Many older single-family homes in New Orleans are built with elevated first floors to avoid moisture. A couple who has lived in such a house for decades recently mentioned that climbing stairs has become noticeably difficult for them. Their reluctance to leave their familiar neighborhood presents a dilemma that doesn't have an easy solution. In such cases, it can be helpful to compare the option of renovating their single-family home with moving to a condo or townhome.

Looking at prices first, the price difference between condos and single-family homes in New Orleans is not as significant as in other cities. The median price for condos is $357,250, while single-family homes are priced at $367,000, resulting in a difference of about $10,000. Overall, the median sales price in the last three months has been around $350,000, making it difficult to see moving to a condo as a way to save a substantial amount of money. Additionally, it's important to note that 93 percent of the listings are single-family homes, while condos make up only 6 percent and townhomes just 1 percent, indicating limited options.

In terms of management fees, condos have a clear disadvantage. The median monthly HOA fee for properties with homeowners association fees in New Orleans reaches $500. This means paying a significant amount each month for the convenience of a stair-free layout, moisture management, and exterior maintenance handled by a management company.

Cooling costs cannot be overlooked either. In New Orleans, summer cooling expenses often exceed half of the total electricity bill. According to Entergy, rates range from 12 cents to 16.5 cents per kilowatt-hour, with a median of about 13.8 cents. If they maintain a large house with many stairs, they must also consider the larger area that needs to be cooled.

Property taxes in New Orleans are based on the Orleans Parish, which offers a homestead exemption that exempts the first $75,000 of market value for owner-occupied homes. Seniors aged 65 and older with an annual income not exceeding $102,700 can also apply for a Special Assessment Level, which freezes the assessed value at its current level. However, this program only locks in the assessed value and does not fix the tax rate itself, meaning that if the tax rate increases, the taxes could also rise, presenting both advantages and disadvantages.

There are also many shotgun houses in New Orleans that are single-story and do not have stairs. If stairs are a challenge in their current home, they might consider switching to a single-story single-family home without necessarily moving to a condo. Given the small price difference between condos and single-family homes in the New Orleans market, this could be a viable option without having to endure the high management fees of a condo.

Active senior communities, which require residents to be 55 and older, are also on the rise near New Orleans. These communities typically feature single-story designs without stairs, and the management fees often include landscaping and exterior maintenance, making them a suitable choice for those looking to manage both stairs and yard work. However, it's essential to check whether the property is in a flood-prone area or requires flood insurance, as this varies by listing.

New Orleans has high humidity, which necessitates frequent changes of air conditioning filters, and plumbing and wooden structures tend to corrode faster than in other regions. If they decide to keep a single-family home for a long time, it's practical to include these maintenance costs in their annual budget alongside cooling expenses. While condos handle these aspects within their management fees, it's worth noting that this comes with a fixed cost of nearly $500 each month.

Simply downsizing due to difficulty with stairs is not necessarily the right answer. In places like New Orleans, where the price difference between condos and single-family homes is small, considering a switch to a single-story single-family home is also worth exploring. Tax and management fee structures can vary by parish, so this article is not investment or legal advice, and it's recommended to consult a professional before making any agreements.