Nowadays, people use home elevators for necessity or luxury. There are other use of home elevator and raising your home value is one of them. So, you need to know the home elevator cost. When you add it for a necessity’s reason, an elevator can greatly boost the living conditions of the people. It is worth noticing that a stair lift is not the same as an elevator. Which is a choice for some homeowners.

Types of elevators

There are two types of elevators. Though they share same functions, stairlifts, and home elevator cost are different.

Home elevator

Home elevators work better for multistory homes, carrying loads, wheelchair users. Also, it needs a minimum of two-story homes. The usual cost of an elevator in a house is $30,000, and they can be cheaper or expensive.

Stair lift

A stair lifts work better for homes that do not have the correct space to set up an elevator. A home stair lift cost from $3,000 up to $5,000.

Different types of home elevators and their costs

The type of elevator you select is a primary factor in the full cost.  Here we will help you to know each type with its related costs. You can have an idea of what design you may prefer and how it is appropriate for your budget. So, scroll below and you will know about different types of home elevator cost.


Cable-driven elevators are the same style used for major office buildings. The cable winds around a drum and raises or lowers the elevators. The drum and counterweights require additional space in a mechanical room. The cable needs a test since normal use may wear it out rapidly. This residential elevator cost, from $15,000 up to $35,000 on average.

Hydraulic elevator

A hydraulic elevator needs less footprint since they operate on a heavy piston under the elevator to boost and decline it using a hydraulic elevator. No extra mechanical room needs for this, and they work more softly.  Also, it works with a chain or cable. So, talk with the elevator corporation to determine if your house will need a hole to control the piston or if it may build without it. You have to pay from $30,000 up to $50,000 for any hydraulic elevator.

Geared traction

A geared traction elevator has a gearbox on the head of the elevator which uses a pulley system to run the elevator. This style costs from $25,000 up to $38,000, but it runs slow and can travel up to 250 feet.

Gearless traction

This is another marvelous option for a refurbishment project. Gearless drive elevators do not require an additional machine room since the sheave work on a path inside the handle with the counterweight. The only additional space needs at the top of the shaft. You can install these for from $29,000 up to $55,000.


For another machine room-less option, pick a chain-driven elevator. Choose it with a counterbalance close to the chain that transfers in the reverse direction of the elevator. The shaft will be large to lodge the counterbalance, but the chain is stronger than a cable. The problem is that this is the louder style, which may not favorable to a residence. This home elevator cost from $27,000 up to $62,000 on average.

Shaftless elevator

A simple elevator is a shaftless plan that may work for a two-story home. This type is less than others, so one person can utilize it at a time. But it asks for less space to use during a retrofit. This elevator may cost from $15,000 up to $25,000 on average.

Vertical platform lift

For split-level houses, a great choice is a vertical lift. It works like moving the platform up, like how a forklift raises the forks. Vertical platform lifts are terrific for stirring wheelchairs between floors. This style doesn’t ask for a full shank or much space to run, making it the least expensive choice. The usual cost of this elevator is from $5,000 up to $20,000.

How can you save money on home elevators cost?

Home elevators cost is so high price point than any home projects. So that, you have to wonder if you can minimize the costs. Here are a few tips to reduce the full price of the home elevators.

  1. Ask for prices from various companies, and ensure they do in-house cooperation so they all have similar information.
  2. Add a lift as you are building the house if you think it may come in handy afterward
  3. Decide exactly what goal your elevator will fulfill so a pro will help you decide which style is best for you.
  4. Consider including an outdoor lift if it completely works with the existing house shape.
  5. Choose a less pricey drive if it completely works in your space.
  6. Ensure your selection and stick with it instead of changing your mind later ordering the elevator and creation has begun.
  7. Cost shops the elevator usage the exact specification to find a great expense or a better warranty.
  8. Look at an elevator without exclusive parts that may cost more to exchange if they wear out.
  9. Ask if there is anything destruction or site preparing tasks you may do on your own for saving on labor costs.
  10. Avoid customizing it or including expensive stuff for a more fashionable appearance.