A couple who has lived in Dimarest for a long time is currently weighing two options. One is to keep their current home and provide a spacious yard for their grandchildren to play in when they visit, while the other is to downsize and move to a small condo or townhome in the neighborhood where their children live, allowing for easy walking visits. If the budget is the same, it's worth examining how these two choices actually compare.

First, let's consider the option of maintaining their current home. As of May 2026, the median price for single-family homes in Dimarest is $2.3 million, which has increased by 32.7% compared to a year ago, and the price per square foot has risen to $595, up 6.1%. The average home value, according to Zillow, is around $1,566,155 (based on 2026 data from Redfin and Zillow). Home prices continue to rise, so selling now could yield a significant profit.

On the other hand, moving to a smaller home presents a different story. The area, including Dimarest, has a limited supply of condos and townhomes, making it necessary to compare it with regions like Fort Lee or Jersey City, where condo inventory is abundant. For example, the median listing price for condos in Fort Lee is around $339,000, while in Jersey City, prices range widely from the low $400,000s to the $700,000s (based on 2026 data). This indicates that the price of one large home in Dimarest could buy several condos elsewhere.

When comparing heating and cooling costs, the situation is as follows. Bergen County has an average summer temperature of 75.6°F and an average winter temperature of 35.2°F, requiring attention to both cooling and heating. PSE&G's electricity rate is 27 cents per kWh, which is 60% higher than the national average, and the average annual electricity bill per household reaches $2,910 (based on 2026 data from NuWatt Energy). The costs for a large single-family home increase proportionally with size, while condos have smaller heating and cooling areas, resulting in lower total costs, but they incur monthly HOA fees. Condo HOA fees can vary significantly, ranging from around $200 to over $1,000 per month, depending on the area.

Regarding property taxes, either choice will likely result in similar rates within New Jersey. The effective property tax rate in Bergen County is about 1.69%, while Hudson County, where Jersey City is located, is around 1.77% (based on 2026 data). For those over 65, the Stay NJ program allows for a 50% property tax deduction, and those with an income under $100,000 can receive up to $6,500 in deductions, which can be applied alongside the Senior Freeze program.

Moving costs also need to be factored in. A long-time single-family home in Dimarest may require repair costs before selling, and brokerage fees and closing costs will increase with the sale price. Conversely, purchasing a condo involves additional procedures such as HOA approval and management fee deposits, so it's wise to check the management rules and reserve fund status before signing a contract.

There is also the option of an active senior community (55+ community). This structure is exclusively for those over 55, with landscaping and snow removal managed by a service provider, but the more amenities available, the higher the HOA fees tend to be. When comparing the two options, it's helpful to consider not only the potential profit from the sale price but also these additional costs and management fee structures.

The efficiency of the heating and cooling systems themselves is another aspect to consider. Older single-family homes often have poor insulation, requiring more energy to maintain the same temperature. In contrast, newer condos or townhomes have higher insulation standards, resulting in relatively lower heating and cooling costs for the same area. When viewing properties, checking the year of construction and insulation upgrade history can help gauge the actual management cost differences.

Maintaining a home with a large yard versus moving closer to children to reduce management burdens both seem to have valid reasons. This is not investment or legal advice, and it is recommended to consult real estate and tax professionals before making a final decision.