A family approaching retirement is grappling with the decision of whether to stay in their two-story home in Springfield, where they have lived for over twenty years. Each night, they found themselves pausing on the stairs while going to and from the bathroom, and as this became more frequent, they began weighing whether to stay in their current home or move to a condo or single-story townhouse. Following their situation from start to finish reveals several points that could be helpful for other families preparing for retirement.

First, the family looked at prices. As of the end of 2025, the median price for single-family homes in Springfield was around $275,000. In contrast, condos with two bedrooms were priced at $177,500, while townhouses ranged from $214,900 to $325,000. This was advantageous because moving to a condo would leave them with a significant profit, which they could use for retirement funds.

Next, they considered maintenance costs. This aspect was a bit ambiguous. Condos typically have a fixed monthly HOA fee, which often includes lawn care, snow removal, and exterior maintenance. While this convenience was appealing during a physically challenging time, there was also the burden of a set monthly expense. Single-family homes do not have maintenance fees, but unexpected large expenses, such as roof repairs or boiler replacements, could arise.

The third factor they checked was heating and cooling costs. Missouri experiences significant temperature variations between summer and winter. In the Ameren Missouri service area, an average household saw an increase of $14 per month due to rate hikes in the summer of 2025, and Spire Missouri gas rates also rose by about $8 to $9 per month, depending on the area. While single-family homes generally incur higher heating and cooling costs due to their larger size, moving to a well-insulated condo could reduce that burden.

The fourth consideration was property taxes. The average property tax rate in Missouri ranges from 0.89% to 1.01%, which is relatively low compared to other states. Additionally, single-person households with an income below $30,000 could receive up to $1,100 back annually through the Circuit Breaker Credit, and starting in 2026, those aged 65 and older with an income below $125,000 could qualify for the new Homestead Exemption, which would exempt them from increased taxes.

Finally, the family also looked into active senior communities. In the Springfield area, communities for those aged 55 and older had prices ranging from $200,000 to over $500,000, with many featuring single-story layouts, wide doors, and no-threshold entrances designed for comfortable living as one ages. However, like condos, these communities also had separate HOA fees.

If they moved to a condo or townhouse, the costs for roof and exterior repairs would come from the HOA reserve fund, but they needed to consider that if the reserve fund was insufficient, special assessments could arise unexpectedly. When viewing properties, it was also a good idea to request HOA budget reports from recent years to check the financial status. Springfield is well-equipped with hospitals and medical infrastructure, so for families that would need to visit hospitals regularly after retirement, selecting a neighborhood based on hospital accessibility could be a wise approach.

The difference in insurance premiums was also worth noting. Single-family homes typically have higher homeowners insurance premiums due to their larger roof and yard areas, while condos have their building insurance covered collectively by the HOA, with those costs included in the maintenance fees. Within the 417 area known as Springfield, the availability and prices of condos varied by neighborhood, so it was efficient to first determine the desired accessibility to hospitals or grocery stores before comparing properties.

Ultimately, the family concluded that neither maintaining a condo nor a single-family home was a perfect solution. While the condo was advantageous regarding the stairs, when factoring in the monthly maintenance fees, it might be better to keep the single-family home and renovate it. Since tax and maintenance fee regulations can vary by county and community, consulting with a professional before making a decision is advisable. This article is not investment or legal advice.