The True Cost of Staying vs. Moving

When people think about moving, lifestyle changes usually come to mind first. But the financial side of owning a home is just as important. Rising property taxes, higher utilities, and the ongoing cost of upkeep can add up — especially if your home no longer fits your needs. At the same time, today’s equity growth may mean your money could be working harder for you in a different home.

Here are a few ways to evaluate if your house is still the right financial fit.

1. Compare Monthly Costs

Take a close look at your current monthly expenses. Beyond the mortgage, factor in property taxes, utilities, insurance, and maintenance. In some cases, downsizing into a smaller home, condo, or townhome can cut those costs significantly.

2. Price Per Square Foot

A quick way to compare homes is to look at the average cost per square foot. Entry-level homes, move-up properties, and downsizing options like condos and townhomes each carry different price points. Even if your current mortgage is manageable, the overall value per square foot could highlight whether your home is financially efficient.

3. Equity Growth

Home values in many areas have seen strong appreciation in recent years. That equity is a powerful tool — it could help you move into a better-fitting home without dramatically changing your monthly payment.

4. Maintenance and Upkeep

Bigger homes often mean bigger expenses: roof replacements, exterior painting, lawn care, snow removal, and more. If you’re spending a large portion of your budget and time maintaining your home, it may be worth weighing whether a different property would better align with your lifestyle and financial goals.

5. Long-Term Fit

Think about where you’ll be in 5–10 years. Will this home still meet your needs, or will it become more expensive and less practical over time? Planning ahead now helps you take advantage of today’s market rather than waiting until moving becomes urgent.

Curious About Your Next Move?

Every situation is different, and the right answer depends on your personal goals. Whether you’re considering moving up, downsizing, or simply want a financial “check-up” on your current home, we can help.

 Curious what your home could sell for in today’s market? Contact us for a free valuation.