Final answer:
Buying a condominium is often considered for its ease of maintenance and potentially lower costs in comparison to detached single-family homes. Condos can be more affordable due to lower purchase prices and shared expenses like utilities. It's essential to consider the opportunity costs involved, including homeowners association fees.
Step-by-step explanation:
A major reason for buying and owning a condominium rather than a detached single-family home is that it is easier to maintain. Condominiums typically come with an association that manages the maintenance of communal areas and exterior features, thereby reducing the individual homeowner's responsibilities in that area. Additionally, a condo may also be less expensive than a detached single-family home, both in terms of initial purchase price and ongoing ownership costs such as utilities, since the shared walls can lead to lower heating and cooling expenses. However, it's important to acknowledge the broader economic principle that everything has an opportunity cost, meaning that even though a condo might be more affordable or easier to manage, there could be trade-offs such as paying homeowners association fees or having less privacy.