There is a retired couple who spends two hours every Saturday morning mowing the lawn and tending to their garden. For the first few years, gardening was a hobby, but these days, they are considering whether to hire a landscaping service or move to a place without a yard, as their backs and knees are not what they used to be. After hearing that hiring a service would add about $100 a month, they have started seriously considering moving to a condo where maintenance fees are included. This dilemma is a common topic among Korean families approaching retirement in Los Angeles.

First, let's look at the numbers. The median price for a single-family home in LA is about $970,000, while the median price for a condo is $700,000 (2026 data). This means there is a nearly $270,000 difference between the two. This difference does not end with the home price. Moving to a condo means incurring new monthly HOA fees (Homeowners Association fees). The median HOA fee for condos in downtown LA is $479 per month (2024 U.S. Census Bureau data), and the average for 2026 is projected to be between $340 and $388. Full-service high-rise buildings in downtown or the Westside can have fees ranging from $700 to $1,200.

Now, let's add in heating and cooling costs. The LADWP's summer rates for 2026 will vary by usage, with costs of 26.4 cents, 32.3 cents, and 41.0 cents per kilowatt-hour. The average summer electricity bill is expected to be between $140 and $230 per month, with effective rates ranging from 26 cents to 31 cents (Solar.com, Helios Energy 2026 data). Single-family homes tend to have larger cooling areas, making it easy to exceed these ranges, while condos are generally smaller, leading to lower electricity costs. However, if the condo's HOA includes maintenance fees for heating and cooling systems, it's more accurate to compare total costs rather than just individual bills.

Insurance costs are also a significant factor. A single-family home requires personal insurance to cover the roof, exterior walls, and yard, while a condo has the HOA collectively insuring the building structure and common areas, which typically reduces the individual insurance burden. However, it's important to check how much of the HOA fee includes insurance and reserve funds, as well as whether there have been any special assessments in recent years, as this can vary by property.

Taxes also need to be considered. California property tax is based on the purchase price at a basic rate of 1% under Proposition 13, and with local taxes added, the effective tax rate typically ranges from 1.1% to 1.3%. Long-term homeowners often benefit from lower assessed values, resulting in lower property tax burdens. If moving to a condo raises concerns about losing this benefit, it's worth looking into Proposition 19, which allows those over 55 to transfer their existing property tax base to a new home up to three times, significantly mitigating tax increases due to downsizing.

To summarize the numbers, the fixed costs of property tax, summer electricity bills, and insurance for a single-family home at a median price of $970,000 show a significant monthly gap compared to a condo. Conversely, while condos have lower home prices and include yard maintenance, building insurance, and exterior maintenance in their HOA fees, the total monthly expenses are predictable but not always cheaper. Ultimately, when considering the time spent on yard maintenance as a cost, the key decision revolves around how retirees want to spend their time in retirement.

By adding up the time and costs associated with yard maintenance, HOA fees, heating and cooling costs, insurance, and property taxes, a clearer picture emerges of which option is more advantageous. However, if the school district or living area changes, it's advisable to check the assigned schools and community facilities as well. This information is not investment or legal advice, and it is recommended to consult with real estate and tax professionals before making any decisions.