https://www.washingtonpost.com/opinions/interactive/2024/american-dream-buy-townhouse/
The new American Dream should be a townhouse
Americans are desperate for more affordable and low-maintenance housing options.
By Amanda Shendruk and Heather Long
October 21, 2024 at 6:00 a.m. EDT
Excerpt: Owning a home has long been a core part of the American Dream. Today, however, there simply aren’t enough affordable options, and that ideal is increasingly out of reach. There’s a sensible way to address this shortfall, but it requires moving beyond the antiquated vision of a big house with a fenced yard in the suburbs.
The new American Dream should be a townhouse — a two- or three-story home that shares walls with a neighbor. Townhouses are the Goldilocks option between single-family homes in the suburbs and high-rise condos in cities.
Single-family homes account for most of the houses owned in the United States. They typically have large yards and are considered low density.
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The United States needs more homes — 3 million to 7 million, depending which expert you ask. In many parts of the world, the obvious solution would be to construct high-rises; however, financing and liability challenges for U.S. developers have meant almost no new condo construction since 2009.
Instead, developers have found a sweet spot with townhouses. They are cheaper to build. They usually face less “not in my backyard” resistance. And buyers love them. Townhouses have all the trappings of a classic dream home, but they cost less to buy, offer a low-maintenance lifestyle and are more climate-friendly. It’s the American Dream, but with a smaller yard.
The United States doesn’t just need more homes; it needs affordable homes. Due to high interest rates and a steep rise in prices, this is the most expensive time to buy a home in four decades, and growing numbers of Americans fear they will never be able to buy. Today, the typical household makes nearly $30,000 a year less than what is necessary to afford a median-price home of just over $400,000. It’s no wonder housing has become a key issue in the presidential election.
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Townhouses are becoming more attractive because they almost always cost less than detached single-family homes. In big urban areas, the median sale price for a townhouse is substantially cheaper: $382,000 less in San Francisco, $222,000 less in Los Angeles, $220,000 less in Miami, $190,000 less in Denver, $145,000 less in D.C. and $130,000 less in Phoenix, according to Zillow data from this summer.
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Home buyers are embracing the lifestyle that comes with denser living. Developers are increasingly building townhouse communities with shared resources and amenities such a walking trails and dog parks, giving them a “village feel.” The Walden development is an award-winning example.
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The increased density is also an important step toward more environmentally friendly cities. Most U.S. suburbs are car-dependent, and suburbanites produce about 50 percent more transportation emissions per person than those in higher-density neighborhoods. And townhouses themselves are more energy efficient than large single-family homes. Shared walls require less energy to heat and cool than stand-alone buildings.
