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Downsizing can do more than clean up the clutter in your home. It can also help clear out the finances of Houston homeowners, a new study shows.
The study published by self-storage platform StorageCafé shows that greater Houston homeowners can save $ 133,000 by downgrading from a four-bedroom home to a two-bedroom home.
StorageCafé says it calculated the savings based on the home values for a four- and two-bedroom home, property taxes for each home, and the closing costs of selling the larger home and buying the smaller home.
According to StorageCafé, the most profitable move in the area (more than $ 310,000) would be from a four-bedroom home in The Woodlands to a three-bedroom home in Houston.
“Homeowners leaving Houston for a smaller home in the more upscale The Woodlands will end up saving only $ 10,000, while those moving to Sugar Land will save nearly $ 40,000 in savings,” says StorageCafé.
In the study, Houston ranks 17th among the largest metropolitan areas in the country for downsizing savings.
Dallas-Fort Worth ranks 12th with the downsizing savings estimated at $ 189,300. StorageCafé says Dallas homeowners would gain more than average if they downsized to Arlington (about $ 354,000) or Fort Worth (about $ 348,000).
“Texas is generally cheaper than any other large state in the nation,” says StorageCafé, “and consequently [average] The savings are not too high. “
At the top of the list is the metropolitan area of San Francisco. StorageCafé put the region’s savings on the downsizing at $ 406,600.
Despite the financial benefits of downsizing, Austin real estate agent Job Hammond, associate professor of real estate and finance at Austin Community College, says more homeowners are buying bigger homes now.
“There has recently been a move towards downsizing and living in smaller spaces that are suitable for shopping, lifestyle and convenience,” Hammond told StorageCafé. “After experiencing the global pandemic of COVID-19, individuals are now looking for larger residential environments further from cities that have home offices, media rooms and home gyms that provide an environment for working from home. ”
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