A co-op, short for “cooperative,” is a type of housing arrangement in which individuals don’t own their housing units but rather own shares or memberships in a cooperative corporation. In a housing cooperative, the property is owned collectively by all the members or shareholders, and each member has the right to occupy a specific unit within the cooperative.

Here are some key characteristics of housing cooperatives:

  1. Ownership Structure: When you buy into a co-op, you’re essentially purchasing shares or a membership in the cooperative corporation, not the physical property itself.
  2. Control and Decision-Making: Co-op members have a say in the management and decision-making processes of the cooperative. Major decisions, such as maintenance and financial matters, are typically made collectively.
  3. Occupancy Rights: When you own shares in a co-op, you have the right to live in a specific unit within the cooperative. Your ownership stake gives you the right to occupy that unit, subject to the cooperative’s rules and regulations.
  4. Monthly Fees: Co-op members pay monthly fees or assessments that cover various expenses, including property maintenance, utilities, and sometimes property taxes. These fees are typically higher than those for condominiums or apartments because they encompass more expenses.
  5. Community Living: Co-ops often emphasize a sense of community, and the cooperative culture can vary from one co-op to another. Some co-ops may have rules or restrictions on subletting, selling shares, or making changes to units.
  6. Financing: Securing a mortgage for a co-op can be different from conventional mortgages. Lenders may consider your financial stability and the cooperative’s financial health.


Co-ops are more common in certain areas, such as New York City, where they represent a significant portion of the housing market. They provide an alternative form of homeownership and often have a strong sense of community and shared responsibility among members.


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Last updated: [August 7, 2023]

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