There are many benefits to trading up to a home with more square footage, especially for growing families—but with more house comes more cost, and, as a recent analysis by Zillow reveals, it can vary by location.
Trade-up homeowners can expect to spend an average $447 more each month if they move from a home with two bedrooms to one with three, according to Zillow’s Cost of Moving Up Analysis, or 50 percent more tacked on to a monthly mortgage payment.
In several markets, trading up from two bedrooms to three adds less expense to a monthly mortgage payment than the average—in some cases, a lot less. In Cleveland, Ohio, trading up from two bedrooms to three will cost a negligible $74 more each month, while trading up in Philadelphia, Pa., will cost only $77 more. Trade-up homeowners in Indianapolis, Ind., Baltimore, Md., and Kansas City, Mo., will pay below-average costs, as well: $103, $105, and $112, respectively.