Posted on 09/28/2010 7:26:59 AM PDT by BenLurkin
For Americans looking to buy retirement property, the historic real estate crash has created all sorts of opportunities. Home prices in 20 major metropolitan areas have declined roughly 28 percent from their 2006 peaks. Meanwhile, government efforts to ramp up demand for homes have significantly reduced mortgage costs for borrowers. Thirty-year fixed mortgage rates stood at 4.37 percent for the week ending September 16, only slightly above the 39-year lows reached two weeks earlier.
Taken together, lower home prices and cheap mortgage rates have made home buying much more affordable than just a few years ago. And given that real estate values in many traditional retirement spots--like Florida and Arizona--have fallen even harder than the national average, Americans who are ready to embark on the second half of their lives are in a particularly favorable position. To that end, U.S. News has compiled a list of 10 places where retirement home buyers can purchase property for less than $600 a month.
1. Phoenix
2. Las Vegas
3. San Antonio
4. Greenville, S.C.
5. Boise, Idaho
6. Corpus Christi, Texas
7. Tampa, Fla.
8. Columbia, Mo.
9. Tucson, Ariz.
10. Ft. Myers, Fla.
(Excerpt) Read more at finance.yahoo.com ...
You can pick up a REO in this price range, decent condition, in various DFW suburbs.
Columbia, Missouri is the worst place I have ever been for allergies.
I have a close friend that just moved to Greenville, SC from the exurbs of Washington DC. She loves it and says the cost of living is a fraction of what she and her husband spent here.
I have a close friend that just moved to Greenville, SC from the exurbs of Washington DC. She loves it and says the cost of living is a fraction of what she and her husband spent here.
What!!!Nothing in Newark!!!
The Hood in Detroit?
Bump
Bump
No need to go into debt to buy a house. Just pay cash or pay rent.
It’s not like 19 million vacant homes in the U.S. are suddenly going to jump up in price!
LOL
I was thinking that was a Tucson property...
Spent most of Aug visitng Tucson - if you get a home for 600/month, be prepared to be “bi-lingual’ - on the plus side, some of the neighbors do speak Spanglish.
My new home and 13 acres in central Kentucky is costing just a bit over $400 a month.
And we got 700 bales of hay off it this summer.
Actually,the house is in Phoenix, but let’s keep that to ourselves.
Why is Detroit not on here?
How about a small lake front home with a boat dock and lift on a lake with 1,200 miles of shoreline?
If you can pay 25% down and finance 150k balance you will be pretty close to that and you can live at the Lake of the Ozarks in central Missouri because there are homes as described at 200k. The alergy notation by one of the earlier posters for Missouri applies, but you do get to “enjoy” all four distinct seasons of the year.
Cuz $600 in Detoilet gets you ten houses, not just one.
Unfair advantage.
Not the lavander house, but the structure on the left. :-)
If you’re retired, are banks going to loan you money to buy a retirement home?
Why would anyone take out a new mortgage after they are retired?
With an eye on the future, who would want to live in _any_ of those places?
With the possible exception of Boise.....
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