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How much could you save by moving to a smaller property? The Social Security Resource Center conducted a national study to find the potential savings from downsizing. In some areas, downsizing could be a big money saver. In other places, they found, downsizing could actually be more expensive.
Researchers analyzed the average house price of a single-family home compared to a condo or co-op in the 50 largest cities in the U.S.
Arlington, Texas, offers some of the most savings for downsizing, the study finds. Arlington had a price difference of $160,000 between a single-family home and a condo. Condos in Arlington cost nearly half the price of an average single-family home.
Those looking to downsize may also see strong savings in Las Vegas, which ranked second. The price difference between a single-family home and a condo in Las Vegas was $220,000, a difference of 47.41%.
At the state level, Nevada—a popular retirement destination—had the highest downsize savings potential, with a savings of under 50% for those moving to a condo, the study finds.
On the other hand, Detroit had the lowest saving potential for downsizers, the study finds. The difference between a single-family home ($73,236) and a condo ($264,000) is 260%. Philadelphia followed with the difference between a single-family home ($236,000) and a condo ($314,000), a 33% difference.
