{"id":10838,"date":"2021-09-26T05:05:42","date_gmt":"2021-09-26T12:05:42","guid":{"rendered":"https:\/\/www.storagecafe.com\/blog\/?p=10838"},"modified":"2022-10-25T01:31:26","modified_gmt":"2022-10-25T08:31:26","slug":"how-much-money-can-downsizing-really-save-2021","status":"publish","type":"post","link":"https:\/\/www.storagecafe.com\/blog\/how-much-money-can-downsizing-really-save-2021\/","title":{"rendered":"How Much Money Can Downsizing Really Save? From $93K In Phoenix To (Yes!) $400K In The Bay Area"},"content":{"rendered":"<ul>\n<li><em><strong>Homeowners in the country\u2019s top 20 biggest metros can save about $194K from downsizing from a four-bedroom home to a two-bedroom one.<\/strong><\/em><\/li>\n<li><em><strong>Californians win big from downsizing: San Francisco, San Diego, and Los Angeles metro areas lead big-savers pack.<\/strong><\/em><\/li>\n<li><em><strong>Homeowners in Atlanta and Phoenix still gain from downsizing, though far less than those in other popular locations.<\/strong><\/em><\/li>\n<li><em><strong>The St. Louis metro area has the biggest difference between a 4-bedroom and a 2-bedroom home \u2013 roughly 141% \u2013 while Phoenix the smallest, 43%.<\/strong><\/em><\/li>\n<\/ul>\n<p>Downsizing serves homeowners in a variety of ways. <span class=\"TextRun Highlight SCXW59478645 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW59478645 BCX0\">Not only can people enjoy premier locations for less, but they\u2019re also setting themselves up for a simpler, often easier living situation<\/span><\/span><span class=\"TextRun SCXW59478645 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW59478645 BCX0\">. <\/span><\/span>A smaller home means less maintenance work and cleaning efforts, reduced utility costs and a lower carbon footprint.<\/p>\n<p>Traditionally associated with empty-nesters who no longer need multi-bedroom homes, downsizing is experiencing an increase in popularity that spreads beyond the regular fanbase to other generations as well. Both Millennials and Gen X-ers tend to be more mindful about resources and how much they consume, on one hand, and more interested in freeing up money and time for experiences, on the other hand. Additionally, Americans\u2019 increasing love for minimalism is seeing more families embrace the downsizing idea \u2013 many of us might not really be prepared for living in an actual tiny home, but we\u2019d surely be willing to sacrifice some space in order to ease the upkeep chores and lessen the financial burden of needing to buy more domestic goods.<\/p>\n<p>On top of that, residents of large urban centers have an extra incentive when it comes to downsizing \u2013 big city living is expensive, no secret there, and switching to a smaller home can help with living in the same area, without dedicating a big chunk of your income to mortgage payments.<\/p>\n<p>While all these perks are generally common to downsizing everywhere across the nation, the savings part can differ a great deal depending on location. <strong>Where can homeowners enjoy the biggest savings when moving to a smaller home?<\/strong><\/p>\n<p>We looked at the country\u2019s 20 most populous metropolitan areas to see where downsizing pays off the most. We based our calculations on the difference between the value of a 4-bedroom home vs. a 2-bedroom home in each metro area. We also took into account the difference in property taxes over a period of 10 years, plus selling and buying closing costs for both properties.<\/p>\n<p>There may be other costs associated with downsizing but those can vary depending on personal needs and are generally less of a financial burden. Self storage for example \u2013 a service that\u2019s frequently used when moving into a smaller home \u2013 costs roughly $127 per month on average. A <a href=\"https:\/\/www.storagecafe.com\/storage-unit-size-guide\/10x10-storage-unit\/\" target=\"_blank\" rel=\"noopener\">standard 10&#215;10 storage unit<\/a> can easily hold the entire contents of two compact bedrooms \u2013 much lower than the residential price for the same square footage.<\/p>\n<h2 id=\"tablepress-48-name\" class=\"tablepress-table-name tablepress-table-name-id-48\"><span class=\"ez-toc-section\" id=\"Downsizing-Savings-in-the-Countrys-Top-20-Metros\"><\/span>Downsizing Savings in the Country&#8217;s Top 20 Metros<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n<table id=\"tablepress-48\" class=\"tablepress tablepress-id-48\" aria-labelledby=\"tablepress-48-name\" aria-describedby=\"tablepress-48-description\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">Rank<\/th><th class=\"column-2\">Metropolitan Area<\/th><th class=\"column-3\">Downsizing Savings<\/th><th class=\"column-4\">4-Bedroom<br \/>\nHome Value<\/th><th class=\"column-5\">2-Bedroom<br \/>\nHome Value<\/th><th class=\"column-6\">Tax Savings*<\/th><th class=\"column-7\">Closing Costs**<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">1<\/td><td class=\"column-2\"><a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ca\/san-francisco\/\" target=\"_blank\" rel=\"noopener\">San Francisco<\/a>-Oakland-Berkeley, CA<\/td><td class=\"column-3\"> $406,600 <\/td><td class=\"column-4\"> $1,571,000 <\/td><td class=\"column-5\"> $1,036,100 <\/td><td class=\"column-6\"> $28,500 <\/td><td class=\"column-7\"> $156,800 <\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">2<\/td><td class=\"column-2\"><a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ca\/san-diego\/\" target=\"_blank\" rel=\"noopener\">San Diego<\/a>-Chula Vista-Carlsbad, CA<\/td><td class=\"column-3\"> $264,700 <\/td><td class=\"column-4\"> $912,100 <\/td><td class=\"column-5\"> $576,900 <\/td><td class=\"column-6\"> $19,800 <\/td><td class=\"column-7\"> $90,300 <\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">3<\/td><td class=\"column-2\"><a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ca\/los-angeles\/\" target=\"_blank\" rel=\"noopener\">Los Angeles<\/a>-Long Beach-Anaheim, CA<\/td><td class=\"column-3\"> $239,800 <\/td><td class=\"column-4\"> $957,600 <\/td><td class=\"column-5\"> $640,600 <\/td><td class=\"column-6\"> $18,600 <\/td><td class=\"column-7\"> $95,800 <\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">4<\/td><td class=\"column-2\"><a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/wa\/seattle\/\" target=\"_blank\" rel=\"noopener\">Seattle<\/a>-Tacoma-Bellevue, WA<\/td><td class=\"column-3\"> $234,500 <\/td><td class=\"column-4\"> $807,000 <\/td><td class=\"column-5\"> $511,700 <\/td><td class=\"column-6\"> $19,200 <\/td><td class=\"column-7\"> $79,900 <\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">5<\/td><td class=\"column-2\"><a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/fl\/miami\/\" target=\"_blank\" rel=\"noopener\">Miami<\/a>-Fort Lauderdale-Pompano Beach, FL<\/td><td class=\"column-3\"> $233,700 <\/td><td class=\"column-4\"> $506,800 <\/td><td class=\"column-5\"> $247,200 <\/td><td class=\"column-6\"> $22,000 <\/td><td class=\"column-7\"> $48,000 <\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">6<\/td><td class=\"column-2\"><a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ma\/boston\/\" target=\"_blank\" rel=\"noopener\">Boston<\/a>-Cambridge-Newton, MA-NH<\/td><td class=\"column-3\"> $232,900 <\/td><td class=\"column-4\"> $734,300 <\/td><td class=\"column-5\"> $455,600 <\/td><td class=\"column-6\"> $26,600 <\/td><td class=\"column-7\"> $72,400 <\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">7<\/td><td class=\"column-2\"><a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ny\/new-york\/\" target=\"_blank\" rel=\"noopener\">New York<\/a>-Newark-Jersey City, NY-NJ-PA<\/td><td class=\"column-3\"> $215,400 <\/td><td class=\"column-4\"> $614,900 <\/td><td class=\"column-5\"> $376,800 <\/td><td class=\"column-6\"> $37,800 <\/td><td class=\"column-7\"> $60,500 <\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">8<\/td><td class=\"column-2\"><a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/mi\/detroit\/\" target=\"_blank\" rel=\"noopener\">Detroit<\/a>-Warren-Dearborn, MI<\/td><td class=\"column-3\"> $209,800 <\/td><td class=\"column-4\"> $372,600 <\/td><td class=\"column-5\"> $158,200 <\/td><td class=\"column-6\"> $29,900 <\/td><td class=\"column-7\"> $34,600 <\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">9<\/td><td class=\"column-2\"><a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/dc\/washington\/\" target=\"_blank\" rel=\"noopener\">Washington<\/a>-Arlington-Alexandria, DC-VA-MD-WV<\/td><td class=\"column-3\"> $209,600 <\/td><td class=\"column-4\"> $624,100 <\/td><td class=\"column-5\"> $374,400 <\/td><td class=\"column-6\"> $21,000 <\/td><td class=\"column-7\"> $61,200 <\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">10<\/td><td class=\"column-2\"><a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/pa\/philadelphia\/\" target=\"_blank\" rel=\"noopener\">Philadelphia<\/a>-Camden-Wilmington, PA-NJ-DE-MD<\/td><td class=\"column-3\"> $194,000 <\/td><td class=\"column-4\"> $444,600 <\/td><td class=\"column-5\"> $239,400 <\/td><td class=\"column-6\"> $31,500 <\/td><td class=\"column-7\"> $42,800 <\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">11<\/td><td class=\"column-2\"><a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/mo\/st.-louis\/\" target=\"_blank\" rel=\"noopener\">St. Louis<\/a>, MO-IL<\/td><td class=\"column-3\"> $189,900 <\/td><td class=\"column-4\"> $338,300 <\/td><td class=\"column-5\"> $140,300 <\/td><td class=\"column-6\"> $23,200 <\/td><td class=\"column-7\"> $31,300 <\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">12<\/td><td class=\"column-2\"><a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/tx\/dallas\/\" target=\"_blank\" rel=\"noopener\">Dallas<\/a>-Fort Worth-Arlington, TX<\/td><td class=\"column-3\"> $189,300 <\/td><td class=\"column-4\"> $398,600 <\/td><td class=\"column-5\"> $200,900 <\/td><td class=\"column-6\"> $29,500 <\/td><td class=\"column-7\"> $37,900 <\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">13<\/td><td class=\"column-2\"><a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ca\/riverside\/\" target=\"_blank\" rel=\"noopener\">Riverside<\/a>-San Bernardino-Ontario, CA<\/td><td class=\"column-3\"> $189,100 <\/td><td class=\"column-4\"> $562,600 <\/td><td class=\"column-5\"> $334,200 <\/td><td class=\"column-6\"> $15,700 <\/td><td class=\"column-7\"> $55,000 <\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">14<\/td><td class=\"column-2\"><a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/il\/chicago\/\" target=\"_blank\" rel=\"noopener\">Chicago<\/a>-Naperville-Elgin, IL-IN-WI<\/td><td class=\"column-3\"> $158,900 <\/td><td class=\"column-4\"> $366,000 <\/td><td class=\"column-5\"> $204,700 <\/td><td class=\"column-6\"> $33,000 <\/td><td class=\"column-7\"> $35,400 <\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\">15<\/td><td class=\"column-2\"><a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/co\/denver\/\" target=\"_blank\" rel=\"noopener\">Denver<\/a>-Aurora-Lakewood, CO<\/td><td class=\"column-3\"> $158,500 <\/td><td class=\"column-4\"> $629,600 <\/td><td class=\"column-5\"> $416,700 <\/td><td class=\"column-6\"> $8,500 <\/td><td class=\"column-7\"> $62,900 <\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td class=\"column-1\">16<\/td><td class=\"column-2\"><a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/fl\/tampa\/\" target=\"_blank\" rel=\"noopener\">Tampa<\/a>-St. Petersburg-Clearwater, FL<\/td><td class=\"column-3\"> $145,600 <\/td><td class=\"column-4\"> $380,600 <\/td><td class=\"column-5\"> $210,000 <\/td><td class=\"column-6\"> $11,800 <\/td><td class=\"column-7\"> $36,700 <\/td>\n<\/tr>\n<tr class=\"row-18\">\n\t<td class=\"column-1\">17<\/td><td class=\"column-2\"><a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/tx\/houston\/\" target=\"_blank\" rel=\"noopener\">Houston<\/a>-The Woodlands-Sugar Land, TX<\/td><td class=\"column-3\"> $133,000 <\/td><td class=\"column-4\"> $305,600 <\/td><td class=\"column-5\"> $167,200 <\/td><td class=\"column-6\"> $24,000 <\/td><td class=\"column-7\"> $29,500 <\/td>\n<\/tr>\n<tr class=\"row-19\">\n\t<td class=\"column-1\">18<\/td><td class=\"column-2\"><a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/mn\/minneapolis\/\" target=\"_blank\" rel=\"noopener\">Minneapolis<\/a>-St. Paul-Bloomington, MN-WI<\/td><td class=\"column-3\"> $121,600 <\/td><td class=\"column-4\"> $406,500 <\/td><td class=\"column-5\"> $258,000 <\/td><td class=\"column-6\"> $13,300 <\/td><td class=\"column-7\"> $40,300 <\/td>\n<\/tr>\n<tr class=\"row-20\">\n\t<td class=\"column-1\">19<\/td><td class=\"column-2\"><a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ga\/atlanta\/\" target=\"_blank\" rel=\"noopener\">Atlanta<\/a>-Sandy Springs-Alpharetta, GA<\/td><td class=\"column-3\"> $107,800 <\/td><td class=\"column-4\"> $350,600 <\/td><td class=\"column-5\"> $218,000 <\/td><td class=\"column-6\"> $9,900 <\/td><td class=\"column-7\"> $34,600 <\/td>\n<\/tr>\n<tr class=\"row-21\">\n\t<td class=\"column-1\">20<\/td><td class=\"column-2\"><a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/az\/phoenix\/\" target=\"_blank\" rel=\"noopener\">Phoenix<\/a>-Mesa-Chandler, AZ<\/td><td class=\"column-3\"> $93,200 <\/td><td class=\"column-4\"> $440,300 <\/td><td class=\"column-5\"> $308,200 <\/td><td class=\"column-6\"> $5,600 <\/td><td class=\"column-7\"> $44,500 <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<span id=\"tablepress-48-description\" class=\"tablepress-table-description tablepress-table-description-id-48\">*10 years<br \/>\n**Buying and selling closing costs<br \/>\nSource: STORAGECafe analysis of Zillow and U.S. Census Bureau data<\/span>\n\n<h2><span class=\"ez-toc-section\" id=\"Homeowners-in-the-Bay-Area-can-save-400K-by-downsizing-from-a-4-bedroom-to-a-2-bedroom-home\"><\/span>Homeowners in the Bay Area can save ~$400K by downsizing from a 4-bedroom to a 2-bedroom home<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The San Francisco-Oakland-Berkeley metro remains one of the most engaging, beautiful, and expensive places to live in the U.S. \u2013 a mix that makes those fond of the Bay Area constantly explore and adjust housing expectations to be able to live comfortably. Downsizing provides a good option to enjoy the area without paying an arm and a leg on housing.<\/p>\n<p>The value of a 4-bedroom in the <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ca\/san-francisco\/\" target=\"_blank\" rel=\"noopener\">San Francisco<\/a> metro stands at almost $1.6 million, while a 2-bedroom home stands at around $1M, resulting in a difference of about $530,000. The property tax difference between the two types of home totals over $28,000 for a 10-year period. After factoring in the closing costs, homeowners willing to downsize end up with over $400,000 in savings \u2013 the most among the 20 biggest metros. In the case of the city of San Francisco proper, savings are even greater: homeowners trading a 4-bedroom home for a 2-bedroom one can save no less than $535K per move.<\/p>\n<p>Furthermore, when looking at the three major cities in the San Francisco metro area and at how much downsizing homeowners can save by moving from one to the other, the figures tell a much more nuanced story.<\/p>\n<ul>\n<li><strong>Downsizing from the city of San Francisco to <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ca\/oakland\/\" target=\"_blank\" rel=\"noopener\">Oakland<\/a> results in almost $1.2M in savings <\/strong><\/li>\n<\/ul>\n<p>The most advantageous downsizing move is from a 4-bedroom home in San Francisco to a 2-bedroom in Oakland, a move that can get you almost $1.2 M in savings. Swapping San Francisco for <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ca\/berkeley\/\" target=\"_blank\" rel=\"noopener\">Berkeley<\/a> and, at the same time, downsizing from a 4-bedroom home to a 2-bedroom one is a move that could potentially save almost $670,000.<\/p>\n<p>When moving from a 4-bedroom home in Berkeley to a 2-bedroom one in San Francisco, homeowners can save somewhere around $530K.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"San-Diego-homeowners-can-pocket-over-260K-from-downsizing\"><\/span><a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ca\/san-diego\/\" target=\"_blank\" rel=\"noopener\">San Diego<\/a> homeowners can pocket over $260K from downsizing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>San Diego-Chula Vista-Carlsbad has never been particularly easy on the wallet and downsizing here can provide some financial respite. Residents switching from a 4-bedroom home to a 2-bedroom abode in the metro area can save over $260K overall. Homeowners that are planning to downsize, but don\u2019t want to leave the center of the metro\u2019s action can still enjoy about $315K in savings by relocating within the city limits of San Diego, from a 4-bedroom home to 2-bedroom one.<\/p>\n<p>In terms of city-to-city downsizing between the metro area\u2019s major cities, <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ca\/carlsbad\/\" target=\"_blank\" rel=\"noopener\">Carlsbad<\/a> to <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ca\/chula-vista\/\" target=\"_blank\" rel=\"noopener\">Chula Vista<\/a> brings in the biggest savings, of almost $760,000. The smallest amount of savings results from downsizing from a 4-bedroom home in <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ca\/san-diego\/\">San Diego<\/a> to a 2-bedroom one in Carlsbad \u2013 about $250,000.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The-Los-Angeles-metro-ranks-third-winning-the-downsizing-savings-podium-for-California\"><\/span>The <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ca\/los-angeles\/\" target=\"_blank\" rel=\"noopener\">Los Angeles<\/a> metro ranks third, winning the downsizing savings podium for California<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Another Californian hotspot, the Los Angeles-Long Beach-Anaheim metro area, ranks third in terms of downsizing savings. The value of a 4-bedroom home stands at almost $960K, while a 2-bedroom one sells for around $640,000 \u2013 a difference of nearly $314K. The property tax savings over a 10-year period amount to a substantial $19,000. After factoring in closing costs, <strong>the savings from downsizing in the Los Angeles metro area end up at $240,000 on average.<\/strong><\/p>\n<p>Looking at potential savings when <strong>downsizing in LA proper<\/strong>, moving from a 4-bedroom home to a 2-bedroom in the city can save homeowners about $200K.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-6937 size-large\" src=\"https:\/\/www.storagecafe.com\/blog\/wp-content\/uploads\/sites\/44\/2021\/09\/Downsizing-in-LA.jpg?w=770\" alt=\"\" width=\"770\" height=\"488\" srcset=\"https:\/\/www.storagecafe.com\/blog\/wp-content\/uploads\/sites\/44\/2021\/09\/Downsizing-in-LA.jpg 771w, https:\/\/www.storagecafe.com\/blog\/wp-content\/uploads\/sites\/44\/2021\/09\/Downsizing-in-LA.jpg?resize=300,190 300w, https:\/\/www.storagecafe.com\/blog\/wp-content\/uploads\/sites\/44\/2021\/09\/Downsizing-in-LA.jpg?resize=768,487 768w\" sizes=\"auto, (max-width: 770px) 100vw, 770px\" \/><\/p>\n<p>Angelenos who seek an even better deal can choose to relocate to a smaller home in either <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ca\/anaheim\/\" target=\"_blank\" rel=\"noopener\">Anaheim<\/a> or <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ca\/long-beach\/\" target=\"_blank\" rel=\"noopener\">Long Beach<\/a>. Downsizing from a<strong> 4-bedroom home in LA to a 2-bedroom in Anaheim saves the potential mover over $420K.<\/strong><\/p>\n<p>Moving to a smaller home in Anaheim, even as a young family with children, can be feasible, and even fun, considering the many attractions in the city that cater primarily to families, such as Disneyland, the Disney California Adventure Park, and the Aquarium of the Pacific among other equally fun yet lesser-known venues. Huntington Beach is always a good spot for spending some time outdoors while the Anaheim Packing District is chock full of cozy restaurants and cafes. Even better, while <a href=\"https:\/\/www.numbeo.com\/cost-of-living\/\" target=\"_blank\" rel=\"noopener\">consumer prices<\/a> in the two cities are relatively close, restaurant prices in Anaheim are 24% cheaper than in LA.<\/p>\n<p>Engaging in the same type of move but from <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ca\/los-angeles\/\" target=\"_blank\" rel=\"noopener\">Los Angeles<\/a> to Long Beach results in slightly smaller, but still very significant downsizing savings of almost $356K. Granted, exchanging a city of almost 4 million people for another with about 470,000 residents implies a huge lifestyle change \u2013 however, it can be the right move for empty nesters, retirees or simply people who crave more peace and quiet in their lives.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Downsizing-in-Seattle-and-Miami-metros-brings-savings-of-around-230K\"><\/span>Downsizing in Seattle and Miami metros brings savings of around $230K<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Seattle-Tacoma-Bellevue<\/strong> ranks fourth among the country\u2019s largest metros in terms of potential downsizing savings. After accounting for property tax differences and closing costs, the savings from downsizing in the <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/wa\/seattle\/\" target=\"_blank\" rel=\"noopener\">Seattle<\/a> metro area stands at roughly $235K.<\/p>\n<p>Downsizing from a 4-bedroom home in Bellevue to a 2-bedroom one in Tacoma brings the biggest savings in terms of city-to-city moving, at almost $1 million. Leaving <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/wa\/bellevue\/\" target=\"_blank\" rel=\"noopener\">Bellevue<\/a> for a smaller home in Seattle results in savings of almost $600,000. <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/wa\/seattle\/\" target=\"_blank\" rel=\"noopener\">Seattle<\/a> to <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/wa\/tacoma\/\" target=\"_blank\" rel=\"noopener\">Tacoma<\/a> downsize generates savings of almost $675K, while Seattle to Bellevue downsizing moves can result in over $400K in savings. Choosing to stay put in the city of Seattle, but in a smaller home, will get homeowners about 290K in savings.<\/p>\n<p><strong>Miami-Fort Lauderdale-Pompano Beach<\/strong> ranks fifth for downsizing savings. Total savings calculated for a 10-year period stand at around $233,000, with the value of a 4-bedroom home exceeding $500,000 and a 2-bedroom one costing almost $250,000 in the Miami metro area. Considering the city of <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/fl\/miami\/\" target=\"_blank\" rel=\"noopener\">Miami<\/a> alone, the potential savings for downsizing hover around $160,000, while downsizing within <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/fl\/fort-lauderdale\/\">Fort Lauderdale<\/a> is a lot more profitable, resulting in almost $364K in savings.<\/p>\n<p>Regarding downsizing savings when moving between the metro area\u2019s major cities, the most profitable route is from a 4-bedroom home in Miami to a 2-bedroom one in <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/fl\/pompano-beach\/\" target=\"_blank\" rel=\"noopener\">Pompano Beach<\/a> \u2013 this move can get homeowners almost $290K in savings. Downsizing from Miami to Fort Lauderdale comes with an attached discount of over $150,000.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Newton-to-Boston-is-the-most-profitable-downsize-in-the-Boston-metro-area\"><\/span><a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ma\/newton\/\" target=\"_blank\" rel=\"noopener\">Newton<\/a> to <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ma\/boston\/\" target=\"_blank\" rel=\"noopener\">Boston<\/a> is the most profitable downsize in the Boston metro area<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>The Boston-Cambridge-Newton<\/strong> metro area ranks sixth for downsizing savings among the country\u2019s top 20 biggest metros. The value for 2-bedroom homes in the metro area is $455,000, compared to over $730,000 for 4-bedroom homes &#8211; in other words, there\u2019s only a 40% difference between the two types of homes. This results in downsizing savings of $233K across the metro area as a whole.<\/p>\n<p>However, numbers are quite different for residents downsizing between the metro area\u2019s main cities. Homeowners who are downsizing from a 4-bedroom home in Newton to a 2-bedroom one in <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ma\/boston\/\" target=\"_blank\" rel=\"noopener\">Boston<\/a> are gaining an impressive $690,000. Those who prefer to downsize from Newton to another smaller city can choose Cambridge and walk away from the deal with savings amounting to $500,000.<\/p>\n<p>However, there are downsizing routes within the Boston metro area that result in extra spending rather than savings. Due to the higher price of homes in both Newton and <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ma\/cambridge\/\" target=\"_blank\" rel=\"noopener\">Cambridge<\/a> compared to the city of Boston, Bostonians who are keen to downsize to Cambridge have to spend an extra $184K to achieve their goal, while the ones interested in Newton must pay about $50,000 to relocate to a smaller home here.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"New-York-Newark-Jersey-City-ranks-seventh-among-the-countrys-biggest-metros-for-downsizing-savings\"><\/span>New York-Newark-Jersey City ranks seventh among the country\u2019s biggest metros for downsizing savings<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Downsizing from a 4-bedroom to a 2-bedroom home in the New York-Newark-Jersey City metro area results in overall savings of roughly $215K for homeowners. The home value for a 4-bedroom stands at $615,000 in the metro area, while for a 2-bedroom home is around $380K.<\/p>\n<p>Naturally, when downsizing between the three main cities of the metro area, the amount of savings varies significantly. Downsizing from a 4-bedroom home in <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ny\/new-york-city\/\" target=\"_blank\" rel=\"noopener\">New York City<\/a> (with all its boroughs considered) to a 2-bedroom one in <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/nj\/essex-county\/newark\/\" target=\"_blank\" rel=\"noopener\">Newark<\/a> will get homeowners savings of over $500K. Relocating from NYC to a smaller home in <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/nj\/jersey-city\/\" target=\"_blank\" rel=\"noopener\">Jersey City<\/a> results in savings of over $170K.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-6938 size-large\" src=\"https:\/\/www.storagecafe.com\/blog\/wp-content\/uploads\/sites\/44\/2021\/09\/Downsizing-NYC.jpg?w=770\" alt=\"\" width=\"770\" height=\"550\" srcset=\"https:\/\/www.storagecafe.com\/blog\/wp-content\/uploads\/sites\/44\/2021\/09\/Downsizing-NYC.jpg 771w, https:\/\/www.storagecafe.com\/blog\/wp-content\/uploads\/sites\/44\/2021\/09\/Downsizing-NYC.jpg?resize=300,214 300w, https:\/\/www.storagecafe.com\/blog\/wp-content\/uploads\/sites\/44\/2021\/09\/Downsizing-NYC.jpg?resize=768,549 768w\" sizes=\"auto, (max-width: 770px) 100vw, 770px\" \/><\/p>\n<p>However, as many New Yorkers are less likely to be willing to leave the thrill of <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ny\/manhattan\/\" target=\"_blank\" rel=\"noopener\">Manhattan<\/a> living for outer boroughs or smaller cities like Newark or Jersey City, we wanted to see what the options are for those who want a more relaxed, budget-friendly lifestyle in a smaller home while still keeping a Manhattan address.<\/p>\n<p>The value of a four-bedroom home in ZIP Code 10013, covering parts of the <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ny\/manhattan\/tribeca\/\" target=\"_blank\" rel=\"noopener\">Tribeca<\/a> and Soho neighborhoods, Manhattan\u2019s most exclusive (read: expensive) area, now stands at over $6.4 million, a hefty price tag even by NYC standards. Naturally, downsizing from 10013 is bound to bring in some serious savings if you\u2019re willing to live smaller. Switching from a 4-bed home to a 2-bed home in the same area will give you an excess of $3.2 million, following acquisition expenses. Moreover, if you\u2019re comfortable with leaving Tribeca for other popular Manhattan neighborhoods, you can make even more savings.<\/p>\n<p>Take 10002 in Lower East Side, a sought-after NYC neighborhood. It has generated almost $690M in home sales over the last three years, making it stand out as one of the most popular areas for Manhattan home purchases, <span class=\"NormalTextRun SCXW115940388 BCX0\">according to data from<\/span><span class=\"NormalTextRun CommentStart SCXW115940388 BCX0\">\u00a0<\/span><a href=\"https:\/\/www.propertyshark.com\/mason\/\" target=\"_blank\" rel=\"noopener\"><span class=\"NormalTextRun SpellingErrorV2 SpellingErrorHighlight SCXW115940388 BCX0\">PropertyShark<\/span><\/a>. Relocating from a 4-bed home in Tribeca to a cozier, 2-bedroom home in Lower East Side will likely put more almost $4.9 million into your pockets.<\/p>\n<p><iframe id=\"datawrapper-chart-QkEx4\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Downsizing Savings in Manhattan\" src=\"https:\/\/datawrapper.dwcdn.net\/QkEx4\/2\/\" height=\"534\" frameborder=\"0\" scrolling=\"no\" aria-label=\"table\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a in e.data[\"datawrapper-height\"])for(var r=0;r<t.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}();\n\n<\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Detroit-and-DC-metros-downsizing-hover-around-210000\"><\/span>Detroit and DC metros' downsizing hover around $210,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The<strong> Detroit-Warren-Dearborn<\/strong> metro area features overall downsizing savings of roughly $210,000, based on a value for a 4-bedroom homes at $370,000 and of $160,000 for a 2-bedroom home. <span class=\"NormalTextRun SCXW192456108 BCX0\">When downsizing within the city limit of Detroit, homeowners generate\u00a0<\/span><span class=\"NormalTextRun SCXW192456108 BCX0\">significantly\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2 SCXW192456108 BCX0\">less in<\/span><span class=\"NormalTextRun SCXW192456108 BCX0\">\u00a0savings \u2013 about $30,000.<\/span><\/p>\n<p>However, <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/mi\/detroit\/\" target=\"_blank\" rel=\"noopener\">Detroit<\/a> is a special case \u2013 not only that downsizing doesn\u2019t lead to savings in some scenarios, but it can attract extra expenses. Relocating from a 4-bedroom home in Detroit to a 2-bedroom one in <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/mi\/dearborn\/\" target=\"_blank\" rel=\"noopener\">Dearborn<\/a> results in extra expenses of almost $78,000. At the same time, leaving the city of Detroit for a smaller home in <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/mi\/warren\/\" target=\"_blank\" rel=\"noopener\">Warren<\/a> results in homeowners having to spend almost $22,000.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-6939 size-large\" src=\"https:\/\/www.storagecafe.com\/blog\/wp-content\/uploads\/sites\/44\/2021\/09\/Downsizing-Detroit-Metro-area.jpg?w=770\" alt=\"\" width=\"770\" height=\"549\" srcset=\"https:\/\/www.storagecafe.com\/blog\/wp-content\/uploads\/sites\/44\/2021\/09\/Downsizing-Detroit-Metro-area.jpg 771w, https:\/\/www.storagecafe.com\/blog\/wp-content\/uploads\/sites\/44\/2021\/09\/Downsizing-Detroit-Metro-area.jpg?resize=300,214 300w, https:\/\/www.storagecafe.com\/blog\/wp-content\/uploads\/sites\/44\/2021\/09\/Downsizing-Detroit-Metro-area.jpg?resize=768,548 768w\" sizes=\"auto, (max-width: 770px) 100vw, 770px\" \/><\/p>\n<p>The <strong>Washington-Arlington-Alexandria<\/strong> metro area overall promises savings of almost $210,000 to residents downsizing from a 4-bedroom home to a 2-bedroom one. Downsizing within the capital city brings in savings of almost $300,000. When looking at the major cities of the metro area, the most advantageous city-to-city downsizing move within the metro area is from a 4-bedroom home in <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/va\/arlington\/\" target=\"_blank\" rel=\"noopener\">Arlington<\/a>, VA to a 2-bedroom one in <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/va\/alexandria\/\" target=\"_blank\" rel=\"noopener\">Alexandria<\/a> \u2013 homeowners taking that route will save almost $610,000. The least amount of savings comes from downsizing from <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/dc\/washington\/\" target=\"_blank\" rel=\"noopener\">Washington, DC<\/a> to Arlington \u2013 about $325,000, so it\u2019s still a significant sum of money.<\/p>\n<p><strong><a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/pa\/philadelphia\/\" target=\"_blank\" rel=\"noopener\">Philadelphia<\/a>-Camden-Wilmington<\/strong> closes out the first half of the downsizing savings ranking, with about <strong>$194,000 <\/strong>when moving from a 4-bedroom home to a 2-bedroom one in the metro area overall. The home value for a 4-bedroom stands at $445,000, while a 2-bedroom is around $240,000, resulting in a significant amount of savings. City-to-city, the most financially impactful downsizing decision is from a 4-bedroom home in <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/de\/new-castle-county\/wilmington\/\" target=\"_blank\" rel=\"noopener\">Wilmington<\/a> to a 2-bedroom one in Camden, a move that results in about $300,000 in savings.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The-St-Louis-Dallas-and-Riverside-metros-all-see-downsizing-savings-of-almost-190000\"><\/span>The <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/mo\/st-louis-city\/\" target=\"_blank\" rel=\"noopener\">St. Louis<\/a>, Dallas, and Riverside metros all see downsizing savings of almost $190,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The<strong> Greater St. Louis<\/strong> metro area ranks eleventh among the country\u2019s largest metros in terms of potential downsizing savings. The value of a 4-bedroom home in the area stands at almost $340,000, while a 2-bedroom is $140,000. This makes Greater St. Louis the metro area with the biggest gap between a 4-bedroom and a 2-bedroom home, of 141%. After accounting for differences in property taxes and closing costs, this results in savings of almost $190,000 for homeowners.<\/p>\n<p>The city of St. Louis has a far smaller difference between four-bedroom and two-bedroom homes, of only 58%, resulting in downsizing savings within city limits of about $95,000. Downsizing from St. Louis to the next largest in terms of population, which is O\u2019Fallon, comes with savings of about $51,000. Trading O\u2019Fallon for a smaller home in St. Louis, on the other hand, brings savings of almost $193,000 to homeowners.<\/p>\n<p>Downsizing within the <strong>Dallas-Fort Worth-Arlington<\/strong> metro area will bring homeowners savings of about $190,000, based on a 4-bedroom home value of almost $400,000 and that of a 2-bedroom home of around 201,000. Residents of the city of <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/tx\/dallas\/\" target=\"_blank\" rel=\"noopener\">Dallas<\/a> are gaining more if they decide to downsize to <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/tx\/arlington\/\" target=\"_blank\" rel=\"noopener\">Arlington<\/a> \u2013 about $354,000 \u2013 compared to downsizing to <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/tx\/fort-worth\/\" target=\"_blank\" rel=\"noopener\">Fort Worth<\/a>, which brings in around $348,000 in savings.<\/p>\n<p>Californian metro <strong><a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ca\/riverside\/\" target=\"_blank\" rel=\"noopener\">Riverside<\/a>-San Bernardino-Ontario<\/strong> ranks 13<sup>th<\/sup> for downsizing savings. The home value for a 4-bedroom in the area stands at over $563,000, while a 2-bedroom home at $330,000. After accounting for all the other expenses and savings associated with downsizing, the overall return is around $189,000. Moving from a 4-bedroom home in Riverside to a 2-bedroom one in <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ca\/san-bernardino\/\" target=\"_blank\" rel=\"noopener\">San Bernardino<\/a> rakes in about $252,000, while downsizing from the same Riverside to <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ca\/ontario\/\" target=\"_blank\" rel=\"noopener\">Ontario<\/a> brings in about $127,000 in savings.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Chicago-and-Denver-metros-both-offer-savings-of-just-under-160000\"><\/span>Chicago and Denver metros both offer savings of just under $160,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>The Chicago-Naperville-Elgin<\/strong> metro ranks 14<sup>th<\/sup> among the country\u2019s largest metros in terms of potential downsizing savings. The value of a 4-bedroom home in the metro stands at $366,000, while a 2-bedroom one costs a little over $200,000. The difference between these two types of properties, plus the other savings (and expenses) involved in downsizing result in a final saving of just under $160,000.<\/p>\n<p>Downsizing between the main cities of the metro area will generate different results. The most advantageous route, financially speaking, is from a 4-bedroom home in Naperville to a 2-berdoom home in Elgin, a move that brings homeowners savings of over $330,000. Downsizing from <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/il\/naperville\/\" target=\"_blank\" rel=\"noopener\">Naperville<\/a> to <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/il\/chicago\/\" target=\"_blank\" rel=\"noopener\">Chicag<\/a>o, on the other hand, will result in savings of $250,000. Homeowners who want to leave a big home in the Windy City for smaller ones in the more tranquil<a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/il\/elgin\/\" target=\"_blank\" rel=\"noopener\"> Elgin<\/a> or Naperville will save, respectively, around $128,000 or $100,000.<\/p>\n<p>The home value for a 4-bedroom in the <strong>Denver-Aurora-Lakewood<\/strong> metro area is around $630,000, while a 2-bedroom one costs a little under $420,000, resulting in savings of around $159,000. However, when looking at downsizing city-to-city between the metro\u2019s main cities, there\u2019s potential for higher savings. Downsizing from a 4-bedroom home in the city of <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/co\/denver\/\">Denver<\/a> to a 2-bedroom one in <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/co\/aurora\/\" target=\"_blank\" rel=\"noopener\">Aurora<\/a> gets homeowners over $330,000 in savings, while relocating to a smaller home in <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/co\/lakewood\/\" target=\"_blank\" rel=\"noopener\">Lakewood<\/a> can save more than $310,000.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tampa-and-Houston-metros-warrant-lower-savings-compared-to-their-counterparts-Miami-and-Dallas\"><\/span>Tampa and Houston metros warrant lower savings compared to their counterparts, Miami and Dallas<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Downsizing within the<strong> Tampa-St. Petersburg-Clearwater<\/strong> metro area results in savings of almost $146,000 for homeowners \u2013 compared to almost $234,000 in Miami\u2019s case. Those relocating from a 4-bedroom home in the city of <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/fl\/hillsborough-county\/tampa\/\" target=\"_blank\" rel=\"noopener\">Tampa<\/a> to a 2-bedroom one in <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/fl\/clearwater\/\" target=\"_blank\" rel=\"noopener\">Clearwater<\/a> can save significantly more money \u2013 over $210,000. Leaving Tampa for <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/fl\/st-petersburg\/\" target=\"_blank\" rel=\"noopener\">St. Petersburg<\/a>, and downsizing at the same time, will result in more modest savings amounting to $180,000.<\/p>\n<p>Texas is generally more affordable than every other big state in the nation and consequently savings are not on the hefty side. However, moving to a smaller home in the <strong>Houston-The Woodlands-Sugar Land <\/strong>metro area saves homeowners about $133,000 overall. The most profitable move is from a 4-bedroom home in <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/tx\/montgomery-county\/the-woodlands\/\" target=\"_blank\" rel=\"noopener\">The Woodlands<\/a> to a 2-bedroom one in <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/tx\/houston\/\" target=\"_blank\" rel=\"noopener\">Houston<\/a> \u2013 over $310,000.<\/p>\n<p>Homeowners leaving Houston for a smaller home in the more exclusive The Woodlands will end up with just $10,000 in savings, while those relocating to <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/tx\/sugar-land\/\" target=\"_blank\" rel=\"noopener\">Sugar Land<\/a> are gaining almost $40,000 in savings.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Minneapolis-Atlanta-and-Phoenix-provide-the-smallest-downsizing-savings-among-the-countrys-top-20-biggest-metros\"><\/span>Minneapolis, Atlanta, and Phoenix provide the smallest downsizing savings among the country\u2019s top 20 biggest metros<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>The Minneapolis-St. Paul-Bloomington<\/strong> metro area features a home value of over $400,000 for 4-bedroom homes, while 2-bedroom ones are around $260,000. Based on these values, savings associated with downsizing within the metro area overall are a little over $120,000.<\/p>\n<p>Downsizing from a 4-bedroom home in <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/mn\/minneapolis\/\" target=\"_blank\" rel=\"noopener\">Minneapolis<\/a> to a 2-bedroom one on <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/mn\/st-paul\/\" target=\"_blank\" rel=\"noopener\">St. Paul<\/a> gets homeowners about $145,000 in savings, while doing the same type of relocation to <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/mn\/bloomington\/\" target=\"_blank\" rel=\"noopener\">Bloomington<\/a> results in $130,000 in savings.<\/p>\n<p><strong>The Atlanta-Sandy Springs-Alpharetta<\/strong> metro area offers the second lowest amount of savings from downsizing among the country\u2019s major metros. The combination of lower housing costs compared to most of the other metros leads to downsizing savings of almost $110,000 in the metro area overall.<\/p>\n<p>However, homeowners currently residing in the city of <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ga\/atlanta\/\" target=\"_blank\" rel=\"noopener\">Atlanta<\/a> can save a lot more than that if they pick <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/ga\/sandy-springs\/\" target=\"_blank\" rel=\"noopener\">Sandy Springs<\/a> as their new home. Downsizing from a 4-bedroom home in Atlanta to a 2-bedroom one in Sandy Springs can save over $280,000. Downsizing within the city of Atlanta itself gets homeowners over $163,000 in savings.<\/p>\n<p><strong>The Phoenix-Mesa-Chandler metro area <\/strong>has the smallest difference between a 4-bedroom and a 2-bedroom home out of all the metros analyzed \u2013 just 43%, so the savings from downsizing are, naturally, less eye-popping. The metro has a value of $440,000 for 4-bedroom homes, and a value of almost $220,000 for 2-bedroom homes, resulting in downsizing savings of around $93,000 for the metro area overall. Homeowners choosing to downsize from the city of <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/az\/phoenix\/\" target=\"_blank\" rel=\"noopener\">Phoenix<\/a> to <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/az\/mesa\/\" target=\"_blank\" rel=\"noopener\">Mesa<\/a> will save $118,000 while those relocating to a smaller home in <a href=\"https:\/\/www.storagecafe.com\/self-storage\/us\/az\/chandler\/\">Chandler<\/a> can put aside over $47,000. The highest amount of savings is registered when downsizing from a 4-bedroom home in Chandler to a 2-bedroom one in Mesa \u2013 almost $210,000.<\/p>\n<p><em>Downsizing remains a good option for a large pool of homeowners who seek more financial liquidity, irrespective of the location they\u2019re in. Add the purchase savings to a series of other perks, including less upkeep and a more sustainable spending routine and the move to a smaller home can become a solution to many housing concerns.<\/em><\/p>\n<h3><span class=\"ez-toc-section\" id=\"What-the-experts-are-saying\"><\/span>What the experts are saying<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h2 id=\"Morris-Davis\"><span class=\"ez-toc-section\" id=\"Morris-Davis-PhD-Professor-and-Paul-V-Profeta-Chair-in-Real-Estate-Rutgers-University-Business-School\"><\/span><em>Morris Davis, Ph.D., Professor and Paul V. Profeta Chair in Real Estate, Rutgers University Business School<img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-7112 size-medium\" src=\"https:\/\/www.storagecafe.com\/blog\/wp-content\/uploads\/sites\/44\/2021\/09\/Morris-Davis-1.jpg?w=300\" alt=\"\" width=\"300\" height=\"300\" srcset=\"https:\/\/www.storagecafe.com\/blog\/wp-content\/uploads\/sites\/44\/2021\/09\/Morris-Davis-1.jpg 300w, https:\/\/www.storagecafe.com\/blog\/wp-content\/uploads\/sites\/44\/2021\/09\/Morris-Davis-1.jpg?resize=150,150 150w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/em><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Do you consider downsizing a good money-saving strategy for residents of big metros?<\/strong><\/p>\n<p>Potentially. Money saved from downsizing can come from (a) lower property taxes, (b) lower depreciation\/maintenance expenditures, and (c) lower interest expenses on a mortgage (or, lower opportunity costs of holding funds in home equity).<\/p>\n<div class=\"lightweight-accordion\"><details><summary class=\"lightweight-accordion-title\"><span>Read more....<\/span><\/summary><div class=\"lightweight-accordion-body\"><p>The average property tax rate is about 1%, the average mortgage rate on new mortgages is about 3%, and the average depreciation rate is about 2%. So, on average, every $100,000 reduction in house price is associated with a savings of interest (or opportunity cost), taxes and depreciation of about $6,000 per year - although obviously this can and does vary a lot.<\/p>\n<p>There is a large cost to downsizing from realtor fees and taxes of all sorts. There is some variation, but let's say these fees and taxes are about 8% on the value of the property. So, if you see a $1,000,000 home, you would pay $80,000 in fees and taxes. Moving from a $1,000,000 home to an $800,000 home - a 20% reduction, which is not small - saves about $12,000 per year in interest, taxes and depreciation on average but costs about $80,000 in fees and taxes. The payback period for that move is 6.7 years.<\/p>\n<p><strong>Is downsizing becoming more popular or less popular in the United States, in your opinion, and why?<\/strong><\/p>\n<p>Downsizing wasn't ever popular (defined, broadly, as something most people want to do). There is a longstanding question as to why more older people do not move out of their homes once they retire, or once the kids move out etc. I think the answer is simple: people like their homes and do not like change.<\/p>\n<p><strong>What are the main reasons homeowners might choose to downsize, and what categories of big city homeowners are the most interested in downsizing?<\/strong><\/p>\n<p>Just to be clear, moving (relatively) far away isn't downsizing in my opinion. Downsizing means staying in the same area and occupying less space. Moving far away - for example, from the city to the suburbs, or from California to Idaho - is just that. Some people just want more space for less money, and that's why they move from the city to the suburbs or from California to Idaho.<\/p>\n<p>So, focusing on downsizing, people downsize when they don't want (or cannot afford) to care for a large space. A lot of times, the property taxes are too burdensome in retirement. This is why voters in California passed a law limiting year-to-year increases in property taxes.<\/p>\n<\/div><\/details><\/div>\n<h2 id=\"Yaidi-Cancel-Martinez\"><span class=\"ez-toc-section\" id=\"Yaidi-Cancel-Martinez-PhD-Adjunct-Professor-University-of-Wisconsin-Milwaukee-School-of-Architecture-Urban-Planning\"><\/span><em>Yaidi Cancel Martinez, Ph.D., Adjunct Professor, University of Wisconsin-Milwaukee, School of Architecture &amp; Urban Planning<img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-7010 size-medium\" src=\"https:\/\/www.storagecafe.com\/blog\/wp-content\/uploads\/sites\/44\/2021\/09\/Yaidi-Cancel-Martinez.jpg?w=300\" alt=\"\" width=\"300\" height=\"300\" srcset=\"https:\/\/www.storagecafe.com\/blog\/wp-content\/uploads\/sites\/44\/2021\/09\/Yaidi-Cancel-Martinez.jpg 300w, https:\/\/www.storagecafe.com\/blog\/wp-content\/uploads\/sites\/44\/2021\/09\/Yaidi-Cancel-Martinez.jpg?resize=150,150 150w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/em><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>What are the main reasons homeowners might choose to downsize, and what categories of big city homeowners are the most interested in downsizing?<\/strong><\/p>\n<p>The reasons homeowners might choose to downsize might be a matter of choice, necessity, or both. It is important to be aware of potentially influential factors such as age, income, housing costs, household size, and market pressures.<\/p>\n<div class=\"lightweight-accordion\"><details><summary class=\"lightweight-accordion-title\"><span>Read more....<\/span><\/summary><div class=\"lightweight-accordion-body\"><p>For example, homeowners might choose to downsize to a smaller home or move elsewhere if their household size decreased (adult children moving out for work, college or other opportunities). They may choose to move after retirement or in other life-changing situations such as a change in a relationship. Or they may downsize out of necessity because of rising housing costs, losing a job, shrinking or stagnant income, or market pressures. It depends on the situation, influential factors and place.<\/p>\n<\/div><\/details><\/div>\n<h2 id=\"Job-Hammond\"><span class=\"ez-toc-section\" id=\"Job-Hammond-MBA-MSM-Adjunct-Professor-of-Real-Estate-Finance-Austin-Community-College\"><\/span><em>Job Hammond, MBA, MSM, Adjunct Professor of Real Estate &amp; Finance, Austin Community College<img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-7128 size-medium\" src=\"https:\/\/www.storagecafe.com\/blog\/wp-content\/uploads\/sites\/44\/2021\/09\/Hammond.jpg?w=300\" alt=\"\" width=\"300\" height=\"300\" srcset=\"https:\/\/www.storagecafe.com\/blog\/wp-content\/uploads\/sites\/44\/2021\/09\/Hammond.jpg 300w, https:\/\/www.storagecafe.com\/blog\/wp-content\/uploads\/sites\/44\/2021\/09\/Hammond.jpg?resize=150,150 150w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/em><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Do you consider downsizing a good money-saving strategy for residents of big metros? <\/strong><\/p>\n<p>Housing is typically the most significant expense that residents in metro areas face. The space needs of homeowners will dictate the type and location of the house that suits their lifestyle.<\/p>\n<div class=\"lightweight-accordion\"><details><summary class=\"lightweight-accordion-title\"><span>Read more....<\/span><\/summary><div class=\"lightweight-accordion-body\"><p>Those with significant life changes, such as kids going off to college, will be in a position to consider downsizing their space to reduce housing and maintenance expenses.<\/p>\n<p><strong>Is downsizing becoming more popular or less popular in the United States, in your opinion, and why?<\/strong><\/p>\n<p>There was a recent movement towards downsizing and living in smaller spaces convenient to shopping, lifestyle, and amenities. After experiencing the global pandemic of COVID-19, individuals are now seeking larger living environments further away from the cities that have home offices, media rooms, and home gyms that accommodate a work-from-home environment. Multi-generational living has increased for families who seek shared expense living.<\/p>\n<p><strong>What are the main reasons homeowners might choose to downsize, and what categories of big city homeowners are the most interested in downsizing?<\/strong><\/p>\n<p>According to CoreLogic, the average homeowner increased their house equity by an average of $26,300 in 2020. Home equity has created a buffer that can allow homeowners to pay off debt, send the kids to college, downsize their housing, and eliminate the need for a mortgage. Downsizing is not common within any generation; however, there has been an increase in multi-generational living where larger houses are needed to support the space needs of adult children and older parents.<\/p>\n<\/div><\/details><\/div>\n<h2 id=\"Lance-Shoemaker\"><span class=\"ez-toc-section\" id=\"Lance-Shoemaker-Business-and-Real-Estate-Instructor-Co-Department-Chair-West-Valley-College\"><\/span><em>Lance Shoemaker, Business and Real Estate Instructor, Co-Department Chair, West Valley College<img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-7129 size-medium\" src=\"https:\/\/www.storagecafe.com\/blog\/wp-content\/uploads\/sites\/44\/2021\/09\/Shoemaker.jpg?w=300\" alt=\"\" width=\"300\" height=\"300\" srcset=\"https:\/\/www.storagecafe.com\/blog\/wp-content\/uploads\/sites\/44\/2021\/09\/Shoemaker.jpg 300w, https:\/\/www.storagecafe.com\/blog\/wp-content\/uploads\/sites\/44\/2021\/09\/Shoemaker.jpg?resize=150,150 150w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/em><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Do you consider downsizing a good money-saving strategy for residents of big metros?<\/strong><\/p>\n<p>I think the answer depends upon how secure the person is in their housing and whether it's owned or rented.<\/p>\n<div class=\"lightweight-accordion\"><details><summary class=\"lightweight-accordion-title\"><span>Read more....<\/span><\/summary><div class=\"lightweight-accordion-body\"><p>For example, if they live in a jurisdiction with rent control then they probably don't need to downsize since they already have some predictability with their rent. Similarly, if they live in a home where they are quite comfortable paying the mortgage, there's probably not a need to downsize. But that's not to say people don't need to downsize. Many of us end up paying way more than we need to for space that we don't need at all.<\/p>\n<p>Downsizing in general only seems to be seriously considered by people who are empty-nesters and\/or retiring. But it can make sense for lots of people to get rid of stuff, particular the stuff they keep with them in their living units.<\/p>\n<p><strong>Is downsizing becoming more popular or less popular in the United States, in your opinion, and why?<\/strong><\/p>\n<p>I think that's too soon to tell. No one really knows the long-term effects of pandemics on the residential and commercial real estate market. If anything, it seems like there is an outflow of people from major metropolitan areas into smaller suburban and rural areas because it's so much easier than it used to be to work from home. And housing is cheaper per square foot in the areas people are moving to.<\/p>\n<p><strong>What are the main reasons homeowners might choose to downsize, and what categories of big city homeowners are the most interested in downsizing?<\/strong><\/p>\n<p>In recent years there has been this move to simplify things, organize, cleanout, etc. So I think there is renewed interest in making your life simple and getting rid of possessions to some extent. In terms of categories of big city homeowners, as noted above I think empty-nesters and retirees are the most likely to consider downsizing.<\/p>\n<\/div><\/details><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Methodology\"><\/span><strong>Methodology<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This analysis was done by\u00a0<a href=\"https:\/\/www.storagecafe.com\/\" target=\"_blank\" rel=\"noopener\">StorageCafe<\/a>, an online platform that provides storage unit listings across the nation.<\/p>\n<p>We looked at the country\u2019s top 20 largest metropolitan areas by population and ranked them based on potential downsizing savings resulting from moving from a 4-bedroom home to a 2-bedroom home.<\/p>\n<p>For this research we used <a href=\"https:\/\/www.zillow.com\/home-values\/\" target=\"_blank\" rel=\"noopener\">Zillow Home Value Index<\/a>, a smoothed, seasonally adjusted measure of the typical <a href=\"https:\/\/www.simsrealestate.ca\/blog\/ways-increase-your-homes\/\" rel=\"nofollow\">home value<\/a> and market changes across a given region and housing type.<\/p>\n<p>We calculated the home value difference between a 4-bedroom home and a 2-bedroom home for the 20 metropolitan areas, at metro, city, and ZIP Code level.<\/p>\n<p>The median taxes for 4-bedroom homes are calculated by multiplying the median taxes across all properties by the ratio of 4-bedroom home values to all home values.<\/p>\n<p>The median taxes for 2-bedroom homes are calculated by multiplying the median taxes across all properties by the ratio of 2-bedroom home values to all home values.<\/p>\n<p>Tax savings per 10 years were calculated as the difference between median taxes for a 4-bedroom home minus median taxes for a 2-bedroom home, multiplied by 10.<\/p>\n<p>Closing costs were calculated as 8% of the average home value for a 4-bedroom home (selling costs) and 3% of the average home value for a 2-bedroom home (buying costs).<\/p>\n<p>Downsizing savings represent the home value difference between a 4-bedroom home and a 2-bedroom home plus tax savings per 10 years, minus the closing costs.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Fair-Use-and-Distribution\"><\/span><strong>Fair Use and Distribution<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This study serves as a resource for the general public on issues of common interest and should not be regarded as investment advice. The data is true to the best of our knowledge but may change if amendments to it are made. We agree to the distribution of this content but we do require a mention in return for attribution purposes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Downsizing serves homeowners in a variety of ways. Not only can people enjoy premier locations for less, but they\u2019re also setting themselves up for a simpler, often easier living situation. A smaller home means less maintenance work and cleaning efforts, reduced utility costs and a lower carbon footprint.<\/p>\n","protected":false},"author":166,"featured_media":6947,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,10,20],"tags":[],"class_list":["post-10838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-reports","category-personal-finance","category-research-reports"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Much Money Can Downsizing Really Save To Homeowners<\/title>\n<meta name=\"description\" content=\"Where can homeowners enjoy the biggest savings when moving to a smaller home? 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