A condominium (often shortened to condo) is a type of home ownership where you own your individual apartment or house unit, but you share ownership of common areas with your neighbors.

Imagine an apartment building where, instead of renting from a landlord, each family actually owns their specific apartment. They have a deed to it, just like someone who owns a regular house. But the hallways, elevators, swimming pool, gym, parking garage, and grounds belong to all the owners together. Everyone pays monthly fees to maintain these shared spaces and handle repairs to the building's roof, walls, and systems.

Condominiums became popular in the United States in the 1960s as a way for people to own property in cities where land was expensive and scarce. Instead of needing enough money to buy an entire building or a house with a yard, people could afford to own just their unit.

Condos differ from apartments (where you rent) and from regular houses (where you own everything, including the land). When you own a condo, you're responsible for everything inside your walls, but you share responsibility for everything outside them with the other owners in your building or complex.