In January, I heard a story about a couple who had lived in Glenview for over 30 years and their gas bill. Although the winter was not significantly different from previous years, the amount on the bill had noticeably increased. They realized that even though they had paid off their mortgage before retirement, the monthly maintenance costs were still quite substantial.

The burden of heating costs in the Illinois area during winter is considerable. According to the Citizens Utility Board, winter heating costs for Illinois households range from $110 to $160 per month, and as of January 2026, Nicor Gas rates had increased by about 50 percent compared to January 2025. The same goes for electricity costs. The average Illinois household uses 727 kilowatt-hours per month, paying about 17.07 cents per kilowatt-hour, resulting in an average monthly electricity bill of $124.09. For single-family homes with multiple rooms, this burden can double.

As a result, the first question that comes to mind for those approaching retirement is whether to continue maintaining their current single-family home or to move to a property that requires less management. Glenview still has a high proportion of single-family homes, with 73.7 percent of residences being single-family structures. As of April 2026, the median sale price is $784,595, while the median listing price in July is around $725,000. In contrast, the median sale price for condos is $655,000, which is lower than single-family homes, and townhomes in The Glen area are priced at $725,000, while the overall area averages around $650,000.

Simply looking at sale prices, condos appear much cheaper, but actual calculations can often tell a different story. Single-family homes tend to have higher sale prices but lower or no HOA fees, while condos or townhomes may have lower sale prices but incur separate monthly maintenance fees. When you add in costs that can vary significantly based on home size and insulation, downsizing from a single-family home can often be more advantageous in terms of total monthly expenses.

Property tax burdens are another aspect to consider. The average effective property tax rate in Illinois ranges from 1.88 percent to 1.92 percent, making it the second highest in the nation. However, Cook County offers a Senior Citizen Homestead Exemption for homeowners aged 65 and older, allowing an $8,000 deduction from the assessed value. If income is below a certain threshold, the Senior Freeze Exemption can freeze the assessed value itself, with the income limits set at $65,000 for 2025 and $75,000 for 2026. Both exemptions must be applied for annually, so it's important not to miss the application deadlines.

Insurance costs are another often-overlooked factor. For single-family homes, insurance premiums tend to increase with the size of the property and the number of outbuildings, and older homes may have higher premiums due to claims history related to plumbing or roofing. Condos or townhomes often have the HOA cover insurance for the building's exterior and common structures, so personal insurance typically only covers personal belongings and interior finishes. If considering an active senior community, which caters to residents aged 55 and older, the HOA fees often include landscaping, snow removal, and community facility usage, so it's wise to check what is included in the monthly fees rather than just looking at the numbers.

Areas with a high concentration of preferred school districts for Korean families tend to have a higher proportion of single-family homes, and the properties themselves are often larger. After children have grown, maintaining the larger size can lead to heating and maintenance costs taking up a larger portion of retirement living expenses than expected. Before deciding to move, it seems practical to compare the annual maintenance costs and property taxes of the current home with the HOA fees of the potential new home all at once.

School district boundaries change frequently, so please verify the assigned school for a specific address before purchasing. The market prices and tax information mentioned above are based on data from a specific point in time, and actual amounts may vary depending on the county and individual property circumstances. This article is not investment or legal advice, and it is recommended to consult with real estate and tax professionals before making any decisions about moving or buying.