Exploring Different Types of Homes and What They Cost

If you’re shopping for a new dream home, you may have noticed the many styles, eras, and phrases used to describe properties. Understanding the many types of homes and home terminology will help you determine what best fits your needs and tastes.

Two main parameters classify a home: the structure type and the architectural style. The structure type refers to the style of building, such as a single-family home or a condo. The architectural style refers to features and designs, such as Craftsman or Contemporary.

Structure Types

Apartment

An apartment is a group of similar units housed in one building that’s owned and operated by a landlord, whether an individual or a corporation. Apartments are often one-story units within a multistory building. Units can vary from studios (where the living space and kitchen are all one room) to several bedrooms.

Their size makes them manageable to decorate, though there might be restrictions based on the building’s rules. There might also be rules governing whether you can own a pet and which kinds of pets are permitted.

Apartment buildings often have conveniences such as on-site maintenance and repair staff, a shared lobby, laundry and mail rooms, parking facilities, and sometimes a gym or pool. They tend to have only shared outdoor space, if any.

Apartments and apartment buildings can feel quite social compared to other home structures because of the proximity of neighbors. However, they can also be noisy and lack privacy, as walls are shared on both sides, and there may be units above and below yours.

Apartments are often rented out, though there may be opportunities to purchase a unit, depending on the building. While you will not build equity as a renter, you generally don’t have to worry about maintenance or repairs to the apartment.

Condo

A condo, typically thought of as being similar to an apartment, is a unit within a larger building. A condo can also be a townhome and even a stand-alone home. Sometimes, condos are larger than apartments and can be multiple stories.

If you were to rent a condo, it would most likely be from an individual owner rather than a property manager. When you buy a condo, you buy a unit in a property and share ownership of common areas, including outdoor spaces and stairwells.

Instead of having a building manager or landlord oversee your unit, you will be in charge of all the repairs and upkeep if you purchase a condo. Condos are typically subject to the rules of a condo association. The association often also oversees the upkeep of common spaces, which is often funded by monthly fees on top of your mortgage. This can be a plus for landscaping, but it also means you must obey the condo association rules.

Condos, like apartments, can feel very social since they often share walls. However, you are likely to have more space and, depending on the location, more direct street access with a condo. But since they do not lend the same freedom regarding lifestyle and design choices as a stand-alone home, they are a more affordable option and can make a great first-home purchase.

Townhome

A townhouse or townhome is an individually owned unit that shares at least one wall with another unit but has its own entrance from the street. These structures typically make use of vertical space with multiple stories. Consider them a cross between a condo and a single-family home.

Sometimes, as with condos, there are shared amenities among a collection of townhouses, such as patios and pools. Townhomes can be found in both urban and suburban areas, and are typically more affordable than stand-alone single-family homes. The median sale price of a townhome in the U.S. as of January 2026 was $366,829. 

Single-Family Home

Unlike condos, apartments, or townhomes, a single-family home is a stand-alone unit. The majority of homes in the U.S. are single-family houses. Most commonly found in suburbs and rural areas, single-family homes are usually more private and offer more space.

Since they are not connected to other units, you usually have more freedom to renovate than other home types. As owner, you have the sole responsibility of maintaining the property. This style of home often comes at a higher purchase price.

Technically speaking, a single-family residence is any home with four or fewer units. According to the U.S. Census Bureau, the median square footage for a single-family home in 2022 (the most recent data available) was 2,146 square feet. The median sale price of single-family homes in the U.S. was $437,864 as of January 2026.

Tiny Home

Tiny homes have risen in popularity over the past decade, especially for single adults or couples who want homeownership but with greater financial freedom and less maintenance than other home types. These small units usually range from 60 to 600 square feet. Some are prefabricated, while others are custom-built. If the tiny home isn’t mobile—some are—you’ll need to rent or own the land on which it rests.

Given their compact nature, tiny homes provide little room for family growth, hosting, or storage, but they are great for supporting solar and other off-grid projects.

Architectural Styles

When shopping for homes, identifying the type of home you want is only the first step. There is also a broad range of architectural styles to choose from, depending on your specific needs and taste. Here are a few of the most popular home styles across the U.S. 

Colonial

Colonial homes charm with their symmetry and simplicity. Treasured along the East Coast, this style dates back to the 1600s. Some key features of Colonial homes include:

• Rectangular, symmetrical design
• Centered front door with evenly spaced windows
• Two or three stories
• Brick or wood facades
• Formal floor plans (not typically open-concept)

You’ll find inviting variations, such as Dutch Colonial with its graceful gambrel roof, French Colonial, known for its lovely iron balconies, and Federal Colonial, with its welcoming central hall layouts.

Best for: Buyers who appreciate traditional layouts and classic curb appeal, and want a home that feels timeless.

Contemporary

Contemporary homes reflect current design trends and emphasize clean lines and light. Some key features of Contemporary homes include:

• Open floor plans
• Large windows
• Flat or low-pitched roofs
• Mixed materials (wood, steel, glass)
• Neutral color palettes

Best for: Buyers who want modern layouts and minimal design.

Craftsman

Craftsman homes emerged in the early 1900s as a reaction against ornate Victorian design. They emphasize simplicity, natural materials, and visible craftsmanship. Some key features of Craftsman homes include:

• Low-pitched roofs with wide overhangs
• Exposed roof rafters and decorative beams
• Large front porches with tapered columns
• Built-in shelving and seating
• Prominent fireplaces
• Wood siding, often accented with stone or stucco

Craftsman homes are especially common in California and the Midwest.

Best for: Buyers who appreciate detailed woodwork, cozy layouts, and classic American design.

Mid-Century

Popular from the mid-1940s through the 1960s, mid-century homes emphasize simplicity and a connection to nature. Some key features of mid-century modern homes include:

• Flat or low-slung roofs
• Large windows
• Open interiors
• Indoor-outdoor flow
• Natural wood and earth tones

Many include distinctive touches like split levels, built-in bars, or conversation pits.

Best for: Buyers who love retro design and an open entertaining space.

Victorian

Victorian homes are ornate and dramatic, reflecting late-19th-century design trends. Some key features of Victorian homes include:

• Steeply pitched roofs
• Turrets or towers
• Decorative woodwork
• Asymmetrical facades
• Stained glass and detailed trim

Best for: Buyers who appreciate historic character and ornate architectural detail.

Factors Affecting Home Costs

Numerous factors can affect the cost of a home. The most obvious, and the one many homebuyers fixate on, is the size. When weighing multiple properties, the price per square foot can feel like the largest deciding factor. But don’t lose sight of the others. Location, school ratings, crime statistics, and proximity to other amenities can all affect a property’s cost and the taxes you’ll pay on it.

Certain amenities will also increase a home’s value. Outdoor space, including driveways, will make a home more expensive. The age of the home will also impact the cost. If a house is brand new, it may be priced higher. Likewise, a historic property with updated amenities can also have a steep price.

The state of the market plays an inordinate role in determining price, since demand will impact the cost of square footage. Simply put, when houses are in high demand, prices go up. This can also increase other costs, such as subcontractor fees, due to the strain on the labor force.

Rising demand can also increase construction and renovation costs, as labor and material prices climb during tight housing markets.

The Bottom Line

When buying a home, many factors will help you determine what works best for you. Whether you’re looking to save some money with an apartment or invest in a property, factors including location and size will impact your decision.

Beyond your needs, there are many architectural housing styles to choose from. House hunting can take a long time considering all these factors, but the sooner you get started on narrowing your choices, the faster you’re likely to find a home that’s right for you.