Why do homebuyers choose to purchase a condominium instead of a detached single-family home? Price, location and market are the three factors named by buyers who describe what influenced their decision.

For many buyers, particularly those who are financing their first home purchase, a detached single-family property is priced out of range. First-time buyers in competitive metro markets like those in Washington, D.C., New York, Miami, San Francisco and Seattle are not able to afford today's escalating home prices. If you live in California and are just starting your career and family, a single-family home at the median price of $485,700 is probably not within your reach. Although prices can be discouraging, people still want to buy homes.

The condo is a viable alternative that allows first-time buyers to own property and start building equity. Condo owners enjoy their freedom from the exterior maintenance responsibilities that come with single-family homes. They like having access to the amenities that are part of the condo community. They appreciate being able to move into a newly decorated home, live there for a few years while equity in their investment grows and make a profit if they decide to sell.

Location is another deciding factor. Condo developments often are situated in convenient downtown and suburban locations, close to jobs, shopping, restaurants, clubs, parks and public transportation. Both younger professional buyers and older baby boomers downsizing after raising a family, enjoy being centrally located.

When you buy a condo, you're also making an attractive investment. The median price of condos and co-ops has increased almost twice as fast as that of existing single-family homes, according to recent statistics published by Harvard's Joint Center for Housing. In some areas, condo units sell before they are even built.

More of today's home buyers are choosing condos as an alternative to the single-family home because they are more affordable, easy to maintain, provide amenities and are a great investment.

(Dave Wallace, Broker/President of Alliance Realty, Inc. in Ventura. He can be reached at 643-1234. On the Web, visit http://www.AllianceRealtyPros.com.)