Submitted by Realistic-Sun3480 t3_10xldzy in springfieldMO
WendyArmbuster t1_j7xpm9v wrote
Reply to comment by VaderTower in Neighbors In North Springfield Voice Concerns Over Proposed Development by Realistic-Sun3480
>People in Springfield, based on market studies, don't really want condos.
What's the difference between a condo and an apartment? What's the difference between a condo and a house? Why would people choose a house over a condo? Why would people choose an apartment over a condo? The answers to these questions tell us what our housing priorities should be in Springfield.
>What's the difference between a condo and an apartment?
A condo requires a decent credit score, some savings, and a good skilled job, while most people can get an apartment. But, an apartment is a constant financial loss, while a condo is an investment, and builds equity.
>What's the difference between a condo and a house?
Living in a house enables you to work on your own car, do your own projects, have a wood shop, a place to store your canoes and kayaks, grow a garden, and a multitude of other things that condo living doesn't generally afford. Condo living is generally no higher quality of life than living in an apartment.
>Why would people choose an apartment over a condo?
Either they are young and unsure of their future, like a college student, or because they have no other financial choice. There are just very few other reasons. The quality of life is the same, but the financial upsides of condos absolutely crush the financials of living in an apartment. It's insane that an adult would choose an apartment over a condo.
This begs the question: Why would the city of Springfield prioritize apartments? What is the long-term upside for Springfield?
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