The Emerald City is a perfect match for homeowners looking to downsize in their golden years, according to research from Mirador Living.
The assisted-living search platform analyzed Zillow data and found that Seattle is the No. 1 city for seniors who stand to save big money by downsizing from a three-bedroom living space to a one-bedroom space.
Given the average price of a three-bedroom living space — $1,052,043 — downsizers in Seattle stand to decrease their housing costs by 64.5% when selling and moving into one-bedroom spaces, which carry an average price of $373,433.
On the flip side, in a place like Oklahoma City, where the average three-bedroom home costs $225,625, one-bedroom homes are only 6.57% less expensive.
“Cities like Seattle, San Francisco and San Diego offer the biggest cost reductions, making downsizing not just a lifestyle choice but a smart financial move,” Dharam Khalsa, CEO and co-founder of Mirador Living, said in a press release. “Downsizing can be a complex decision, but understanding where it offers the greatest financial benefits can help retirees make informed choices for their next chapter.”