The Miami metro area is one of the best in the nation to downsize, with the potential to cash out hundreds of thousands of dollars, according to a new analysis by StorageCafe.
StorageCafe examined the 100 largest metro areas by population and analyzed the typical home price for four-bedroom and two-bedroom homes, calculating for taxes and closing costs, to determine which cities offer the most potential savings by downsizing.
“According to our study, homeowners stand to potentially gain around $196,000 on average from downsizing across the U.S., with some huge differences when zooming in on specific locations,” StorageCafe reported.
Downsizing from a four-bedroom home to a two-bedroom home in Miami-Fort Lauderdale-Pompano Beach area would save the typical homeowner more than $322,000. That ranks No. 7 among all metro areas studied.
Where you downsize within the South Florida region can dramatically affect potential savings. Downsizing from four to two bedrooms within the Miami city limits offers typical savings of $218,000, the study found.
Downsizing from Fort Lauderdale to Miami includes an estimated savings of $570,000 and Fort Lauderdale to Hialeah is $820,000.
The top 20 metro areas by downsizing savings, according to StorageCafe:
- San Jose — $777,000
- San Francisco — $563,000
- Honolulu — $519,000
- Bridgeport, Conn. — $463,000
- San Diego — $340,000
- Los Angeles — $331,000
- Miami — $322,000
- Seattle — $298,000
- Sarasota, Fla. — $295,000
- Ventura, Calif. — $285,000
- Boston — $275,000
- Stockton, Calif. — $272,000
- Nashville — $262,000
- Durham, N.C. — $254,000
- New York City — $248,000
- Raleigh, N.C. — $247,000
- Dallas — $246,000
- Washington, D.C. — $244,000
- Birmingham, Ala. — $243,000
- Knoxville, Tenn. — $241,000