Price of a home elevator and general budget considerations.
A traditional style residential elevator serving two floors will cost around $30,000 and $10,000 for each additional floor after. This is an average price for standard equipment. The price can change significantly for a custom cab finish or additional cab entrances.
The price will also vary greatly on several factors including elevator type, number of floors, cab style, location and complexity of installation. An example of this would be for a typical hydraulic elevator installation serving two floors.
When requesting price quotes it is always recommended to have a minimum of three estimates for the elevator. The estimates should be for the exact same type of elevator or there won’t be a true comparison.
The hoist-way construction cost is separate from the elevator price and can also vary depending on the requirements for construction, permitting, local regulations and labor cost. Typically we see these costs to be equal to the price of the elevator. For a total budget plan on around $60,000 for a two-stop traditional style elevator. How do we know this to be accurate? This information is based on an average from home elevator companies across the United States and over 20 years of hands-on knowledge in the elevator business.
Is there a more affordable elevator?
If you’ve been researching information about elevators for homes you’ve likely see shaftless elevators or home lifts. Often these lifts are marketed as an affordable elevator option. While the overall project cost will be lower it’s important to realize the elevator isn’t actually any less expensive, the saving is in the construction cost.
The price for a good quality shaftless elevator will still cost around $30,000 however the construction modifications to fit the elevator in your home can be as low as $6,000-$7,000. While more affordable this type of elevator has limitations of vertical travel distance, is allowed to only pass through one floor by current A17.1 code and in most cases, has a lower weight capacity. Even with these limitations, home lifts can still be a practical solution for basic mobility and access needs.