A couple nearing retirement found themselves in a dilemma about their single-family home in Ridgefield, where they had lived for nearly 30 years. After calculating the annual maintenance costs, including garden upkeep, roof repairs, and winter boiler inspections, they began to wonder if moving to a condo and paying HOA (Homeowners Association) fees would be a better option. This concern is common among Korean families approaching retirement not only in Ridgefield but throughout Bergen County.

To start with the numbers, the median home sale price in Ridgefield was $995,000 as of October 2025 (Redfin). During the same period, the effective property tax rate in Ridgefield was 1.70%, with a median property tax bill of $9,533 per year (Ownwell). Considering that the average effective tax rate in Bergen County is 2.4%, Ridgefield is actually on the lower end. However, within Ridgefield, the situation can vary depending on school districts and road locations, so it's advisable to check the tax bills of actual listings.

The most noticeable expense when maintaining a single-family home is heating and cooling costs. The average household in New Jersey uses 687 kilowatt-hours of electricity per month, and as of May 2026, the average residential electricity rate in New Jersey was 23.27 cents per kilowatt-hour (EIA), resulting in an electricity bill of around $160 per month. Adding PSEG's gas rates and the increase in distribution fees approved in October 2024, the average household's combined electricity and gas bill has risen by about $15 per month. For single-family homes that use gas for heating in winter and electricity for cooling in summer, the burden can be significant when both rates increase simultaneously.

If you move to a condo or townhome, the individual heating and cooling costs may remain similar, but roof, exterior, and landscaping maintenance are often included in the HOA fees. However, HOA fees can vary widely depending on the condition of the building and community amenities, so it's important to check what is included and what is not when viewing listings. The actual costs can also differ based on whether the boiler is individual or central heating.

If you want to reduce your tax burden after retirement, it's worth looking into New Jersey's Senior Freeze (a rebate program that freezes property tax increases) and the Stay NJ and ANCHOR programs. Starting in 2026, these three programs can be applied for with a single integrated application called PAS-1, and eligibility includes those aged 65 and older or those receiving Social Security retirement benefits. Income limits and residency requirements are adjusted annually, so be sure to check the latest criteria at the time of application. Stay NJ is designed to add up to 50% of property taxes on top of the ANCHOR grant, within a set cap. For couples aged 65 and older who do not exceed the income limit, combining these three programs can result in significant annual refunds, making it crucial not to miss this application if you decide to keep your current home.

Insurance costs should also be considered. Homeowners of single-family homes must purchase their own homeowners insurance, which includes fire and liability coverage, while condos often have the HOA purchase a master insurance policy for the building's exterior, allowing individuals to only need condo insurance for their personal property and liability. This difference can lead to hundreds of dollars in annual insurance savings, so if you're considering a move, it's practical to obtain insurance quotes for both scenarios for a realistic comparison.

Ultimately, the decision to maintain a single-family home or move to a condo depends on the calculations of maintenance costs and tax relief benefits. If the roof or boiler in your home is nearing replacement, a condo may seem like a more predictable choice due to the potential for large expenses. Conversely, if your home has recently undergone repairs, there may be no need to move. Tax and maintenance factors can vary by county and the condition of individual properties, so this article is not investment or legal advice, and it's advisable to consult real estate and tax professionals before making any agreements.