How Much Does a Residential Elevator Cost?

Rising in popularity throughout the 2020s, home elevators are making homes more accessible and easier to navigate. If you’re considering installing one in your home, you can expect it to cost on average $35,000 - $80,000+.

The price range is wide, since home elevators come in many forms, including wheelchair lifts, pneumatic tube elevators, and vertical platforms. Mr. Handyman® has put together this guide to share the factors that impact residential elevator costs to help you weigh your options and connect you with a home remodeling service provider in your area.

Average Residential Elevator Cost Ranges in 2024

Home elevator installation projects can have drastically different prices depending on factors such as type, complexity, and location. For instance, the average price to build an elevator in Los Angeles County, California, is around $1.1 million, compared to an average residential elevator cost of $4,285 in Fulton County, Georgia.

Factors That Affect Residential Elevator Costs

The type of elevator you choose, permitting fees, insurance premiums, and other variables affect the cost of your project.

Type of elevator

Different elevator types require unique materials and components that can impact the installation costs. For example, cable-driven elevators are relatively simple and less expensive, while pneumatic tube elevators are generally more complex and costly.

• Outdoor elevator: Elevators installed on the outside of a property are common for homes where indoor space is limited. Outdoor elevators average around $6,000 and are best for those looking for more affordable options since they’re on the lower end of the price scale.
• Vertical platform lift: Vertical platform lift: Vertical platform elevators can be installed both indoors and outdoors and offer a great alternative to traditional home elevators, averaging around $7,500. They’re smaller in design, more cost-effective, and offer those in wheelchairs or other mobility devices an easy way to get from one floor to another.
• Shaftless elevator: A shaftless elevator can only travel between two floors and is small in size, making it ideal for single riders and homes with limited space. These elevators average around $20,000 or more depending on the level of customization.
• Cable-driven elevator: Cable-driven elevators are a traditional type of home elevator that uses a cable and motor to lift and lower the elevator car. They average around $25,000 and may require an additional $2,000 or more for cable replacements every few years.
• Geared traction elevator: This energy-efficient home elevator option uses gear motors, which are generally more efficient than direct drive motors, to move the elevator up and down. While gear traction elevators can save on energy bills compared to other types, these elevators are on the pricier side, averaging around $31,500.
• Hydraulic elevator: Using hydraulic pressure to raise and lower the elevator cab, hydraulic elevators are a reliable and durable option, costing around $37,500 on average.
• Gearless traction elevator: Gearless traction elevators use direct drive motors to control the hoistway. They're an energy-efficient option, don’t require a machine room, and typically cost around $42,000.
• Pneumatic tube elevator: Ideal for those who want a quieter system and have the space to accommodate the needed ceiling height clearance, pneumatic tube elevators use compressed air to maneuver the elevator car. The quiet operation comes at a premium, averaging around $47,500.
• Straight stair lift: Though they’re not technically elevators, straight chair lifts are a great way to move up and down a flight of stairs. You can expect to pay around $5,500 for a straight stair lift.
• Curved stair lift: Curved stair lifts are designed for non-straight stairways. Since they require more customization to match your stair design, they can cost upwards of $17,250.

Size and capacity

Dimensions and weight capacity can greatly impact your residential elevator cost. Elevators that travel across multiple floors naturally require more labor and components. Expect to spend between $5,000 and $15,000 per story you’re upgrading.

The elevator car capacity is another influential factor. A shaftless elevator normally fits one person and costs upwards of $20,000. Hydraulic elevators cost anywhere from $25,000 to $50,000 and are ideal for supporting wheelchair users and older adults with limited mobility.

Equipment and labor

Equipment includes everything from pulley systems to mechanical rooms that keep an elevator running. Though the equipment needed to run your home elevator is largely depended on the type, some essential pieces that affect your residential elevator cost include:

• Car: This is the area where passengers board and ride the elevator. The cost of a residential elevator car can vary depending on the type of seat, car design, and special features you choose.
• Machine room: Usually the size of an average closet, machine rooms house the motor, hydraulic tank, cables, and electrical components that raise, lower, and hold an elevator. Machine rooms are typically located in a basement or above the hoistway, but can differ based on the home’s design.
• SensorsSensors: All home elevators include different types of safety sensors. For example, door sensors prevent the elevator from working if the door isn’t properly closed, while speed sensors gauge an elevator’s speed and position. The cost of sensors may differ depending on the type of elevator model.
• Hoistway: The hoistway is the area where the elevator travels through your home. Aside from the cost of the elevator itself, consider the cost of hoistway installation.

Installation complexity

Elevators have to be installed by a professional. Your local building code likely requires you to file for a permit and submit engineering drawings, especially if the construction of a residential elevator means removing ceilings, walls, and portions of the floor to create space for an elevator, a shaft, and machine room.

But not all accessible home modifications are that complex. For example, straight or even curved stair lifts move along a rail and don’t require a shaft and a machine room.

Customization and features

Additional features like music speakers and glass panels can increase an elevator’s look and appeal. You can also incorporate smart home features such as a fingerprint reader or voice recognition software, all of which will affect your residential elevator cost.

New construction vs. retrofitting

Building an elevator in a new home is typically easier than retrofitting an existing property.

• New construction: Home elevators can often be integrated into the design and construction of a new building. Contractors can build hallways and support structures with an elevator’s size and dimensions in mind.
• Retrofitting: Adding a home elevator to an existing home can involve more significant structural modifications. Contractors may have to demolish certain parts of a home and add supporting structures for your particular elevator type.

Plans and engineering

Your contractor can’t just start ripping out walls and placing your shaft and mechanical room anywhere to accommodate your residential elevator. Work with an architect and drafting engineer to create plans that then get submitted to your local building department for approval. Architects can charge a flat project fee or bill you by the hour. Some work closely with a certified engineer who also charges using the same pricing model.

Permits and inspections

Mandatory permits and associated fees must be accounted for before contractors can break ground, and they, too, add to your residential elevator cost. Building permit costs vary by location; for example, a building permit in Missouri costs between $1,000 and $2,000 while a building permit in California ranges from $1,200 to $3,000.

• Local regulations: Obtain the necessary permits from local authorities and comply with building codes and regulations.
• Inspection fees: Expect to pay inspection fees to ensure the elevator meets safety standards. On average, these fees range from $25 to $150 depending on your location.

Maintenance

Regular maintenance is essential to keeping the elevator in your home in working order and should be included when you budget for your residential elevator cost. You’ll also want to have funds saved to purchase replacement parts if something breaks down.

• Regular inspections: Schedule regular inspections to identify and address potential issues.
• Maintenance contracts: Consider maintenance contracts for routine upkeep and emergency repairs. Contractors can charge between $75 and $100 per hour for maintenance jobs.
• Replacement parts: Be prepared to purchase replacement components over the elevator’s lifetime. Parts like a new car panel could cost upwards of $1,000.

Insurance

Contact your insurance provider to determine if installing a home elevator will affect your homeowners insurance premium. If not, you’ll need to purchase liability insurance to cover injuries related to the elevator. Liability coverage typically costs around $150 to $300 per $1 million of coverage.

Benefits of Home Elevators

Despite the average residential elevator cost, home elevators offer many benefits for individuals with limited mobility or homeowners looking to create an environment where they can age in place.

Increases home value

Installing a home elevator can increase a home’s value by 10% to 25%. Keep in mind that a home with a stair or wheelchair lift may appeal to homebuyers with limited mobility. Note that it may impact your resale value conversely since chair lifts aren’t typically a sought-after feature among younger homebuyers.

Provides convenience

Larger properties become much easier to navigate with elevators or lifts. This is especially true for mansions and homes with more than two stories. They can also provide an easier way to carry heavy items or transport essentials like groceries up and down floors.

Improves comfort

People with unique mobility considerations may feel safer using an elevator to travel through their homes. These devices reduce the chances of someone slipping on a missed step or tiring themselves out.

Optimizes space

Homeowners can free up space in their properties by strategically remodeling certain areas. For example, a small home elevator can cost about $5,000, which mirrors the price of a curved staircase and may take up less space.

Home Elevator Installation Process

Installing a home elevator is a multistep process that can take several weeks depending on the project’s scope. The installation process generally is as follows:

• Consultation: This pivotal first step involves a discussion with the contractor and a breakdown of the project’s costs.
• Design and planning: You and the contractor will discuss a design plan based on your needs and your home’s layout. Your contractor may recommend involving an architect and structural engineer to prepare the plans needed for the local building department, You may be able to use virtual reality software to gain a clear preview of the finished product.
• Site preparation: Professionals may have to remove walls and modify existing structures, which can cost anywhere from $500 to $15,000.
• Installation: The construction team transports all of the equipment and materials needed to build your elevator. They’ll also install electrical wiring as needed.
• Testing: The installers will stress test the newly built elevator to ensure safety.
• Inspection: In most states, you’ll be required to obtain a building permit before installing a home elevator. Once your elevator is installed, building inspectors from your county will review the elevator to ensure it’s compliant. Contact your local county building office to discuss their fees for this inspection.

Contact Mr. Handyman To Improve Your Home's Accessibility

Now that you know more about residential elevator costs, you can start transforming your home into a more accessible space. Contact Mr. Handyman to find quality safety and mobility services in your area.

We can install and replace grab bars, handrails, and lever door handles throughout your home. And if your home isn’t optimized for a wheelchair user, we can also widen doorways and install ramps. What’s more, we’re backed by the Neighborly Done Right Promise® to ensure your satisfaction. Give us a call or request an estimate today.

This article is intended for general informational purposes only and may not be applicable to every situation. You are responsible for determining the proper course of action for your home and property. Mr. Handyman is not responsible for any damages that occur as a result of this blog content or your actions. For the most accurate guidance, contact your local Mr. Handyman location for a comprehensive, on-site assessment.

Residential Elevator Cost FAQs

Mr. Handyman has been helping homeowners repair, maintain, and enhance their spaces for over 25 years! We are the one-stop solution for everything on your to-do list. This includes answering your questions about home repairs, maintenance, and improvements. Here are answers to some of your most frequently asked questions about home elevators.

Are residential elevators worth it?

Yes! Residential elevators can greatly benefit homeowners with multistory properties and those with mobility limitations. Home elevators can also increase your home value by 10% to 25%.

How much does a home elevator cost compared to a stair lift?

Installing a home elevator is typically more expensive than adding a stair lift. Labor costs, equipment and materials needed, permits, and insurance fees all increase the total price of the project.

What is the cheapest elevator to install?

Outdoor residential elevators tend to be the least expensive and least intrusive installation projects, as they’re installed to a home’s exterior. They cost an average of $6,000 to install, ranging from $2,000 on the low end to $10,000 on the higher end.

What are the cons of home elevators?

Installing a home elevator can present a few potential drawbacks beyond the space they take and the time it takes to construct them:

• Price: Between labor, permitting fees, and overall installation costs, it can be expensive to build a home elevator. Homeowners will also have to set aside funds for regular elevator maintenance.
• Energy concerns: Elevators require considerable power to operate, and certain models can have a greater environmental impact. Additionally, power outages can leave you stranded between floors unless a backup battery system is installed.
• Safety concerns: While modern home elevators include safety features, there’s still a risk of malfunctions or mechanical failures. Small children and pets especially can be at risk if safety gates or locks aren’t used.