How Much Can You Save by Downsizing? It Depends
In the biggest 20 U.S. metros, you could save an average of $194K going from a 4-bedroom to a 2-bedroom home. Miami metro downsizers were 5th on the list for savings.
MIAMI – As property values continue to rise, homeowners looking to downsize can save varying amounts based on where they live. A new StorageCafe study found homeowners in the 20 largest U.S. metros could save $194,000 when downsizing from a four-bedroom home to a two-bedroom home.
Such savings are even higher in some markets, according to StorageCafe, which looked at such factors as property taxes over 10 years and closing costs for selling and buying both properties.
California led the list, with San Francisco, San Diego, and Los Angeles taking the first three spots on the list for large downsizing savings at $406,000, $264,700, and $239,800, respectively.
In South Florida, downsizers in Miami-Fort Lauderdale-Pompano Beach ranked fifth on the list for savings. Homeowners looking to downsize in the Miami area could save roughly $230,000, according to the report. Downsizing in the city of Miami could save homeowners about $160,000, while Fort Lauderdale homeowners could save $364,000.
The report indicates that the most profitable route in South Florida would be moving from a four-bedroom home in Miami to a two-bedroom home in Pompano Beach, which could save nearly $290,000. Those downsizing from Miami to Fort Lauderdale could save more than $150,000.
Source: South Florida Agent (09/29/21) Hughes, Liz
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