Property values continue to rise, and when you have a lot of cash attached in your house, then downsizing might save you a lot of money.
Maybe your kids have flown the nest and left you with some empty space, or maybe you just want somewhere smaller for retirement, but downsizing is a possibility.
But how do these savings differ across the country, and are there some areas in which downsizing might not necessarily be a good idea?
To discover more, we have analysed the average house prices of a single-family property and a condo in the 50 most populous cities in the United States, as well as each state.
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 area that offers the most potential renters for downsizes, with a condo costing around half the price of a traditional home.
Arlington is probably the home of the University of Texas at Arlington, but it is also home to the Dallas Cowboys and Texas Rangers, as well as the original Six Flags theme park.
2. Las Vegas, NevadaSingle-family home: $464,000Condo / co-op: $244,000Difference: 47.41%
Las Vegas is a city in which you can save just under half when downsizing from a family home to a condo.
While Vegas has a reputation as Sin City, it is also a popular location for people who want to downsize from larger houses in California, especially with Nevada paying no state income taxes.
Single-family home: $1,580,000Condo / co-op: $832,000Difference:-47.34%
San Jose is among the most costly places in the country when it comes to property, although there are apparently substantial savings to make when moving from a single-family residence to a condo.
The city is famous for being the home of Silicon Valley, but although there is a possibility of saving of 47.34%, you''ll still need substantial savings to live here, with a average condo price of $832,000.
Cities in the United States with the lowest savings potential
$73,236Condo / co-op: $264,000Difference: 260.48%
Although not all states in the United States could see you save money by moving from a single-family residence to a condo, the opposite situation in some places.
This is especially true in Detroit, where the average condo is actually 260% more expensive than a single-family home.
Detroit''s house prices are particularly modest as people have left the city following the decline of its industries.
$236,000Condo/coop: $314,000Difference: 33.05%
Philadelphia, a city where downsizing saving potential is lower, is a city in which average housing is roughly a third more costly than a single-family home.
Philly is known for its arts, culture, cuisine, and colonial history as one of the country''s largest cities.
$164,000Condo/co-op: $202,000Difference: 23.17%
Memphis, where house prices are relatively affordable, but condos remain expensive, is another major city in which downsizing might not save you even more money.
Memphis is a one-of-a-kind city in the South, with a wide variety of diverse communities for those looking to move there.
The US is one of the most ineffective safeguards possible.
The state of Nevada, which is home to the largest savings potential in the country, is on the top spot when it comes to states.
In Nevada, moving from a single-family house to a condo will save you just under 50%, and as previously discussed, Nevada is a popular destination for retirees owing to its favorable tax rules to help your pensions stretch even further.
Single-family house: $416,000Condo / co-op: $236,000Difference: -43.27%
Connecticut is in second place, where downsizing may save you around 43%. Connecticut is a natural gem for New England, which is a popular place to retire due to its low crime rate and natural beauty.
If you prefer city life, it is also well connected to New York, and it also has major cities like Hartford.
Single-family home: $1,020,000Condo/coop: $620,000Difference: -39.22%
Hawaii is the third state with the greatest saving potential. House prices in the island state are high, with the average single-family property costing just over a million dollars, but that figure is still $620,000 for condos (admittedly, they''re still not cheap!).
It''s easy to see why Hawaii is the type of place to go before you retire with its idyllic island lifestyle, but even if downsizing, it might still be out of reach for many.
The US states have the lowest possible savings forecast.
Single-family house: $416,000Condo/co-op: $842,000Difference: 102.40%
There are a few states in which moving to a condo might be more expensive than renting a single-family home, according to the same technique used in cities.
This is the case in New York state, where the average condo is over twice as expensive as a single-family house, with particularly high demand in New York City itself.
$338,000Condo/co-op: $502,000Difference: 488.52%
Wyoming is in second place, where the average condo is just under half the cost of a single-family residence.
Wyoming is the least populated state in the country, largely 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 home: $211,000Condo / co-op: $267,000Difference: 26.54%
Despite the fact that condos are less expensive than single-family homes in Alabama, the gap isnt quite as large as in New York or Wyoming, reaching an all-time high.
Alabama is known for its Southern heritage and is a geographically and economically diverse state, known for its prognosis in college football.
All data from Zillow show the Zillow Home Value Index for the year February 2022, both for a single-family home and a condo/co-op.
This article was originally published by the Social Security Resource Center and has been reprinted with permission.