Townhouses Are the New Black

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April 05, 2017

The fastest-growing segment of single-family housing types is the townhome, according to the National Association of Home Builders. Townhouse construction increased 17.8 percent from 2014 to 2015 compared with 10 percent for detached houses and 12.1 percent for co-op, condo, and apartment construction.

Townhouses are popular and more affordable for first-time buyers, who typically are younger and cash strapped. The median prices for townhomes and row houses was $198,000 in September, about 12 percent less than detached single-family homes, per realtor.com, which also found in a survey that a quarter of current and wannabe homeowners plan to buy a townhouse this year.

The classic attached housing product is a win-win for builders like Chicago-based Lexington Homes, which is building a 24-unit complex in the northwest suburbs. Townhouses take up less space than standalone homes, so builders can construct more units on smaller lots.

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