Depending on where you live, a little more space can increase your monthly mortgage payment by 50 percent.
Are you thinking of moving this year? Whether your family is growing or you’re just looking for more space, upgrading to a home with an extra bed or bathtub is a premium on most subways.
To help buyers better understand their options this home shopping season, Zillow determined how much additional buyers could expect on their mortgage if they moved to a similar home, but with only one rollaway bed or bathtub.
Nationally, families moving from a 2-bedroom to a 3-bedroom home can expect to pay $ 447 more on their monthly mortgage, according to Zillow’s cost on the move report. This corresponds to an increase in the monthly mortgage payment of 50 percent.
In many coastal markets, the cost is higher, an additional $ 500 each month – and in hot markets like San Francisco and San Jose, families can expect to nearly double their monthly mortgage payment, with the premium for the climb more than $ 1,600. Dollar amounts.
Midwestern buyers will see their dollars go much further. Families in Chicago, Cincinnati, and St. Louis can expect to spend just $ 150 more on their mortgage when upgrading from a 2-bedroom home to a 3-bedroom home. Cleveland offers the lowest premium of any subway we analyzed, with upgraders paying just $ 74 extra per month to upgrade to a 3-room upgrade.
“Although deciding whether to move is a personal decision, understanding how certain properties like size, location, or number of beds and bathrooms can affect the price of a home, when deciding whether a particular home is right for You and your family is going to be of great concern. “Says Dr. Svenja Gudell, Zillow’s chief economist. “Even if many families are willing to spend more on a bigger house, it may be surprising how much more surprises for those who live in the coastal markets.”
The number of bathrooms can also affect the price of a home. Nationally, upgrading to a home with the same number of bedrooms but an additional bathroom can cost buyers an additional $ 386 to $ 838 per month, depending on the size of the home. Given that premium, adding an extra bathroom to an existing home can be a cost-effective option for some families.
Would you like to know how high the moving costs are in your area? Check out the interactive graphic on Zillow’s research page here.