Condominium

{
  "id": "MLC-T-ECS-000353",
  "term": "Condominium",
  "field": "Economic statistics",
  "definition": "A type of ownership in which each owner owns the interior walls of the unit. The owner of each unit also holds a common or joint ownership in all common areas and facilities associated with the unit; such as, land, roof, exterior walls, hallways, entrances, elevators, lobbies, etc. Condominium ownership may apply to single-family and multifamily structures.\n\nA condominium apartment building is classified with apartment buildings in structures with five units or more, despite the fact that each unit is individually owned.",
  "references": [
    "U.S. Census Bureau Glossary"
  ],
  "url": "https://mlchart.com/terminology/economic-statistics/condominium/"
}