A couple who has lived in Belmont Heights for nearly 30 years recently put their home on the market. Their children have long since moved out, and they are now looking for a condo about a 10-minute drive from their children's homes downtown. After sorting through their four-bedroom single-family home, their remaining concern is simple: they want to reduce their monthly maintenance costs while living close to their children. After visiting a few condo listings, they realized there are more factors to consider than just the home price.

For retirees facing this dilemma, the first concern that comes to mind is heating and cooling costs. Thanks to its coastal climate, Long Beach has a lower cooling burden in the summer compared to other inland areas of Southern California. However, electricity rates are not low. The average electricity rate for Southern California Edison (SCE) in the Long Beach area is projected to be around 34.5 cents per kilowatt-hour in 2026, with average monthly electricity bills ranging from about $250 to $350 per household (Utility Rates, EnergySage 2026 data). Single-family homes often have larger cooling areas and may use older insulation, making this burden feel heavier compared to condos.

Next is the comparison of home prices and maintenance fees. As of June 2026, the median price of single-family homes in Long Beach is $845,500 (Redfin). In contrast, the median price for condos during the same period is around $500,000, showing a lower entry cost than single-family homes. However, condos or townhomes come with an additional cost known as HOA (Homeowners Association) fees. In popular areas of Long Beach like Belmont Shore, downtown, and Naples, HOA fees can range from $250 to over $600 per month (Redwagon Team real estate data). Many of these fees include exterior maintenance, landscaping, and roof repairs, meaning that expenses that used to be paid as a lump sum annually for single-family homes are now converted into a fixed monthly payment.

Insurance costs are another factor to consider. While single-family homeowners must insure the entire building themselves, condos often have the HOA collectively insure the building's exterior and common structures, which tends to reduce individual insurance costs. However, whether a portion of the HOA fees is allocated to a reserve fund for long-term repairs and whether there have been recent special assessments can vary by listing, so it's wise to check the HOA financial statements before purchasing.

A commonly overlooked aspect is property taxes. In California, Proposition 13 locks the basic property tax rate at 1% of the purchase price, and when local taxes are added, the effective tax rate usually falls between 1.1% and 1.3%. Homes that have been owned for a long time often have assessed values that are much lower than market value, resulting in lower property taxes. The issue arises when selling a home and purchasing a new one, as this low assessed value disappears, and property taxes are reassessed based on the new market value. Fortunately, for those over 55, Proposition 19 allows the transfer of the existing property tax base to another home in California up to three times. This provision can serve as a practical tax-saving measure for couples planning to downsize.

How to time the sale and purchase is also practically important. If the existing home is sold first and the condo contract is delayed, temporary housing may be needed in the meantime. Conversely, if the condo is contracted first, there may be a period where both mortgages or taxes need to be managed simultaneously. Comparing the fixed costs of maintaining an $845,500 single-family home, including property taxes, insurance, and electricity, with the predictable monthly expenses absorbed by the HOA fees of a condo can clarify which option offers more predictable living costs. Coordinating the sale and purchase schedule with a real estate agent and loan officer in advance can also be helpful.

Ultimately, the decision of whether to maintain a single-family home in Long Beach or move to a condo near their children boils down to whether to bear the burden of maintenance costs while preserving space and freedom, or to pay a fixed monthly maintenance fee and let go of maintenance worries while living nearby. Comparing the total costs of electricity, HOA fees, insurance, and property taxes can be beneficial. This article is not investment or legal advice, and it is advisable to consult with a real estate professional or tax advisor to review individual circumstances before proceeding with any transactions.