Single family homes usually cost more than a similar condo in the same area. Owning a condominium is totally different than owning a single family home. A condo purchase is the purchase of a unit within a larger structure. It can be like renting an apartment, except the unit is owned rather than rented, and some other differences apply. Each owner pays a once per month fee to the condo organisation. That money goes towards overall structure maintenance and upkeep.