A single-family house is an independent unit on its own lot. It offers its residents privacy, as they don’t share walls, roofs, or living spaces with neighbors. The median price of single-family homes was $412,300 in July 2023, up by 1.6% year-over-year.
As a prospective homebuyer, understanding the nuances of this housing option is key to helping you make informed decisions.
Why Buy a Single-Family Home?
- Freedom to Customize: You enjoy the freedom to personalize your space by adding or removing rooms, or making major additions like a swimming pool.
- Higher Costs, Higher Value: While the upfront costs may be higher, the value and appreciation potential of a single-family home can make it a smart long-term investment.
- Privacy and Independence: Single-family homes offer unparalleled privacy with no shared walls or spaces. It is ideal for American homebuyers seeking independence.
- Investment Potential: According to Zillow’s data, the median sales price of single-family homes rose by 109.7% over the past 10 years. This means you may see a significant ROI when you buy a single-family home.
What is a Single Family Home?
A single-family residence is a detached dwelling unit that sits in its own lot. Further, it does not share any walls, roofs, or living spaces with neighboring homes.
This type of home is designed for a single-family or household. According to the U.S. Census Bureau, a single-family dwelling can be detached, semi-detached, row house, or townhouse.
Pros and Cons of Buying a Single-Family Home
If you’re considering buying a single-family house, here are some advantages and disadvantages you need to know:
Advantages:
- More Privacy: Single-family houses offer more privacy than other types of properties. Moreover, homeowners do not have to share walls, roofs, or living spaces with neighbors.
- Outdoor Space: Single-family homes often come with their own outdoor space, such as a yard, garden, or patio. Homeowners can enjoy the outdoors without leaving their property.
- Customization: Single-family dwellings offer more flexibility for customization and personalization. You can change your home’s interior design, make kitchen upgrades, or personalize outdoor spaces.
- Investment: Single-family can residences be a good investment opportunity, as they tend to appreciate in value over time.
Disadvantages:
- High Purchase Price: Since a single-family home comes with its own lot, the listing price is relatively high.
- More Down Payment: Due to the higher asking price, you’ll have to pay a higher down payment to secure a mortgage.
- Lack of Community Amenities: Single-family homes don’t come with shared amenities like swimming pools, gymnasiums, parks, etc. Also, homes with an in-house swimming pool or gymnasium are higher in price.
- Higher Recurring Expenses: Expenses like property taxes, hazard insurance, and maintenance costs are high compared to condos or HOA fees.
What’s the Difference Between Single-Family and Multifamily Homes?
A single-family home typically houses one family at a time. This structure does not share outer walls or amenities like heating, ventilation, or plumbing with other housing units.
On the other hand, multifamily homes accommodate two to five housing units in a single building. More than one family can reside in this type of dwelling. However, you share amenities like the laundry area or parking spaces with other residents.
Single-Family Home Examples
According to the U.S. Census Bureau, here are 4 different examples of single-family houses:
- Single-Family Detached Home: It is the most commonly known type of single-family dwelling, which is completely detached from any other housing structure.
- Semi-Detached Duplex: This type of single-family residence shares one common wall with the neighboring house.
- Townhouse: Townhouses share exterior walls with adjacent properties on two sides, but they are individual units that accommodate a single household.
- Row House: Similar to a townhouse, it shares its exterior walls with adjacent properties. The key difference is that while townhouses may differ in height or stories, row houses generally share a similar structure.
Find Homes For Sale by Home Type and Style
The market offers a wider range of homes than ever before. But don’t get overwhelmed! Knowing your preferred style can help you narrow your search. Here are some options to target your search by home style:
Alternatives to Single-Family Home
- Condo: Also known as a condominium, it is a type of real estate housing where the individual unit is owned by the resident, while the common areas and facilities are shared with other residents.
- Multifamily Home: Also known as a duplex, triplex, or fourplex, it is a single building that contains two or more separate living units. Multifamily residences are planned to accommodate more than one family or household.
- Prefab Home: Prefabricated homes are constructed in sections in an off-site facility. These sections are transported and assembled at the final location. Also, prefab houses come in different shapes and sizes.
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Frequently Asked Questions
1. Who can live in a single-family home?
Oftentimes, only one family can live in a single-family home. However, some local zoning ordinances or homeowners associations allow more than one family to reside in a single-family residence.
2. Is a townhouse a single-family home?
Yes. According to the U.S. Census Bureau, townhouses are a type of single-family home.
3. Is a condo a single-family home?
No. Condos are multiple housing units inside a single structure. They can house multiple families at once, and amenities like parks and swimming pools are shared with other residents. A condo association or HOA looks after the maintenance of the condo complex.
4. Do single-family homes have HOA?
Yes. Some neighborhoods where multiple single-family houses are built together have a HOA. This generally happens in planned communities for the maintenance of common areas and to enforce certain regulations.
5. Is an apartment a single-family home?
No. Apartments are usually a part of a condo complex or a multifamily house. Compared to apartments, single-family homes have more living and private outdoor space.
6. What are the advantages of a single-family home?
There are multiple advantages of a single-family home, including freedom to customize, privacy, and outdoor spaces.
