October 4, 2018

Downsizing Homes Can Save Californians Big Bucks

Homeowners in one California city can save nearly $800,000 by downsizing from a five-bedroom residence to a three-bedroom property.

  • Homeowners in Los Angeles can save $750,000 by trading in a five-bedroom home for a three-bedroom home.
  • Downsizing by two bedrooms in San Francisco can save owners as much as $677,500.
  • Selling a five-bedroom home then buying a three-bedroom home saves six figures in 19 of 20 major California cities.

 

Many Golden State baby boomers and other empty-nesters may no longer need that spacious home they bought when they were raising a family, and a recent study may give them a significant incentive to downsize.

A PropertyShark study published last month determines how much homeowners in 20 major California cities can save by purchasing a smaller home. The report calculates the savings between trading up a five-bedroom home for a three-bedroom and four bedrooms for two bedrooms. The analysis also includes a chart that calculates savings obtained by simply sacrificing a single bedroom across different home-size ranges.

 

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