Thinking Of Downsizing Your Home? Nevada’s Not The Best Place
If you’re thinking of downsizing your home, a recent study reveals that Nevada is not the best state in which to do so. In fact, we’re about in the middle of the pack when it comes to saving money by downsizing.
Nevada Is Not The Best State For Saving Money By Downsizing Your Home
The data on the Zillow Home Value Index reveals that Nevada is not the worst, and we’re not the best state for downsizing your home. As a matter of fact, we rank 24th out of 50 states and the District of Columbia.
That’s according to a report provided by the folks at TexasRealEstateSource.com. They looked at how much money you can save in each state by downsizing your home by 1 bedroom.
For example, here in Nevada, if you downsize from a 3-bedroom house to a 2-bedroom home, you can save an average of $99,829, or 24.5%. Furthermore, if you currently live in a house with 5 or more bedrooms and want to downsize to a 4-bedroom home, you can save over $141,000 bucks, or 22%.
What about downsizing from a 4-bedroom house to a 3-bedroom home? Their report shows an average savings of $92,854 dollars, or 18.6%. Going from a 2-bedroom to 1-bedroom residence saves $100,376, or 32.7%.
Overall, when downsizing your home by one bedroom here in Nevada, you can save 24.4%, which places us 24th in the nation.
Best And Worst U.S. States For Downsizing Your Home And Saving Money
The TexasRealEstateSource.com report goes on to list the best U.S. states to save money by downsizing your home by one bedroom. Many states in the top 10 are located in the Midwest.
They list Kansas at #1 with an average savings of 34.3%. The state just to the south of Kansas holds the second spot. That would be Oklahoma, where you can save 33.2% by downsizing your home by one bedroom.
Connecticut (31.8%), Kentucky (30.2%), and Indiana (29.5%) round out the top five. Other Midwest states in the top 10 include Iowa (#6), Missouri (#8), Arkansas (#9), and Texas (#10). By the way, the District of Columbia lands in 7th place.
So, which states do you save the least amount of money by downsizing your home? New York is the absolute worst. They found that by downsizing your 2-bedroom home to a 1-bedroom home, you actually lose money! Imagine being upside down $64,753 by downsizing.
Surprisingly, some of our neighboring and nearby states also land in the bottom five in this survey. Idaho is second worst (13.6%), followed by Utah (16.9%), Montana (17.3%) and Wyoming (18.0%).
Now remember, all of these figures are based on remaining in your current state of residence. You’d have to check actual housing prices in each state to determine how much you could actually save by downsizing and moving to a new state.
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