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There are so many places to choose from that it can be hard to make that kind of decision.
Part of that decision entails knowing the overall cost ofliving and housingin specific parts of the country.
Factors like taxes and environment are also important considerations.
So, what are the best and worst states for boomers to buy a home?
Hereswhat the experts say.
The median listing price is $550,000, and theeffective property tax rateis 1.61%.
Sales (6%) and property taxes (0.55%) are also on the lower side.
Plus, properties really arent that expensive.
The median listing price is just $259,900, well below the national average.
South Carolina
For those who want to live further south, South Carolina is worth checking out.
Its cheaper than many parts of Florida, both in terms of overall cost of living and real estate.
The effective property tax rate is just 0.46%, while the median home listing price is $364,900.
Theres no state tax on Social Security benefits either.
Retirement income including that which comes from pensions and other accounts are fully taxable.
Plus, rising home prices and frigid winters dont help the cause.
The good news is that Social Security benefits arent taxed at a state level.
However, some other forms of retirement income are.
Motola pointed out that healthcare tends to be more costly in New York, too.
New Jersey
And then theres New Jersey where the median home listing price is $579,000.
If that isnt a deterrent, the taxes might be.
The state doesnt taxSocial Security benefits, but it does tax pensions.
Their property taxes are also some of the highest nationwide with an effective tax rate of 2.26%.
hey note: Median listing price is sourced viaRedfinand is accurate as of Sept. 25, 2024.
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