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

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.