Moving From a Home With 2 Bedrooms to 3 Costs an Extra $450 a Month

Depending on where you live, a little extra space could increase your monthly mortgage payment by 50 percent.

Thinking about moving this year? Whether your family is growing or you’re just looking for more space, upgrading to a home with an extra bed or bath comes with a premium in most metros.

To help buyers better understand their options this home-shopping season, Zillow identified how much extra “move-up” buyers could expect to spend on their mortgage if they were to upgrade to a similar home, but with just one extra bed or bath.

Nationally, families moving from a 2-bedroom to a 3-bedroom home can expect to pay $447 more on their monthly mortgage, according to Zillow’s Cost of Moving Up Report. That equates to a 50 percent increase in their monthly mortgage payment.

In many coastal markets, the cost is higher, around $500 extra each month — and in hot markets like San Francisco and San Jose, families can expect to nearly double their monthly mortgage payment, with the premium for moving up exceeding $1,600.

Buyers in the Midwest will see their dollars stretch much further. Families in Chicago, Cincinnati and St. Louis can expect to spend just $150 more on their mortgage when upgrading from a 2-bedroom to a 3-bedroom home. Cleveland offers the lowest premium out of all the metros analyzed, with move-up buyers paying just $74 extra a month to upgrade to a 3-bedroom.

“While deciding whether to move is a personal choice, understanding how certain characteristics like size, location or number of beds and baths can impact a home’s price can be hugely important when determining if a particular home is the right fit for you and your family,” says Dr. Svenja Gudell, Zillow chief economist. “Even though many families may be prepared to spend extra for a larger home, just how much more may come as a surprise, especially for those living in coastal markets.”

Bathroom count can also impact a home’s price. Nationally, upgrading to a house with the same number of bedrooms, but with one extra bathroom can cost buyers between $386 and $838 extra a month, depending on the home size. Given this premium, adding an extra bathroom to an existing home may be a cost-effective option for some families.

Curious about the cost of moving up in your area? Check out the interactive graphic on Zillow’s research page here.

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