Home Elevator: A Practical Guide on Cost, Size, and Utility

If you or someone in your family falls into a higher risk category due to old age or a pre-existing medical condition and lives in a multi-level home, maybe it’s time to install a home elevator.

A well-installed home lift will ensure your safety while giving you the independence you need. Plus, it will effectively reduce accidents within the home — a boon, especially during these times of social distancing. A safer home will also help minimize the burden on the already stressed healthcare system.

On a personal level, there are many advantages to a home elevator. Mobility limitations can make climbing stairs difficult, painful, and a huge effort. That, coupled with the risk of falling on the stairs, can make the situation dangerous. A stair lift might be an alternative, but a home elevator provides more comprehensive mobility support.

If selling your existing two-story or three-story home is not financially possible, or moving into assisted living facilities is not an option, the next best thing is to invest in a good home elevator.

Fortunately, today, home elevator companies are providing affordable home elevator options as well as customization options for people. And it’s such a blessing for elderly people with limited mobility. Residential elevators provide them with unmatched convenience, making life so much simpler. No more hauling heavy household items or climbing stairs from one floor to another. Moving from floor to floor becomes effortless.

In this blog, you can explore some basic questions about home elevator systems and find out everything you need to know before buying one for your house.

How much does it cost to install a home elevator?

Installing an elevator at home can cost anywhere between $2,000 and $80,000 — the average cost being $30,000. The reason for such a large variation is that home elevator cost depends on a lot of factors, including the type of elevator, power source, elevator model, number of stories, and installation costs.

You can expect an expense of $1,000 to $40,000 just for the equipment and $1,000 to $20,000 for the elevator installation. An outdoor lift costs $2,000 to $10,000, while a pneumatic vacuum elevator costs between $35,000 and $60,000. You also need to factor in additional expenses for labor costs, including hiring a professional elevator installer and obtaining the required permits.

What are the different types of home elevators?

There are different elevator types based on their power source and mechanics. Some of the most popular types of elevators are:

Hydraulic elevators. Here, a motor pushes oil into pistons, which helps to move the elevator. Installing a roped hydraulic elevator requires a pit, a drilled hole for the piston, a hoistway, and a separate machine room or closet. If you’re installing a pulley system, you can do without a piston hole or a machine room.
Overhead cable drum or winding drum elevators. This elevator system works with chains, cables, or steel ropes in a compact drum. It’s often less expensive than a hydraulic elevator.
Traction or chain or cable drive elevators. These traditional elevators use a chain, pulley, hoistway, and counterweight system within an engine room..
Pneumatic elevators. These elevators work using a vacuum system. Interestingly, there’s a passenger tube with a door that fits inside another larger tube. The second tube is suctioned upward and descends with gravity. Such an elevator includes a simple plug-in to your home’s electric system. And there’s no need for a hoistway, pit, or machine room.

What is the smallest residential elevator?

The PVE30 is perhaps the smallest residential elevator in the entire world, with a diameter of 30 inches. It has a 350lb. Lift capacity of up to 50 ft. (15m) of elevation. Such an elevator is small enough to fit in the most modest-sized home. Don’t be fooled by their compact size; these home lifts are just as capable as other residential elevators that are bigger and more expensive. It’s an excellent option if your home has size constraints. However, it may not be wheelchair accessible.

Can you add an elevator to an existing house?

Putting an elevator in an existing home is possible, but it’s more difficult than when it’s already a part of the house plan. It needs more time for construction and installation unless it’s a wheelchair lift, a vertical platform lift, a stair lift, or an inclined platform lift.

Depending on the type of lift it is, you’ll need to make some additional modifications to your house. This is to accommodate basic infrastructures such as a hoist-way or the shaft, which allows a traditional elevator to move up and down. Ideally, if your architect includes the elevator shaft in the home plan, the elevator will fit more seamlessly or be concealed better. Plus, the elevator price will be lesser.

Adding a cable-driven elevator into new construction costs between $20,000 and $30,000, while retrofitting an elevator shaft into an existing home can cost $45,000 to $80,000. The reason is that it requires a great deal of construction, including demolishing walls and excavating concrete. A standard retrofit ensures the system integrates well into your home’s structure.

The ideal locations for home lifts are corners or easy-to-access places with plenty of space to spare. That way, they won’t hinder any movement in the room. Additionally, some compact models offer a small footprint, maximizing space savings in smaller homes.

Does adding a home elevator increase home value?

Many real estate experts believe that a home elevator can add to the property value — by up to 10%. It’s a boon for homebuyers who have aging parents or someone with limited mobility issues in their family. Personally, a home elevator offers a lot of convenience value, and safety features, to the property. It allows homeowners safer aging in place.

Last thoughts

If you live in a multi-story home and have concerns about navigating the stairs due to any physical limitations, installing an affordable home elevator is a good solution. Moving from floor to floor is easier, safer, and quicker. Whether you opt for traditional elevators, small elevators, or other elevator lifts, selecting the right model will depend on your needs, home layout, and budget.

A home elevator requires careful planning, from choosing a cost-effective model to selecting an elevator installer who ensures a seamless fit. If space is a concern, small footprint designs and air pressure systems can be great alternatives.

We hope this guide has provided helpful insights into home elevators. When making your decision, consider factors such as space savings, installation complexity, and long-term benefits. An elevator lift could be the key to making your home more accessible and convenient for years to come.

Need a home elevator? This guide on home lifts is for you was last modified: July 22nd, 2025 by Ramona Sinha

Written by Ramona Sinha. August 4, 2021

Ramona is the Senior Content Writer for Kukun. This experienced blogger uses simple and succinct words to decipher the complex phenomenon called life. She has written articles covering a broad range of topics, such as real estate, lending and mortgage, finance, business, taxation, home designs, home improvement projects, decor concepts, and more. An avid traveler, she’s a digital nomad at heart and an animal lover from the depth of her soul.