Reply to starting to think downsizing to a townhouse not worth it

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[quote=Anonymous][quote=Anonymous]We're empty nesters in a $1.2M home in a NYC commuter burb. We started looking at townhouses in the area to avoid having to keep doing lawn care and exterior maintenance, and to hopefully pocket half a million or so.

Sadly, it's become apparent that "downsizing" is not much of a deal. An 800K townhouse might have only two bedrooms and a one-car garage. For three bedrooms and a two-car garage, you're going to lay out close to a million. The taxes are slightly lower than for a single-family home, but add in the HOA costs and you're not saving anything.

To really put $$$ in our pocket after the sale of our home we'd have to find something for 700K or less, and there just aren't very many really nice townhouses in that price range with easy access to the city. I see now why my lovely neighborhood in a top school district is filled with empty nesters and even grandparents still occupying their large, single-family homes. Anyone else noticing this?[/quote]

Yes. Seeing this in our no name brand inexpensive  DMV suburb. We also bought our new SFH 26 years ago at the bottom of the market and at the lowest rate possible. Now, it costs more to downsize and move to a semi-decent place. So we are staying put. We may put a tube elevator somewhere Or convert our formal living and dining room into a bedroom and full bathroom. We have a huge basement and 4 bedrooms and 2 full bathroom upstairs - and I am assuming that we will not be able to use it at some point.

Every single large house with empty nester grandparents is seeing the adult children and grandchildren returning for childcare needs or for multi-generational living. [/quote]

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