For some people, apartments are too small and paying rent is like flushing money down the toilet. But buying a home might be too expensive or come with too many unwanted negatives like lawn care or shoveling snow. In an instance like this, the purchase of a townhome might exist right in that Goldilocks-zone of being just right.
According to the NAHB, townhomes look like they are growing in popularity as the number of townhome starts in 2015 reached 86,000 units, up almost 18 percent from 2014. The market share of townhouses is now at 11.9 percent.
In 2008, the market share of townhomes reached its peak at 14.6 percent and while the current numbers aren’t at those levels yet, they are expected to grow. As more first-time homebuyers enter the market, the number of individuals looking for medium density residential neighborhoods that offer walkable environments is going to increase. Townhomes are seen as a good option for these types of buyers.