Property values continue to rise, and if you have a lot of money in your house, then downsizing might help you save a lot of money.
Perhaps your children have flown the nest and left you with some area, or perhaps you just want something smaller for retirement, but saving may be quite beneficial.
But how do these savings differ in one country? There are several areas in which downsizing might not necessarily be so effective?
Weve calculated the average house prices of a single-family home and a condo in the 50 most populous cities in the United States, as well as the country.
Cities in the United States with the greatest savings potential
1. Arlington, TexasSingle-family home: $323,000Condo / co-op: $163,000Difference:-49.54%
Arlington, Texas, is the place where a condo is around half the price of a traditional family home.
Arlington is perhaps the best known as Arlington, not only as Arlington''s home to the Texas Cowboys and Texas Rangers, but also as the original Six Flags theme park.
2. Las Vegas, NevadaSingle-family home: $464,000Condo/co-op: $244,000Difference: 47.41 percent
Las Vegas is a region in which you can save less than 50% when losing a family home to a condo.
Vegas is a popular location for those looking to renovate from larger homes in California, especially with Nevada having no state income tax.
Single-family property: $1,580,000Condo / co-op: $832,000Difference:-47.34%
When it comes to property, San Jose is one of the most expensive locations in the country, although there are apparently huge savings to make when moving from a single-family house to a condominium.
The city is known for being the home of Silicon Valley, but as there is a possibility of a 47.34% increase, youll still need substantial savings to live here, with a average condo price of $832,000.
Cities in the United States with the lowest savings possibility
$73,236Condo/co-op: $264,000Difference: 260.48%
Despite the fact that some areas in the United States are susceptible to saving money by moving from a single-family residence to a condo.
This is especially true in Detroit, where the average condo is actually 260% more expensive than a single-family home.
The price of house prices in Detroit is unusually low as people have left the city following the decline in its industries.
Single-family home: $236,000Condo / co-op: $314,000Difference: 33.05%
Philadelphia, a city in which downsizing saving potential is lower, is the average condo around a third more costly than a single-family house.
Philly is a country''s biggest city and a center of economic activity, as well as being known for its arts, culture, cuisine, and colonial history.
Single-family home: $164,000Condo / co-op: $202,000Difference: 23.17%
Memphis, where downsizing might not save you so much money, is a major city, where housing are relatively affordable, but condos are still quite expensive.
Memphis is home to one of the most important and culturally significant cities in the South, with a variety of opportunities for those looking to relocate there.
The United States has the most effective means of saving.
$488,000Condo / co-op: $256,000Difference: -47.54%
Las Vegas is amongst the few states with the greatest savings potential, and the state of Nevada is ranked among the country''s top competitors.
Here, moving from a single-family home to a condo will save you just under half the price. Nevada, like previously mentioned, is a popular destination for retirees owing to its robust tax rules that help you prolong your pensions.
Single-family home: $416,000Condo / co-op: $236,000Difference: -43.27%
Connecticut has a second-place position, where downsizing might save you roughly 43 percent. Connecticut is a model for New England, and it is a popular place to retire because to its low crime rates and natural beauty.
If you want to go back to New York, it may be well connected. However, it also has major cities such as Hartford, but they aren''t just that large.
Single-family home: $1,020,000Condo / co-op: $620,000Difference: 39.222%
Hawaii is the third state in the country to have the greatest saving potential. House prices in the island state are high, with the average single-family home costing just over a million dollars, but that figure has dropped to $620,000 for condos (admittedly still not cheap!).
It''s easy to see why Hawaii is the sort of place you might want to retreat to with its idyllic island lifestyle, but even if downsizing, it might still be out of reach for many.
State of the United States with the lowest saving potential
$416,000Condo/coop: $842,000Difference: 102.40%
There are a few states in which moving to a condo might be more costly than living in a single-family residence, according to the same theory.
This is true in New York state, where the average condo is over twice as expensive as a single-family property, with particularly high demand in New York City itself.
$338,000Condo/coop: $502,000Difference: 48.52%
Wyoming is in second place, where the average condo is just under 50% more expensive than a single-family house.
Wyoming is the least populated state in the country, mainly covered by the Rock Mountains and High Plains, and is home to two of the country''s most famous national parks: Grand Teton and Yellowstone.
Single-family house: $211,000Condo/co-op: $267,000Difference: 26.54%
While condos are less expensive than single-family houses in Alabama, the gap isn''t quite as large as in New York or Wyoming, and it is at 26.54%.
Alabama is known for its Southern culture and is a geographically and economically diverse state, known for its exceptional talent in college football.
Zillow''s estimated home value index is set for February 2022, primarily for a single-family home and a condo/co-op.
This article was first published by the Social Security Resource Center and is now available with the author''s permission.