Have you reached a point in life where you think about moving to a smaller home? Downsizing sensibly can get you a great place to live, maybe in an exciting new location. The money you gain will certainly be useful — and maybe more than you imagine in some parts of the country — and you shouldn’t worry too much about cramped living space. 

Recent research by StorageCafe shows how much cash you can put in your pocket when moving from a 4-bedroom home to a 2-bedroom home, taking selling and buying closing costs and 10-year property tax savings into account. The sum generated varies across the US, so we present the places where you can get the most downsizing money plus fun things to do with it. And if you are worried that such a move would cramp your living space and your lifestyle, be assured that the expanding self storage sector can offer easily accessible extra space at very reasonable prices to keep your excess possessions securely. 

Downsize in California’s Metros and Enjoy the Greatest Gains!

Downsizing within the metropolitan areas centered on San Jose and San Francisco can net you as much as $777K and $563K, respectively, after all closing costs and tax savings have been factored in — they claim first and second spots on StorageCafe’s list of the most profitable metros for downsizing. Even in less expensive Golden State metros such as Oxnard and Stockton you can gain more than a quarter of a million dollars by moving from a 4-bedroom to a 2-bedroom home. That’s enough to buy another, smaller property — consider renting it out to get some extra income! 

Downsize in Connecticut to Get Out on the Water

Constitution State residents can earn a large lump sum by downsizing. The Bridgeport-Stamford-Norwalk metro got fourth place on StorageCafe’s list, and residents would get an average of no less than $463K when moving from a 4-bedroom to a 2-bedroom property — enough to buy to small yacht to enjoy this very popular activity here. Just along the coast in New Haven-Milford, the same home swap would get you an average of $216K, which would get you a small sailboat if you fancy a more traditional way of being out on the water! 

Downsize in Tennessee and Build a Property Portfolio

Tennessee’s Nashville-Davidson-Murfreesboro-Franklin and Knoxville are both top-20 metropolitan areas for downsizing deals, generating around $262K and $241K, respectively, if you can drop two bedrooms. Knoxville residents in particular get a lot of home for their money, with downsizing savings being enough to buy a second 2-bedroom home with change left over to decorate it however they like. With Tennessee’s central location, residents with some spare cash might consider joining the RVing trend so they can visit surrounding areas— Nashville self storage facilities have many places where you can safely store your rig. 

Downsizing in Florida Can Be Great for All the Family

The Sunshine State contributes two entries to StorageCafe’s top 10 of downsizing profit-makers. Residents of Miami-Fort Lauderdale-Pompano Beach would earn an average of $322K while those in North Port-Sarasota-Bradenton would get $295K. While these tidy sums might not be enough for a second house, they could be just what you need for an apartment in a good neighborhood so you can bring elderly relatives to Florida. They would benefit from the great weather, lots of recreational opportunities and also the chance to be close to their loved ones. 

From California to Connecticut via Florida and Tennessee, there is plenty of money to be made and plenty of things to spend it on if you can live with two fewer bedrooms. Boston, Hawaii, North Carolina, Washington DC, Seattle and Dallas also score top-20 positions for money that can be generated when downsizing. Of course, a move from an expensive coastal metro to one in the middle of the country will net you even more savings, as will swapping an expensive neighborhood for a less sought-after one within the same city. We hope that, if you are considering a change in your living arrangements, you now feel fully confident to embrace downsizing as a great way forward. 

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