For buyers who have been priced out of single-family homes, condos and townhouses often look like the next best bet, and it’s easy to see why: Both promise lower price tags, lighter maintenance, and an easier entry point into ownership.

But how those advantages translate into long-term wealth can look very different depending on what and where you buy.

The last decade has been a remarkable one for homeowners , with values climbing across nearly every corner of the market. Yet the race between condos and townhouses has been closer than many realize. Each has produced substantial equity gains, though subtle differences in their performance hint at deeper divides shaping today’s housing market.

Those divides are growing sharper as affordability pressures mount. In some regions, condos h

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