Seattle ranked one of the best metro areas for cashing in on downsizing

by Patrick Regan

Clockwise from top left: Boston, Seattle, Dallas and Miami.

The Seattle 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 the Seattle-Tacoma-Bellevue area would save the typical homeowner nearly $298,000. That ranks No. 8 among all metro areas studied.

Where you downsize within the Seattle region can dramatically affect potential savings. Downsizing from four to two bedrooms within the Seattle city limits offers typical savings of $383,000, the study found. 

Downsizing from Seattle to Tacoma includes an estimated savings of $804,000. Bellevue to Seattle is $939,000 and Bellevue to Tacoma is $1.36 million. 

When it comes to relocating to a different major city within the metro area, the Bellevue to Tacoma downsize takes the prize, with potential savings of around $1.36 million,” the report said. “Bellevue residents interested in downsizing within the city limits can also save a very impressive $1 million.”

The top 20 metro areas by downsizing savings, according to StorageCafe:

  1. San Jose — $777,000 
  2. San Francisco — $563,000
  3. Honolulu — $519,000
  4. Bridgeport, Conn. — $463,000
  5. San Diego — $340,000
  6. Los Angeles — $331,000
  7. Miami — $322,000
  8. Seattle — $298,000
  9. Sarasota, Fla. — $295,000
  10. Ventura, Calif. — $285,000
  11. Boston — $275,000
  12. Stockton, Calif. — $272,000
  13. Nashville — $262,000
  14. Durham, N.C. — $254,000
  15. New York City — $248,000
  16. Raleigh, N.C. — $247,000
  17. Dallas — $246,000
  18. Washington, D.C. — $244,000
  19. Birmingham, Ala. — $243,000
  20. Knoxville, Tenn. — $241,000

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