Final answer:
Buying a condominium can be more affordable than owning a detached single-family home. Condos can provide cost efficiencies in maintenance and repairs which are often covered by monthly fees. However, while renting offers flexibility and lower initial costs, it lacks the benefits of equity building and potential tax deductions associated with home ownership. The correct option is A.
Step-by-step explanation:
One advantage of buying and owning a condominium rather than a detached single-family home is that a condominium is generally more affordable. Condos may offer a more cost-effective entry into home ownership, especially in high-cost urban areas.
However, it's important to note that condos do come with monthly maintenance fees, but these fees can also cover costs that would otherwise be separate homeowner responsibilities, such as landscaping and certain repairs.
Additionally, homeowners can build equity in their property over time and possibly take advantage of tax deductions like mortgage interest. On the other hand, renting can be less expensive upfront and offers greater flexibility, but renters don't benefit from building equity and may face housing instability if rental prices increase significantly.