Posted on 07/08/2023 8:36:09 AM PDT by millenial4freedom
If you’re a retiree and you’re trying to square the circle of rising costs, longer lifespans, more expensive medical care and turbulent markets, don’t be afraid to run the numbers on your biggest investment.
That would be your home — if you own it.
U.S. house prices are now so high that it is almost impossible for seniors not to ask themselves the obvious question: “Should we cash in, invest the money, and rent?”
Right now the average U.S. house price is nearly $360,000. That’s about a third higher than just a few years ago, before the COVID-19 pandemic. The lockdowns, the panic, the stimulus checks and 2.5% mortgage rates have all passed into history. But the sky-high prices remain — for now.
At these levels, analysts at Realtor.com — which, like MarketWatch, is owned by News Corp. — say that in 45 out of 50 major U.S. metropolitan areas it is cheaper to rent than it is to buy a starter home. The Atlanta Federal Reserve Bank says national housing affordability is abysmal — about where it was in 2006 and 2007, during the big housing bubble.
(Excerpt) Read more at msn.com ...
How's it goin, bro?
Mine will be paid off in about a decade. I have mulled the possibility of selling it, taking the profits and banking them, and then renting a nice apartment. Seems to make sense. Only problem is that I love my little yellow house in the country.
Rent prices are crazy high too, I don’t see how this would help many people.
“This boomer owns his house outright.”
Ditto. Next week we’ll own two houses outright once we close on the new one. Hopefully, our current one will sell fast, and we’ll be back to just one. Our LAST one. (We’d forgotten how horrible it is to move.)
BTW, if anyone’s looking for a place in east TN, step right up!!
;-D
If we move again I think we’ll just burn in place and start fresh.
“If we move again I think we’ll just burn in place and start fresh.”
I hear ya! We actually discussed backing out of the move, but we’re just too far in to turn back now.
What people want for those rooms is absurd. Also, you have to follow RULES (like having a day job away from the property, etc.).
My sister in Minnesota sent me a link to a house there. It is about double the typical price there. I explained to her what $600,000 would buy in California.
https://www.zillow.com/homedetails/9383-127th-St-SE-Clear-Lake-MN-55319/2197599_zpid/
It is about 40 miles NW of Minneapolis next to the Mississippi river.
In California that house would have no upstairs or basement and one less garage and a small .25 acre yard and no river or lake and cost at least $200,000 more with homeless living on the sidewalks and criminals having free rein in the neighborhood.
Right, and you have to be fully clothed while in the house?
But seriously folks.
It was a lot easier living 20-30 years ago all the way around.
The dollar went a lot further..everything wasn’t regulated to death..and even a thrifty low income person could save money.
I kind of feel for young people just starting out. Well, the one’s who are really trying to strike out on their own.
And rifles.
Don't forget the rifles.
That’s a joke? Right?
“That’s a joke? Right?”
It was meant to be, somewhat. I figured that at least the taxes paid by an apartment complex would come out rather small when allocated out. So I looked up a place where I used to live a long time ago - their taxes went up 4-fold in 5 years and now come out to thousands for each unit. CRAP!
Another one here. Just did a kitchen remodel and plan to live here for at least another 15 years.
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