15 Popular Types of Houses for Your Dream Home

When planning to purchase your dream home, there are many options to choose from. While some may dream of a modern city penthouse, others may long for a charming Cape Cod-style beachfront townhouse, a detached American craftsman with rolling farmland or to join the tiny house movement. While your dream is unique, the types of houses you consider can affect mortgage options and down payment requirements. Read on to understand the home types to get started dreaming and planning your new home. 

Structural Types of Houses

The first consideration is structural. Your style of living and mortgage will be impacted if you choose a condo versus a tiny house versus a single-family home. Below, you'll find a list of the most common structural house types to help you define what you’re looking for and consider mortgage opportunities.

1. Single-Family (Detached)

A single-family detached home is completely detached from other homes, unlike a condo, apartment or townhome. The majority of homes in the U.S. are single-family homes, although they are less common in urban areas. This also means they are one of the most common properties for mortgage applications. 

The single-family homeowner usually owns the land the home sits on, often with a yard or additional property. Single-family homes are more private, as you don't share walls, floors or ceilings with anyone other than your immediate family. 

Single-family homes also offer more options for personalization. Homes in areas with a homeowners association must meet relevant requirements, usually applicable to the outside of the home and the yard. You can also consider buying a single-family home for your first rental home. 

Pros:

• Greater privacy
• More space
• Freedom
• Often includes a yard, land or other outdoor space

Cons:

• Often more costly than other home types
• You'll need funds for closing costs and a down payment
• No one else will take care of repairs — you're solely responsible for the property
• You may end up with more space than you need

2. Apartment

An apartment is a single unit within a building structure. When you buy an apartment, it usually doesn't come with land, but it may come with access to community spaces like a laundry room, gym or pool. Apartments often have on-site repair workers, or the homeowner's association (HOA) fees may cover maintenance. Depending on the structure and age of the building and the nature of the homeowner's association, it may be more difficult to qualify for a mortgage or to sell the property. Learn more about how to invest in apartment buildings. 

Pros:

• Shared community spaces
• Convenience — apartments are often in cities or other urban centers
• Maintenance and repairs may be covered by homeowners association fees
• Less expensive than single-family homes

Cons:

• No land ownership
• May be more difficult to sell in case of homeowner’s association restrictions
• Less privacy than a single-family home
• Less space

3. Co-Op

A co-op or a housing cooperative is different from standard home ownership. Instead of purchasing a specific property, you buy a share of a company that owns the building, rather than purchasing the property. The space you're given in the building typically corresponds to the number of shares you own. 

Anyone cannot buy into a co-op; you must be accepted first and then purchase shares. This makes it more challenging for co-op owners to sell their shares. After buying into a co-op, you'll vote on common spaces and share maintenance and other building fees. 

Pros:

• Shared community spaces
• Less expensive than homes or condos
• Must pass financial and character screening
• Maintenance and repairs are shared

Cons:

• Less freedom; decisions must get group approval
• High monthly fees to cover shared utilities and parking

4. Multifamily Homes

A multifamily home is a home or building divided to accommodate multiple families. The term is broad, so a home with two apartments or a duplex would count as a multifamily home, as would an apartment building with up to four units. Consider multifamily versus single-family homes for investing here. 

Pros:

• Shared community spaces
• Less expensive than homes or condos
• Maintenance and repairs may be shared
• If you own the whole building, you can pay for your mortgage with rental income

Cons:

• Maintenance may be shared and higher than other options
• Less privacy or freedom than single-family homes

5. Townhomes

A townhouse is an individual dwelling that shares at least one wall with another unit. Classic row homes are an example of townhomes. While townhomes have similarities to condos or apartments like a homeowner’s association and shared maintenance fees, the key difference is that each townhome has its own entrance from the street. Townhomes are popular in cities where space is limited and for vacation homes where homeowners want the convenience of community maintenance. 

Because of the separate entrances, townhomes typically have at least two stories and make use of all vertical space. By sitting side by side, they save on land use. Some townhouse communities have shared amenities like gardens, a recreation room, a gym or a swimming pool. 

Pros:

• More affordable than single-family homes
• HOA typically covers exterior maintenance
• Access to community amenities

Cons:

• Smaller than a single-family home 
• Limited or no yard space
• No freedom to change the exterior

6. Semi-Detached Houses

Like a townhouse, a semi-detached house shares at least one wall with another house. The shared wall is often for a room that doesn’t need as much privacy or light as other spots in the house. Often, staircases, storage rooms, pantries or closets are located on the shared wall.

When applying for a mortgage, if you plan to purchase both semi-detached houses and rent one, you may need to meet different mortgage criteria for certain loans such as government-backed mortgages. 

Pros:

• More affordable than single-family homes
• More space than condos or apartments
• Can share exterior maintenance expenses with the detached home

Cons:

• Smaller than a single-family home 
• May be part of an HOA, which limits changes to the exterior

7. Manufactured Homes

A manufactured home is a type of prefabricated housing. In this case, the home is mostly constructed or assembled in factories and then transported to the site and put together. While the simplest manufactured homes are trailers, manufacturing has come a long way, and many manufactured homes, such as modular homes, are now durable, customizable and high quality.  

Pros:

• More affordable than single-family homes
• More space than condos or apartments
• Less expensive than most other options

Con:

• Possibility of lower quality material or workmanship

8. Condos

Condos offer the convenience of an apartment and are often located in urban centers or desirable vacation destinations. With a condo, there is usually a building manager overseeing the property and organizing maintenance. You are usually in charge of all the repairs and the upkeep inside the home. Condos offer less maintenance and upkeep than a single-family home but also less privacy and space. Consider condos versus homes to decide which is best for you. 

Pros:

• Build equity
• Shared community spaces
• Convenience
• Maintenance and repairs may be covered by homeowner’s association fees
• Less expensive than single-family homes

Cons:

• No land ownership
• Less privacy and free agency
• You’ll have to obey HOA rules 
• More difficult to sell or move if you want to relocate

9. Tiny Homes

Tiny homes are growing in popularity as an affordable, standalone housing solution. While a true tiny home is usually less than 200 square feet, you could put any small home from 60 to 600 square feet into the tiny home category. Tiny homes often come with unique space features to maximize the small space and residents' comfort. While many tiny homes are custom-built, there are also prefabricated models available.

Tiny homes give single adults and couples more financial freedom. In some cases, tiny homeowners also travel with their homes, enjoying a more nomadic lifestyle with the comfort of their homes wherever they go. The only downside? The cost of a tiny home is often below the mortgage minimum, so you may need to get a manufactured home loan. 

Pros:

• Low cost
• Most homeowners can get out of debt within five years
• Greater physical freedom and mobility
• Option to customize the home to your needs and lifestyle
• Convenience

Cons:

• You'll have a smaller space
• Less room for family growth
• You'll need to own or rent land to place the tiny house
• You will need a specialized mortgage or alternative loan

Common Architectural Styles Of Houses

In addition to types of homes, you may want to consider your favorite architectural styles for your dream home. Here's an overview of the most common styles to consider. 

10. Contemporary

Contemporary-style homes are slightly different from modern homes, although the terms are often used interchangeably. Contemporary refers to the present style, while modern technically refers to a specific period, usually the 1900s through the 1950s. Mid-century modern is a popular example of the modern style. 

Contemporary homes often incorporate elements of modern styles. With changing preferences for sustainability, they may incorporate eco-friendly materials and designs with clean lines and natural textures. Contemporary homes tend to favor neutral color palettes with interior pops of color.

11. Mediterranean

Mediterranean-style homes incorporate traditional elements of Spanish and Italian villas. These homes blend indoor-outdoor living, making them popular in temperate, Mediterranean-like climates such as California, Arizona or Florida.

Common features of a Mediterranean home include warm stone and wood as well as metalwork balconies and windows. They also usually have tiled roofs and white stucco or stone walls. While Mediterranean-style houses incorporate natural colors and textures, they may blend splashes of colorful tile work or accents.

12. American Colonial

American colonial homes are often larger, symmetrical homes. The style dates back to the 1600s, the American colonial period. There are similarities with the Cape Cod style, including simple, rectangular, symmetrical structure. They are often more formal, and colonial homes blend many influences from the countries that occupied the Americas at that time, including English, French, Dutch, Georgian and Spanish. These homes are usually at least two stories tall and feature a grand entryway and central staircase. 

13. Tudor

The distinctive Tudor style incorporates timber framing and stonework while blending elements of late medieval and early Renaissance architectural elements, including steep gable roofs and classic leaded windows. Tudor homes are usually asymmetrical and look like something out of a classic fairytale or European storybook. These homes date back to European-trained architects who brought the style to the U.S. in the 1800s. 

14. Cape Cod

The Cape Cod-style home is characterized by shingles or wood siding and a central door flanked by windows. The style gets its name from the city in Massachusetts and the charming but hardy houses designed to withstand New England winters.

While Cape Cod homes were simple with wood siding, roof shingles and a central door, more modern homes incorporate these elements but expand the space and windows.  

15. American Craftsman

The American Craftsman is an architectural style that originated in the U.S., inspired by the Arts and Crafts movement. The movement, which began in the late 19th century, included interior design, landscape design, applied arts and decorative arts.

Common features of the Craftsman style include overhanging eaves with exposed rafters and beams, heavy columns, low-pitched gable triangular roofs, patterned window panes and a covered front porch.

Other architectural styles you can consider include:

• Federal
• Greek revival
• Farmhouse
• French country
• English country
• Mid-century modern
• Ranch
• Split-level
• Victorian

Final Tips for Homebuyers

If you're planning to buy a home, you'll want to choose locations and target neighborhoods, as well as local amenities, work opportunities, schools and community centers. Consider renting versus buying to decide which is better for you, and also see whether you'd like to try out the neighborhood. Then, when you're ready to buy, learn more about how to buy a house with no money down or how to get home-buying assistance to secure your dream home and start building your future.

Frequently Asked Questions