A senior who has lived in a single-family home in Philadelphia for nearly 30 years recently crunched some numbers. They compared the maintenance costs of their current home with the HOA fees of a condo they were interested in. There was a clear curiosity about which option would actually be less burdensome.

With the same budget, let's examine how single-family homes and condos differ. First, looking at home prices, the median price of single-family homes in Philadelphia is $500,000, which has increased by 3.3% over the past year. In contrast, townhomes have remained nearly flat, while condos have actually decreased by 1.3% (according to Homes.com). Given the current trend of rising single-family home prices, moving to a condo or townhome could be a beneficial choice that adds to retirement funds.

Next, let's look at monthly expenses. In the Philadelphia metro area, 29% of listings have HOA fees, with the median management fee being $215 per month. This is an increase from $199 in 2024 (based on 2025 figures). Condos nationwide range from $300 to $400 per month, with luxury buildings exceeding $600 to $1,000. Single-family homes do not have these fixed costs, but when major repairs like roof or boiler replacements arise, a significant amount is needed all at once.

Heating and cooling costs are also a factor that differentiates the two options. PECO's electricity rates for a household using 700 kilowatt-hours per week were $149.43 in January 2025, rising to $160.37 by January 2026. The gas rates from PGW have also recently increased by 6.6%, averaging $98.70 per month (according to WHYY and the Philadelphia Tribune). Single-family homes have larger spaces to heat and cool, making this burden feel heavier, while condos benefit from shared walls, resulting in relatively less heat loss.

Insurance premiums are another aspect to consider. Single-family homes require homeowners insurance that covers the roof and exterior walls, while condos often have the HOA manage insurance for the building's exterior and common areas, requiring individuals to only insure their personal belongings. If you are considering an active senior community that requires residents to be 55 or older, keep in mind that landscaping, snow removal, and amenity fees are typically included in the management fees, which tend to be higher than standard condo HOA fees.

• Single-family homes - No fixed management fees, but large repairs require significant funds.
• Townhomes - Management fees and maintenance responsibilities are moderate.
• Condos - Good heating and cooling efficiency, but HOA fees are consistently incurred each month.

We also need to consider property taxes specific to Philadelphia. By applying for the Homestead Exemption, you can deduct $100,000 from the assessed value, potentially saving up to $1,399 annually starting in 2025. Additionally, if you are 65 or older and have an income of $33,500 for a single-person household or $41,500 for a two-person household, you may also qualify for the Senior Freeze. For those who have lived in their homes for over 10 years and have seen significant increases in assessed value, the LOOP program can help limit those increases (according to the Philadelphia Department of Revenue).

School districts are also an important consideration. The school districts preferred by Korean families in the Philadelphia area often cluster around single-family homes or townhomes rather than condos. Even if education is not a current concern, the school district can affect resale value later, so it's advisable to check district boundaries before purchasing.

Ultimately, there are clear pros and cons to both single-family homes and condos. If you can afford the significant repairs, a single-family home may offer comfort, while condos or townhomes may be a better choice if you prefer predictable monthly expenses. This article does not constitute investment or legal advice, and it is recommended to consult with a professional before making any contracts or applications.