How Much Does a Home Elevator Cost?

Home elevators cost anywhere from $30,000 to more than $100,000 in 2025. While this is a high cost, for homeowners who choose to age in place, home elevators are a great investment.

Installing a home elevator in an existing home provides seniors with numerous benefits, including enhanced mobility, safety, and convenience. Elevators provide access to all levels, reduce reliance on the assistance of others, minimize fall risks, and provide easy transport of people and belongings.

Home elevators are best for aging homeowners with disabilities who may struggle to travel between levels or rely on mobility aid devices. While the cost is high, if you consider the costs of buying a new home, moving, and settling into a new place, buying a home elevator can be a more affordable option.

The biggest obstacle is cost. Let’s take a deeper look at the costs associated with buying and installing a home elevator.

Residential Elevator Cost Breakdown

Home elevators cost anywhere from $30,000 for simple elevators to over $100,000 for luxury-focused elevators.. However, if you opt for a home lift without major customization and home renovation, most homeowners will pay around $65,000 to buy a home elevator.

• Traditional Home Elevator: $50,000+
• Shaftless Elevator: $35,000-$60,000
• Hydraulic Elevators: $20,000 – $50,000
• Pneumatic/Vacuum Elevator: $35,000 – $85,000

The Cost of Different Types of Home Elevators

There are generally two categories of in-home elevators: traditional and specialty.

Traditional Elevators (with hoistway/shaft)	Typical Price Range
Hydraulic Elevators	$45,000 – $85,000+
Traction Elevators	$45,000 – $85,000+
Winding Drum Elevators	$20,000 – $40,000
Machine Room-Less (MRL) Elevators	$20,000 to $100,000

Specialty Home Elevators (no hoistway)	Typical Price Range
Vacuum/Pneumatic Elevators	$35,000 – $85,000
Shaftless Elevators	$35,000 – $60,000
Through-the-Floor Elevators	$35,000 – $60,000

The actual cost of an elevator depends on the number of floors, your specific needs, and your preferences. Keep in mind that the more components an elevator has, the greater the maintenance costs will be. Final costs will also be affected by how much site preparation and labor are needed.

When shopping for an elevator, be sure to review multiple brands and models to find the one that best suits your needs and budget.

Home Elevator Prices By Brand

Compare popular home elevator companies, their top features, and price range to find the one that works best for your unique needs.

Brand	Top Features	Price
Lifeway Mobility	– 500 – 1,000 lbs – 5 levels or 50 feet – Traction, hydraulic, pneumatic	$35,000 – $100,000+
Arrow Lift	– 350 – 1,400 pounds – Up to 5 levels – Traction, pitless, hydraulic, pneumatic	$30,000 – $100,000+
Hamar	– 500 lbs – 13’ 9 3/8” (4.2m) to 15’ 9” (4.8m) – Roped Drive, SM, MD, LG sizes	$31,000 – $36,000

*Prices based on no additional home modifications. The age of your home may also impact these prices.

Home Elevator Installation Costs

Generally, the average labor cost to install a home elevator ranges from $5,000 to $15,000. However, depending on the complexity of the project and potential home modifications, the installation cost may be higher.

Factors that influence labor costs include:

• Type of Elevator—Traditional elevators have different installation requirements from special elevator types, affecting labor time and complexity.
• New Construction vs. Retrofit—The cost of installing an elevator into a new home is normally less than retrofitting one into an existing home.
• Number of Floors—For each floor the elevator reaches, you can expect higher costs as installation is more complex and time-consuming.
• Complexity—Any custom features, difficult access points, and complicated designs will increase labor costs.
• Local Labor Rates—Labor costs vary by state, region, and contractor. The more installers working on-site, the higher you can expect installation costs to be.

Elevator Maintenance Costs

Elevator maintenance costs can range from $800 to $1,400 annually, depending on the brand and your contract. It is essential to ensure smooth operation and your safety. Experts recommend scheduling annual maintenance checks; however, if you have a high amount of usage, it’s wise to get more frequent maintenance done.

Regular maintenance will:

• Prevent breakdowns
• Avoid costly repairs
• Keep your elevator up to code
• Extend the lift of the equipment

You will want to make sure maintenance is conducted by a certified and licensed technician. This ensures that everything is done correctly and won’t risk voiding any warranties. Most home elevator companies include a maintenance contract with your purchase.

When shopping, be sure the contract defines exactly what’s included, when the services will be provided, and what the hourly rates will be. The more services included in the contract, the more likely it is that the cost will increase.

Residential Elevator Equipment Costs

Home elevator equipment includes everything from the pulley systems to mechanical rooms. They keep the elevator running safely and effectively. While the type of elevator determines the specific elevator parts you will have, some general parts will impact the overall cost and require regular maintenance.

• Elevator Car: The car is where you board and ride the elevator; since this is the main part of the elevator, the cost typically starts around $30,000 on average. However, factors like design, special features, and weight capacity can increase the cost.
• Drive System: Drive system parts can range anywhere from $10,000 to $50,000 or more. They make up the mechanism that moves the elevator up and down. It’s essentially the engine, and common types include hydraulic, winding drum, and screw-driven systems.
• Machine Room: If your elevator needs a machine room, you can expect to pay an additional $10,000 to $20,000 on average. Machine rooms are where the motor, hydraulic tank, cables, and electrical components sit. These components ensure the elevator works properly. However, keep in mind that not all types of residential elevators need one.
• Sensors: Elevators are equipped with various safety sensors, ranging from $3,000 to $10,000, depending on the type. Some sensors include door sensors, speed sensors, weight sensors, and more. Generally, the type and cost of sensors depend on the type of home elevator.
• Hoistway: The hoistway is essentially the shaft through which the elevator travels; installing one typically costs between $20,000 and $30,000.
• Counterweights: Counterweights help balance a traction elevator car and are typically included in the elevator cost, which ranges from $45,000 to $85,000 or more. They are an important piece that makes it easier and more energy-efficient to move up and down.

The Cost of Home Elevators vs Stair Lifts

Home elevators are a fully enclosed, vertical transportation system that can carry wheelchair users or even multiple people and equipment between floors, while stair lifts are motorized chair lifts that carry a single user up a flight of stairs.

Compared to home elevators, stair lifts are more affordable, costing anywhere from $2,900 to $14,000. Additionally, they have a simpler installation process and are less invasive to the home structure. However, their function differs from home elevators. They can only travel up one floor, have a lower general weight capacity, and can be less aesthetically pleasing.

Home elevators have a longer and more complex installation process, but they can travel between multiple floors. They can accommodate various mobility issues, transport multiple people and items, and add value to your home.

Whether you choose a home elevator or stair lifts depends on your specific needs, budget, and your home design preferences.

Paying for a Home Elevator

There are many options to pay for your home elevator, including personal loans, home equity loans, financing, and government assistance programs. Usually, the manufacturer offers payment plans and financing options, making it easier to pay for the elevator over time.

Most insurance plans don’t cover the cost of installation. However, if you have a Letter of Medical Necessity (LMN), you may be able to claim some costs through a Flexible Spending Account (FSA), Health Savings Account (HSA), or Health Reimbursement Arrangement (HRA).

Additionally, some states offer funding assistance; be sure to research local programs and associations, such as the MS Society, Habitat for Humanity, or Area Agencies on Aging, for potential assistance.

Frequently Asked Questions

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