Condo Living in Burbank: What $700K Gets You in 2026

Burbank's median home price is around $1.1 million, which puts single-family homes out of reach for many buyers. But condos and townhomes in Burbank offer a more affordable entry point—typically ranging from $600K to $900K.

So, what do you actually get for $700K in a Burbank condo? And more importantly, is it worth it?

As a Burbank Realtor who helps buyers navigate the condo market, I'm going to break down exactly what $700K buys, who condos are perfect for, and whether you should buy a condo or keep saving for a single-family home.

What $700K Gets You in a Burbank Condo (2026)

Here's what a typical $700K condo or townhome looks like in Burbank:

Price Range:

$650K-$750K

Bedrooms:

2-3 bedrooms

Bathrooms:

2-2.5 bathrooms

Square Footage:

1,100-1,400 sq ft

HOA Fees:

$250-$400/month

Parking:

1-2 assigned spaces (covered or garage)

Amenities (varies by complex):

• Pool

• Gym/fitness center

• Gated entry

• Guest parking

• Shared outdoor space (courtyard, BBQ area)

  
  

Interior Features:

• Kitchen: Updated with granite or quartz counters, stainless steel appliances, modern cabinets

• Flooring: Hardwood, laminate, or tile (no carpet in living areas)

• Bathrooms: Updated with modern fixtures, tile work

• Laundry: In-unit washer/dryer (most units)

• HVAC: Central air and heating

• Storage: Limited (maybe a small closet or garage storage)

• Outdoor space: Balcony or small patio

  
  

Location:

• East Burbank (near Harvard Road, Glenoaks, Downtown Burbank)

• Walking distance to: Shops, restaurants, parks, transit

• Commute to studios: 5-15 minutes

  
  

Condo vs. Single-Family Home: What's the Difference?

Let's compare what $700K gets you in a condo vs. saving another $400K for a single-family home.

Feature	$700K Condo	$1.1M Single-Family Home
Bedrooms	2-3	3
Square Footage	1,100-1,400 sq ft	1,400-1,800 sq ft
Yard	No (balcony/patio)	Yes (5,000-7,000 sq ft lot)
HOA	$250-$400/month	$0 (no HOA)
Maintenance	Covered by HOA	Your responsibility
Parking	1-2 assigned spaces	2-car garage + driveway
Privacy	Shared walls	Standalone home
Appreciation	Moderate	Higher
Down Payment (20%)	$140K	$220K
Monthly Payment	~$5,600 (incl. HOA)	~$7,500

The trade-off:

• Condos = Lower price, less maintenance, walkable location, but less space and HOA fees

• Single-family homes = More space, privacy, appreciation, but higher cost and more maintenance

Who Should Buy a Condo in Burbank?

Condos are perfect for:

✅ First-time buyers who can't afford $1.1M+ for a single-family home

✅ Young professionals who work in entertainment and want a short commute

✅ Couples or singles who don't need a yard or tons of space

✅ People who hate home maintenance (HOA handles exterior repairs, landscaping, pool)

✅ Downsizers who want to stay in Burbank but don't need 3+ bedrooms

✅ Investors looking for rental income (Burbank condos rent for $2,500-$3,500/month)

Condos might NOT be right for:

❌ Families with multiple kids who need a yard and more bedrooms

❌ People who want total privacy (shared walls, common areas)

❌ Buyers who hate HOA rules (some complexes have strict rules about pets, rentals, modifications)

❌ People who plan to do major renovations (HOA approval required for most changes)

The Real Cost of Owning a Condo in Burbank

Let's break down the total monthly cost for a $700K condo:

Purchase Price: $700,000

Down payment (20%): $140,000

Loan amount: $560,000

Interest rate: 7% (2026 average)

Monthly Costs:

Mortgage (principal + interest): ~$3,700

Property taxes (1% annually): ~$580/month

HOA fees: $300-$400/month

Homeowners insurance: $150/month

Utilities (water, gas, electric, internet): $200-$300/month

Total monthly cost: ~$5,000-$5,500/month

Income Needed:

To afford $5,500/month in housing costs, you need:

• Household income: $175K-$200K/year

• Down payment saved: $140K-$150K (including closing costs)

This is significantly more affordable than a $1.1M single-family home, which requires $250K-$280K/year income.

What Do HOA Fees Cover?

Most Burbank condo HOAs include:

• Exterior maintenance (roof, siding, paint)

• Landscaping (common areas, lawns, trees)

• Water and trash (often included)

• Insurance (exterior building insurance, not interior contents)

• Amenities (pool, gym, security)

• Reserves (fund for major repairs like roof replacement, plumbing upgrades)

What HOA fees DON'T cover:

• Interior repairs (your responsibility)

• Your personal property insurance (you need a separate policy)

• Major upgrades you want (new flooring, kitchen remodel)

Are HOA fees worth it?

Yes, if you don't want to deal with:

• Roof repairs ($10K-$20K)

• Exterior painting ($5K-$10K)

• Landscaping ($2K-$5K/year)

• Pool maintenance ($1K-$3K/year)

HOA fees are predictable. Homeownership costs on a single-family home are not.

Condo Appreciation: Is It a Good Investment?

Do condos appreciate as much as single-family homes?

Not quite, but they still appreciate.

Historical appreciation rates in Burbank:

• Single-family homes: 4-6% per year

• Condos/townhomes: 3-5% per year

Why condos appreciate slower:

• More inventory (more condos than single-family homes)

• Less land value (you own the unit, not the land)

• HOA fees reduce buyer pool (some buyers avoid HOAs)

But condos still build equity.

Example:

• Buy a $700K condo today

• Hold for 7 years at 4% annual appreciation

• Sell for ~$920K

• Profit: $220K (minus selling costs)

That's $220K in equity you can use to upgrade to a single-family home.

Can You Rent Out a Burbank Condo?

Most Burbank condo complexes allow rentals but check HOA rules first.

Rental income potential:

• 2-bedroom condo: $2,500-$3,000/month

• 3-bedroom townhome: $3,000-$3,500/month

Is it worth buying as an investment property?

Maybe.

Cash flow analysis for a $700K condo:

• Monthly mortgage + HOA + taxes + insurance: ~$5,500

• Rental income: $2,800/month

• Cash flow: -$2,700/month (negative)

You're losing money monthly, but you're building equity through appreciation and principal paydown.

This works if:

• You believe Burbank will continue appreciating

• You can afford the negative cash flow

• You plan to hold 5-10 years

If you're buying purely for cash flow, look elsewhere. If you're buying for long-term appreciation, Burbank condos can work.

Best Burbank Condo Complexes (General Areas)

While specific complexes change, here are the types of areas where you'll find good condo inventory:

1. East Burbank (Harvard Road Area)

Price range: $650K-$850KVibe: Urban, walkable, close to Downtown BurbankBest for: First-time buyers, young professionals

2. Downtown Burbank

Price range: $700K-$950KVibe: Most walkable, close to shops/restaurants/transitBest for: People who want urban convenience

3. Glenoaks Corridor

Price range: $600K-$800KVibe: More affordable, residentialBest for: Budget-conscious buyers

4. Near the Studios (Media District)

Price range: $650K-$850KVibe: Close to Warner Bros, DisneyBest for: Entertainment industry professionals

Common Concerns About Buying a Condo

"What if HOA fees go up?"

They will. Budget for 3-5% annual increases.

But remember: Rising HOA fees reflect rising maintenance costs. If you owned a single-family home, you'd pay those costs anyway—just unpredictably.

"What if the HOA runs out of money?"

Check the HOA's reserve fund before you buy.

Red flags:

• Reserve fund below 6 months of operating expenses

• History of special assessments (one-time fees for major repairs)

• Deferred maintenance (pool broken, roof leaking)

Your Realtor should review HOA financials before you make an offer.

"What if I can't sell later?"

Burbank condos sell well if priced correctly.

Average days on market for Burbank condos: 30-45 days (slightly longer than single-family homes, but still reasonable)

Condos that sit:

• Overpriced

• In poorly managed complexes

• In need of updates

If you buy in a good complex, maintain your unit, and price correctly, you'll sell.

Should You Buy a Condo or Wait for a Single-Family Home?

Here's my honest recommendation:

Buy a condo if:

✅ You're tired of renting and want to build equity

✅ You can afford $700K but not $1.1M

✅ You don't need a yard or tons of space

✅ You plan to upgrade in 5-7 years

Wait and save more if:

❌ You have kids and need a yard

❌ You hate the idea of HOA fees

❌ You can save another $100K-$200K in the next 2-3 years

❌ You plan to stay in your first home 10+ years

There's no wrong answer. It depends on your situation.

Final Thoughts: Is $700K for a Condo Worth It?

In Burbank? Yes.

You're getting:

• A move-in-ready home in one of LA's best cities

• Walkability and proximity to studios

• No yard work or exterior maintenance

• A way to build equity instead of paying rent

• A stepping stone to a larger home in 5-7 years

  
  

Yes, you're paying HOA fees. Yes, you're sharing walls. But you're also owning a home in Burbank—which is more than most renters can say.

If you're ready to explore Burbank condos and want help understanding HOA rules, reviewing financials, and writing competitive offers, let's talk.

Michelle Crochet

Realtor | eXp Realty of Greater Los Angeles

DRE #02099298

📞 (818) 688-2062

✉️ mc@magnoliagroupla.com