There are lots of reasons that a condo might be a better fit than an apartment or single home, and money is surely one of them. According to The Real Estate Journal, condo prices tend to appreciate at a slower rate than single-family dwellings, making them a more affordable choice in markets where prices are on the rise. And, compared to renting an apartment, because you actually own your condo, you can take advantage of tax deductions such as the interest on your mortgage. Conversely, it's important to remember that the purchase price isn't the only thing to consider when you're buying a condo. Most co-ops and condos have monthly fees for upkeep of the common property (these can be costly) and, unlike renting an apartment, you'll have to pay property taxes, too. Granted, it's not all about the money. Condos also provide attractive lifestyle choices for many prospective buyers. They're especially popular for retirees who want to be able to socialize or take advantage of services at communities that cater specifically to seniors. Living in a condominium can also free you from some of the usual chores that go along with owning a house, such as yard and exterior maintenance. Finally, condominiums can also make owning a vacation home more affordable. In the United States, condos became popular as a more reasonable way to buy a little piece of paradise in places like Florida and Hawaii. If you want to relax at the beach, but cringe at the thought of buying a pricey house down in the sunshine state, condos offer a somewhat less expensive alternative.