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Types of Housing: Overview & Examples

Instructor: Yuanxin (Amy) Yang Alcocer

Amy has a master's degree in secondary education and has taught math at a public charter high school.

Everybody lives somewhere. Some live in a house while others live in an apartment. But did you know that you can actually live in a house by purchasing stocks from housing cooperatives? Learn about this and other types of housing in this lesson.

Housing

Everybody lives somewhere. Whether you live in a house or an apartment or a condo, your home is your housing. People live in all kinds of housing and we will look at several of these in this lesson.

Single-Family

In America, many people dream of buying their own house. This kind of house where just one family lives in it and most likely with a fence surrounding it is called a single-family house. These are very common in the suburbs that surround cities. Most of these will have a driveway leading up to a garage or carport. And most of these are located in neighborhoods full of other single-family homes. Each single-family house is owned by somebody although it is possible for the owners to rent out their houses.

Single-Family House
housing

Manufactured Homes

Another type of housing is the manufactured home. This is the kind of house that is built at a factory and then transported to its final destination. They are made in sections with some homes being just one section wide and others being two or three sections wide. These homes are also owned by somebody. These homes are generally cheaper to purchase than single-family homes that are built into the ground. Manufactured homes can be moved later on if needed.

Manufactured Home
housing

Condominiums

When people want to own their own housing but don't want to maintain a yard, they can purchase a condominium. A condominium is one unit in a multi-unit building. This means that if you own a condo, you probably share a wall or two with your neighbors. If you live in a condominium, you probably are required to pay a monthly association fee that is used to maintain the premises. You won't be responsible for the upkeep of the landscaping or the roof, but your monthly association fee is used to pay for the maintenance of such. Condominiums look a lot like apartments which we will talk about later.

A Condominium
housing

Cooperative Housing

Some people, instead of purchasing their own house or condominium, prefer to purchase real estate with a group of other people. This type of real estate ownership is referred to as cooperative housing. Instead of purchasing the real estate housing directly, these people purchase stock to become members of a legal entity that purchases the real estate. Sometimes, purchasing real estate indirectly in this way can be cheaper than purchasing real estate directly. Because everybody that lives in the cooperative housing is a member of the cooperative, everybody is expected to participate somewhat socially with the other members. Members are also generally expected to contribute to the upkeep and maintenance of the building as a whole.

Cooperative Housing
housing

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