Last month, a family looking for a townhome in Hartsdale was surprised when they saw the HOA fee statement. The Stone Oaks townhome community has sales prices ranging from the mid-$500,000s to the $800,000s, with an additional monthly HOA fee of around $500. At first glance, this number can feel burdensome, but once you realize that this fee covers exterior maintenance, landscaping, snow removal, and roof repairs, the perspective changes. Simply put, the monthly payment allows homeowners to delegate most outdoor responsibilities to others.

Hartsdale is a neighborhood in Westchester County that Korean families consistently seek out due to its school district. However, when comparing condos, townhomes, and single-family homes within the same budget, the actual living experience can differ significantly. According to Redfin, the median sales price in Hartsdale over the last 12 months was around $470,000, while condos traded between $345,000 and $699,000 based on Homes.com. In contrast, the median price for single-family homes in Westchester County had risen to $1,025,500 as of February this year. Even within the same county, the price range can more than double depending on the type of housing.

Looking at condos reveals even more interesting points. The Homestead condo community in Hartsdale has monthly HOA fees ranging from $700 to $1,200, which is actually higher than those for townhomes. However, heating and hot water costs are included in the HOA fee, reducing separate utility expenses. In simpler terms, while condos have a higher monthly payment, they include more services, whereas townhomes have relatively lower fees but leave indoor maintenance responsibilities to the owner. Single-family homes typically have no monthly HOA fees, but if the roof or boiler breaks down, the owner must bear all the costs alone.

Nationally, the share of new housing supply represented by townhomes has been steadily increasing. This is often due to their more efficient use of land and lower sales prices compared to single-family homes. However, in older suburban areas of Westchester like Hartsdale, where development has long since finished, new townhome communities are not frequently emerging, meaning the scarcity of existing communities like Stone Oaks is reflected in their sales prices. First-time homebuyers may be inclined to lean towards condos based solely on sales prices, but when calculating total ownership costs over 5 or 10 years, including HOA fees, significant differences between townhomes and single-family homes may not be as pronounced. It is safer to compare total costs, including HOA fees, property taxes, and expected maintenance expenses, rather than making hasty judgments based solely on sales prices.

Families moving from other states to New York should pay particular attention to this difference. If coming from a state with lower property taxes, they need to calculate the property tax burden in Westchester separately from the HOA fees. When combining taxes and fees, even if the sales prices of condos or townhomes appear lower, the total monthly expenses often do not differ significantly from those of single-family homes. For families newly immigrating from Korea and preparing to settle down, this concept of total ownership costs may be unfamiliar, but thinking of it as similar to the structure of apartment management fees in Korea can make it easier to understand.

Families prioritizing school districts generally favor single-family homes or townhomes. While school ratings can be referenced from GreatSchools or Niche, school district boundaries change frequently, so it's advisable to verify the assigned school for a specific address before purchasing. For investors looking for rental income, townhomes with lower HOA fees and less maintenance burden on tenants may seem like a more manageable option, but vacancy and repair risks should always be considered.

Ultimately, which of the three types is right for someone in Hartsdale depends on their budget and lifestyle. If you want to save time and effort by paying monthly fees, condos or townhomes may be suitable, while those desiring a yard and independence, even if it means managing everything themselves, may lean towards single-family homes. This article does not constitute investment or legal advice, and it is recommended to consult with real estate and tax professionals before making any actual contracts.