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Are Home Elevators Worth It?
Home elevator installation is worth it for seniors with mobility challenges who want to age in place, but as one of the more expensive solutions, we recommend avoiding out-of-pocket costs where possible.
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At a glance:
- Home elevators have several selling points, including energy-efficient functionality, space-saving design, increased home values, and multi-floor accessibility for seniors with severe mobility issues.
- Home elevators cost significantly more than stair lifts and other accessibility-related home improvements, ranging from $15,000 to $70,000+ out of pocket.
- Senior homeowners may be able to cover the cost of their new home elevator through Veterans Benefits, state programs, and local nonprofits.
What Is The Typical Cost of a Home Elevator?
The average cost for a home elevator is $42,500, but the actual cost you’ll pay will depend on the type of elevator, additional safety features, and your home’s design. More specifically, here’s what you might expect to pay for each type:
In-Home Elevator Prices by Type
Below, we’ve outlined the different types of home elevators by average price range. Each type has different installation costs, maintenance needs, and long-term value, ultimately impacting whether the system will be worth it.
For example, traction elevators rely on cables and counterweights for smooth multi-story travel. They’re cheaper to install, but more expensive overall. They’re also capable of reaching the highest heights. On the other hand, hydraulic elevators use a piston system and often cost less to install, but reach fewer floors.
Seniors on a budget or with limited square footage might also choose the latest shaftless or pneumatic elevators (vacuum elevators), which require less construction, but these installations also have limitations.
| Elevator Type | Total Cost | Features |
|---|---|---|
| Geared traction | $25,000 – $45,000 | Uses a gearbox and steel ropes; reliable and effective for multi-story homes. |
| Gearless traction | $30,000 – $60,000 | No gearbox for smoother, quieter travel with less maintenance. |
| MR traction | $25,000 – $50,000 | Requires a machine room; takes up more space, but is easier to maintain. |
| MRL traction | $35,000 – $70,000 | No machine room required, saving space and reducing new construction needs. |
| Roped hydraulic | $30,000 – $60,000 | Hydraulic system with ropes, allowing higher travel distances than standard hydraulic setups. |
| Holed hydraulic | $15,000 – $40,000 | Uses a piston in a drilled shaft for cost-effective travel up to six floors. |
| Holeless hydraulic | $20,000 – $50,000 | Lack of a drilled shaft simplifies installation for homes without deep space below the elevator. |
| MR hydraulic | $25,000 – $50,000 | Smooth hydraulic performance, but requires a separate machine room. |
| MRL hydraulic | $25,000 – $60,000 | Compact hydraulic system without a machine room; may cost more to maintain. |
| Pneumatic | $30,000 – $50,000 | Uses air pressure instead of cables or pistons; modern and requires minimal construction. |
| Shaftless | $15,000 – $30,000 | Compact design that’s ideal for limited spaces and homes with only one extra floor. |
The Pros and Cons of a New Home Elevator
If you or a senior loved one is struggling with mobility and accessibility around the family home, installing a dedicated elevator can be life-changing. Of course, with so many types and customization options, it’s important to weigh the pros and cons before you invest.
Home Elevator Pros
- Creates a safer environment where older adults can comfortably move between floors without worrying about tripping downstairs, complicated transfers, or caregiver/family member assistance.
- Fewer limits on travel height distance when compared to stair lifts, making it easy for seniors to traverse multi-floor homes.
- Unmatched independence for seniors with wheelchairs, walkers, and mobility devices, as they can use the home lift to navigate without leaving their equipment behind.
- Increases property values because home elevators are considered a high-end upgrade that can appeal to future buyers and realtors.
- Customizable options for any home design, including shaftless and Machine Room-Less (MRL) systems that save space, or various hydraulic and traction systems that have a higher weight capacity and travel distance.
Home Elevator Cons
- Substantially higher upfront costs when compared to stair lifts or ramps, making them more difficult to fund.
- Long and invasive construction that takes weeks and may require walls to be opened, space to be reassigned, or elevator shafts to be built
- Not ideal for temporary mobility issues, either post-surgery or when briefly returning home from assisted living, as installations are usually permanent
- May not fit in small homes where installation choices are limited.
Professional Tips For Making Your Residential Elevator More “Worth It”
Because home elevators are so expensive, a large part of making them “worth it” is about reducing installation and maintenance costs. That way, you can have peace of mind that your new system is worth the investment.
Find Financial Assistance
Original Medicare (Parts A and B), Medicare Advantage (Part C), and Medicaid are all unlikely to cover the cost of home elevators, but that doesn’t mean you’re out of options. Before you take out a loan with a dealer, consider:
- Veterans Benefits: Senior veterans and their family members can access certain programs that help pay for home elevators. These include Veterans Directed Home and Community Based Services (VD-HCBS) and grants (HISA, SAH, SHA). Eligibility depends on disability or injuries you sustained in combat.
- State Programs: While it can be challenging to obtain Home and Community-Based (HCBS) waivers for home elevators, you may be able to access low- or no-interest loans. These include Assistive Technology (AT) Loan Programs and Home Modification Loan Programs (HMLP).
- Charities and nonprofits: Local organizations like the Lions Club and Rebuilding Together may offer affordable home elevator options based on income or disability. Visit a nearby Area Agency on Aging (AAA) for more information.
- Home Equity Loans or HELOCs: These special loans are based on the value of your property, and can provide the money you need to cover a home elevator—especially if your home is paid off.
Invest In Regular Maintenance
Home elevators are complex, and part of making them “worth it” is keeping up with consistent maintenance. Routine servicing helps prevent unexpected breakdowns, extends the lifespan of key components, and supports the resale value of your home if you ever decide to sell.
Overall, we recommend professional services every six months or once a year to ensure safe, reliable, and efficient functionality that protects your investment in the long term.
Recommended maintenance tasks include:
- Professional inspections that check system status and performance
- Lubrication of moving parts to reduce wear and tear
- Safety checks that ensure emergency systems and sensors function during power outages
- Cleaning or replacing components that collect dust or dirt
- Making periodic adjustments to keep the ride smooth and consistent
Consider Real Estate Benefits
If you live in an area with a high percentage of seniors or a growing senior population, choosing a home elevator over a stair lift can pay off in the long term. That’s because most installations boost the resale value of your home, making it possible to get a greater return on investment if you decide to sell. Installing a home elevator now reduces the need for costly modifications later and makes the home move-in-ready for the next senior owner.
The Bottom Line: Are Home Elevators Worth It?
A new home elevator is worth it for many older adults with mobility issues, but high upfront costs mean it should be a careful investment. By thoroughly researching the best elevator type for your home layout, seeking financial assistance, and committing to regular maintenance, you can enjoy a steady return on your investment that’s worth the cost.
Frequently Asked Questions
The most cost-effective home elevators are usually shaftless and hydraulic models, as they have lower upfront installation costs. However, they can only traverse a limited number of floors and may not be compatible with your home’s layout. Ultimately, the most cost-effective option will be unique to your home and mobility needs.
Home elevators are not typically covered by Medicare, Medicaid, or private insurance. However, some Veterans Benefits and state-based programs can help cover the cost.
It can cost $15,000 to $70,000 to install a home elevator, but the actual cost varies a lot based on elevator type, home layout, the number of floors, and additional safety features. For example, MRL traction elevators can be among the most expensive ($52,500 on average) and require invasive construction, but can traverse many floors in limited space.
Shaftless models, on the other hand, can cost as little as $15,000 but can generally travel only between two floors.
No, it’s generally not worth it to get a home elevator used. These models require a lot of customization to fit your home. Used options are no less expensive and come with significantly more risk.
Whether a hydraulic or traction elevator is more “worth it” for your space depends on your budget and how many floors you need to traverse.
– Hydraulic elevators cost less to install and are simpler to maintain, but can reach only 6 to 10 floors.
– Traction elevators can handle higher travel heights and usually offer smoother rides, but require more invasive, expensive installation.
Both MR and MRL elevators have different pros and cons, but generally speaking:
– MR elevators require more space but are easier to maintain and can handle heavy items, like wheelchairs.
– MRL elevators save space and reduce construction needs, but may have slightly higher maintenance costs over time.
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