A condo (short for condominium) is an apartment or housing unit that someone owns rather than rents. When you buy a condo, you own your specific unit, just like owning a house, but you share ownership of common areas like hallways, the roof, elevators, and perhaps a pool or gym with the other condo owners in the building.

Think of it this way: if you live in an apartment building, you pay rent to a landlord each month. But in a condo building, each family owns their own unit. They might pay monthly fees to maintain the building and shared spaces, but they're not paying rent to someone else. They can paint their walls whatever color they want, remodel their kitchen, or sell their condo to someone new, just like a homeowner.

Condos are popular in cities where land is expensive and building up makes more sense than building out. They give people a way to own property without needing a yard or worrying about maintaining an entire house. You might see luxury condos in a downtown high-rise, or modest condos in a small complex near the beach. The key difference from an apartment is ownership: condo owners have a deed to their unit, while apartment dwellers sign a lease.