). In the case of a condo, homeowners purchase an individual unit within a community of other units. In a co-op, you would own shares in the cooperative or corporation that owns your building or community, rather than the unit itself. Some condos and co-ops come with amenities such as a gym or a doorman, and in most of the country, they tend to be more affordable than single-family homes. However, there are some drawbacks: monthly HOA fees, restrictions from HOA rules and limited privacy.