Melissa is a mother of 2, lives in Utah, and writes for a multitude of sites. She is currently the EIC of HarcourtHealth.com and writes about health, wellness, and business topics.

If you are considering installing a home elevator in your home, the cost is highly dependent on several key factors. You can expect to pay at least a few thousand dollars for the installation. This price can increase significantly, depending on the location and type of home in which the elevator will be featured. The type of elevator you have installed will also be a huge factor in determining the cost. Hydraulic elevators are small and space-saving, but they can be an expensive addition to any home. A home elevator increases the value of your home, but you should factor in the home elevator cost when looking at the final value.

Elevator Cost

Two factors that influence the price is the type of elevator you are installing and the install process itself. Residential elevators start on the low-end at around $7,000 and up. Several factors can make this price rise. The size of the elevator car is the main cost factor. A single cabin small enough for one person or a wheelchair is typically not as expensive as a cargo elevator. The weight capacity and interior cab height are also determining factors in how much an elevator will cost.

Elevators usually come with a standard height of 96 inches, but can be customized for increased height as long as you’re willing to pay the price. The motor type an elevator uses can also significantly impact the price. Pneumatic vacuum elevators can be installed for around $10K, whereas larger hydraulic alternatives may cost upwards of $50K.

Elevator Types

While most elevators in commercial buildings are cable-operated, these types of elevators are generally too large and loud for residential use. Most home elevators that are installed are either hydraulic or pneumatic vacuum elevators. Hydraulic elevators are the most popular option, but their installation requires lots of prep work. These elevators use a hydraulic arm to lift the cab up and down. They’re quiet compared to cable elevators, and the cabins are usually large enough for two passengers.

Pneumatic vacuum elevators are a relatively new option that is becoming popular thanks to how affordable they are. These elevators start at $10K to install and are made of glass, lending a contemporary look to them. They cannot be concealed in walls and are meant to be visible. Shaftless elevators are also an option for small spaces and single rider elevators. They can be added to an existing space by drilling through the ceiling or attaching the elevator outside the home. These elevators have a less invasive installation process but can only accommodate two-story homes.

Cost Breakdown

The average cost of installing an elevator depends on several factors, but is typically around $20k. All in all, you’re looking at spending anywhere from $4K to $50K in additional costs, including labor. Individual cost factors that need to be considered include the cab, concealment behind walls, safety features, electric panels, gates, and final inspection. Labor is not calculated here, as price can vary greatly between contractors, so it’s always a good idea to shop around to get the best price, service, and quality of work.