A couple who owns a single-family home in Staten Island has started to consider whether to move to a condo or stay in their current home as they approach retirement. There are three main factors to consider: purchase price, maintenance fees, and property taxes.

First, looking at the purchase price, the median sale price for single-family homes in Staten Island is $757,000. As of August 2025, this figure has increased by 8.2% compared to the previous year. At the same time, the median price for condos is $540,000, which is over $200,000 lower than single-family homes, while townhouses range from $550,000 to $750,000 (according to DiPalco Realty). This means that moving to a condo could provide extra funds from the sale profit, but conversely, keeping the current home may mean the asset value continues to rise.

Regarding maintenance fees, the HOA fees for townhouses range from $250 to $450 per month. This covers costs for landscaping, snow removal, and exterior building maintenance, but for single-family homes, while these fees are not paid monthly, a significant expense may arise if the roof or boiler breaks down. This aspect can be advantageous, but that aspect can be a burden, so it's important to assess based on personal budget management rather than definitively stating which is better.

Property taxes are determined as most single-family homes in Staten Island are classified under New York City Property Tax Class 1. If you are over 65 and have an income of $58,399 or less, you can reduce the assessed value by up to 50% through SCHE, or the Senior Citizen Homeowners Exemption. If you move to a condo, Class 2 applies, and through the co-op condo tax exemption, you can receive a reduction of 17.5% to 28.1% based on the average assessed value of the building, so it's important to note that the method of exemption changes.

Heating and cooling costs average $175.02 per month for electricity in New York State, and Con Edison is expected to raise rates by about 5.7% in 2026, making it common for any housing type to have higher costs compared to the national average in the New York area. However, condos or townhouses tend to have smaller areas, resulting in relatively milder fluctuations in heating and cooling costs.

Staten Island is noted for having the highest proportion of single-family homes among the five boroughs of New York City. 53% of the housing stock consists of single-family homes, and many families still prefer homes with yards. Thanks to this demand, the sale prices of single-family homes have been steadily increasing.

Before deciding to move to a condo or townhouse, it's also necessary to check the financial status of the management office. If the reserve fund for maintenance fees is insufficient, there could be significant increases in maintenance fees or special assessments later on. Asking about the history of maintenance fee increases over the past few years when viewing properties is also a practical way to verify this.

Staten Island has lower public transportation accessibility compared to other boroughs in New York City, so many people rely on cars for transportation. Some condo or townhouse complexes charge separate fees for parking spaces, so it's advisable to check parking fees in addition to maintenance fees.

Applications for property tax exemptions must be submitted by a set deadline each year, so if you are approaching retirement, it's a good idea to check the application deadline for the current year on the New York City Department of Finance website.

Townhouses are a middle ground between single-family homes and condos, often featuring private yards while having exterior and roof maintenance handled at the community level. This can be a compromise for retirees who do not want to completely give up their yard.

If you are contemplating between single-family homes and condos in Staten Island, it's not too late to check the sale price differences, maintenance fees, and property tax exemption methods in order before choosing the option that fits your lifestyle. This article is not investment advice or legal counsel, and it is recommended to consult a real estate professional before making any actual contracts.