As populations in urban areas like Washington D.C. and San Francisco continue to swell, more people are making the choice to move into high-rise condos or apartments. Forbes contributor David Martin takes a look at this trend and explains that besides those who work in urban areas, high-rises are also good for retirees and empty nesters.
Martin gives five factors to weigh when considering a move to a high-rise such as crunching the numbers:
Gone are the days of mowing the lawn, cleaning the pool, shoveling snow, and hiring a house sitter during your next vacation. While homeowners association fees, taxes, and insurance can add-up, most residents experience lower maintenance and utilities costs in a high-rise versus a house. Be sure to create a budget before buying.