A couple has lived in the same house in Lexington for nearly 30 years. There were times when having a large yard was great, but these days, things are different. Every year, the tasks of raking leaves in the spring and fall, as well as shoveling snow in the winter, become more challenging. Even if they hire a lawn care service, the monthly costs add up, and when major repairs like the roof or boiler come up, it can be a significant expense. I often meet Korean families in Lexington who are facing these concerns just a few years before retirement.

Deciding whether to maintain a single-family home or move to a condo or townhome is not just a matter of preference. In Lexington, there is a significant price difference between single-family homes and condos. According to Zillow, the average price of a single-family home in Lexington is around $1.75 million in 2026, while the median price for a condo is $525,907. This means that downsizing could free up funds for retirement living expenses or investments.

Heating and cooling costs are also a significant factor. The average electricity rate in Massachusetts is 28.82 cents per kilowatt-hour, nearly 60 percent higher than the national average. As of August 2026, Eversource's supply rate is 17.32 cents, which is a 10.8 percent increase from the previous month, and National Grid's rate is 17.19 cents, up 11.8 percent. When you factor in winter heating, the costs of heating and cooling a large single-family home are definitely higher than those for a condo or townhome. However, for households using heat pumps, Eversource offers a discount rate from November to April, allowing savings of $70 to $141 per month, and National Grid offers savings of $60 to $120 per month, making it worth considering a change in heating methods.

Property taxes are another crucial factor when deciding whether to keep a home in Lexington. The residential tax rate for the 2026 fiscal year in Lexington is $12.31 per $1,000, which means that based on the median assessed value of $1,407,000, the annual property tax would be around $17,320. Moving to a condo would lower the assessed value, thus reducing the property tax burden.

Massachusetts has a Circuit Breaker tax credit program for those aged 65 and older. For the 2025 tax year, you can receive up to $2,820 back, with income limits set at $75,000 for individuals, $94,000 for heads of households, and $112,000 for married couples. If the assessed value of the home exceeds $1,298,000, you are no longer eligible. Since the median assessed value in Lexington is close to this limit, many homeowners may not receive this benefit if they keep their single-family homes. Recently, towns have also established voluntary income-based senior property tax relief programs, with applications for the 2027 fiscal year starting in July 2026. It is advisable to check the eligibility requirements directly with the Lexington town assessor's office.

For families moving to Lexington from states with no or low property taxes, there is a particular caution to be aware of. If you budget based on the perception of low property taxes, you may find that Lexington's property taxes and electricity costs feel much higher than expected. Areas known for good school districts tend to have higher tax rates, so it is safer to calculate the total housing costs by considering not just the home price but also the annual property taxes and heating and cooling expenses.

• Single-family home - Maintains yard and independence but has the highest maintenance and property tax burden.
• Townhome - Smaller yard and HOA fees, but generally more affordable than condos.
• Condo - Monthly HOA fees cover major repairs like exterior walls and roofs.
• Active senior community (55+ community) - Includes snow removal and lawn care in the fees, minimizing physical maintenance burdens.

If yard maintenance is becoming overwhelming, moving to a condo or townhome seems like a practical choice to reduce both management burdens and heating and cooling costs. However, tax implications and HOA regulations can vary based on individual circumstances and timing, so it is recommended to consult with real estate and tax professionals before making a final decision. This article does not constitute investment or legal advice.