I heard about an elderly person who has lived in Palisades Park for a long time and is contemplating whether to stay in a single-family home or move to a condo, but has been delaying the decision. The first concern is likely the fear of regretting the decision to downsize. However, when you start checking one by one, the items to consider can be organized into three main categories: sale price, heating and cooling costs, and property taxes.

First is the sale price. As of June 2026, the average home value in Palisades Park is $997,727, which is an 8.8 percent increase from a year ago. The median sale price over the last three months is around $1 million, while the median listing price is about $972,000 (based on 2026 data from Zillow, Redfin, Movoto). This means that selling the current home would provide a significant amount of extra funds. However, there are not many condo listings in Palisades Park itself, so if you are looking for a condo, it would be wise to compare listings in neighboring Fort Lee. The median listing price for condos in Fort Lee is around $339,000, which is a substantial difference.

Next is the heating and cooling costs. The average summer temperature in Bergen County is 75.6 degrees, while winter averages 35.2 degrees, with about 29 days a year exceeding 90 degrees (based on 2026 climate data for Bergen County). Electricity is supplied by PSE&G, with an all-in rate of 27 cents per kWh, which is 60 percent higher than the national average, and the average annual electricity bill per household reaches $2,910. Fortunately, gas prices are expected to decrease by 5 percent starting in October 2026, which may ease winter heating costs a bit (based on 2026 data from PSE&G, NuWatt Energy). Single-family homes have larger areas for heating and cooling, which increases these costs, but moving to a condo would reduce the area while introducing a new monthly HOA fee.

Finally, there are property taxes. The effective property tax rate in Bergen County is about 1.69 percent, meaning that for a home valued at $593,200, the median tax is around $11,000 annually. If you are over 65, you can receive a deduction of up to 50 percent on property taxes through the Stay NJ program, and if your income is below $100,000, you can deduct up to $6,500. The deduction decreases to $5,000 for incomes between $100,000 and $150,000, and to $4,000 for incomes between $150,000 and $200,000, so it would be good to check your income bracket first. You can apply for this with a single form, PAS-1, along with the Senior Freeze (based on 2026 data from the New Jersey Division of Taxation).

Another item to consider is the moving-related costs. When selling your current home, brokerage fees and closing costs will be incurred based on the sale price, and when purchasing a condo, there are additional procedures like HOA approval and management fee deposits. Rather than just looking at the profit from the sale price, it's advisable to calculate the actual amount you will have left after including these additional costs.

There is also the option of an active senior community (55+ community). This structure is for those aged 55 and older, where landscaping and snow removal are managed by a company, but the more amenities available, the higher the HOA fees tend to be, so it's good to consider how often you will actually use them.

Checking the age of the heating and cooling systems is also an important factor. Older single-family homes often have boilers or air conditioning units that are nearing replacement, which can cost thousands of dollars, leading many to use this point as a reason to downsize. Conversely, newer condos often have new systems, allowing you to move in without significant immediate expenses, which is also worth considering.

By reviewing the sale price, heating and cooling costs, and property taxes in order, you will gradually get a clearer picture of which option suits you best. Neither choice is necessarily right or wrong; it seems to depend on individual lifestyles and budgets. This is not investment or legal advice, and it is recommended to consult with real estate and tax professionals before making any actual contracts.