In general, home elevators cost less than those installed in commercial environments for a number of reasons. But the price of a home elevator can range widely, and the cost depends on a variety of factors. Learn more about what can impact the cost of a home elevator below.

Why Home Elevators Cost Less Than Commercial Lifts

If you’ve never researched residential elevators, this might sound like a luxury. In reality, home elevators can be affordable if you know which one to buy. That’s because the type of elevator installed in your home isn’t the same as one installed in a commercial building.

For example, you don’t need an elevator capable of transporting 11 people up and down a dozen or more stories. You can also cut costs by avoiding some of the other bells and whistles associated with commercial elevators, such as decorative lighting or piped music.

Residential elevators also don’t always look like commercial elevators. In some cases, you simply need a safe platform that moves you up and down three or four stairs if you have a multilevel ranch floor plan. Commercial elevators also require a much different and expensive hoistway construction.

Do You Need an Elevator or Stair Lift?

When considering the cost of a home elevator, you should also determine if an elevator is a product you actually need. A stair lift might be a better choice for you and your home, and they also tend to be much less expensive than commercial elevators. In some cases, stair lifts might be less costly than home elevators.

  • Stair lifts might be a good choice if: (assuming the user is able to transfer themself to the stair lift chair)
    • You are the only one who needs assistance to move up and down stairs in your home.
    • You don’t need to transport a walker or wheelchair with you.
    • You don’t regularly need to carry more than a small object or bag up and down the stairs with you.
  • A home elevator might be more appropriate if: (a user isn’t able to transfer themself)
    • Multiple people in your home need assistance moving between floors or levels.
    • You need to transport a walker or wheelchair up or down the steps as you move between levels.
    • You regularly move larger items or rolling carts between floors.

Other Factors That Impact Residential Elevator Cost

If you decide that a residential elevator is the right choice for you, it’s important to know what factors might impact the cost of buying and installing it. Here are some common considerations:

How Many People Need to Use the Elevator?

The number of people you might have on your elevator at one time and how often it will be used is a factor in cost. As you can probably guess, a compact, single-person elevator typically costs less than larger models.

How Far Does the Lift Have to Rise?

While pricing varies, costs for installation may be more if you need an elevator that rises an entire story or more. Compare this to installing a lift that only has to rise a few steps, and it’s no surprise which will generally be less costly.

How Much Work is Required for Home Elevator Installation?

The amount of work, including demolition of existing walls, flooring, or other structures before rebuilding appropriately around the lift, is a factor in installation costs. Some of this work is required depending on the lift you choose. For example, if you want an elevator to get you to the second story of your home, there might need to be a hole cut in the walls for floors. Installation professionals may also need to add important electrical functionality to your home to power the lift.

But some work is customized by preference. How integrated you want the elevator to look and the overall aesthetic around it are personal choices, and you may be able to make selections that make a home elevator installation even more affordable.

The Brand and Model You Choose

As with any other product, the brand and model of the elevator impacts the price. The type of elevator you choose also impacts how much installation work is required. Many single-passenger home elevators don’t require pre-construction shafts, which can significantly reduce the costs of installing an elevator. It can also reduce how much you have to alter your home to incorporate the elevator, which can be important for long-term home value and the ability to sell the home later without the elevator as a factor.

Maintenance Costs

When considering the cost of a home elevator, remember that purchase and installation costs aren’t the only expense associated with your lift. Depending on your location, you may need to pay ongoing inspection fees, and no matter where you install the elevator, there may be times when it requires maintenance or repair. Lifts are machines with moving parts and those parts can wear over time. Good elevator maintenance helps ensure long-term safety.

Get More Information About Elevator Costs for Your Home

So many factors go into the cost of an elevator that it’s difficult to discuss actual prices without knowing more about your needs and home. Day Elevator & Lift is available to help you understand what options might be best for you and your home and how much they might cost.

Contact us today to get a no-obligation estimate for installing a residential elevator or stair lift. You can use our online form, send an email to or call us at (800) 758-5438. Our experienced sales staff will help you understand this complex subject so you can make an informed decision about a residential elevator.