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When youre budgeting for retirement, housing should be the first thing on your mind.
Its the biggest chunk of any budget.
You dont want to be house-rich but cash-poor.
you could avoid that by making sure housing isnt taking up too much of your budget.
What Does That Mean for You?
If youre like most retirees, Social Security plays a substantial part in your income.
Leaving the down payment aside, this income could afford a home worth about $412,500.
Of course, how much you get from Social Security will be different.
Its based on your work history and when you decided to start receiving benefits.
And if your check is lower, you might have to be extra careful with your housing budget.
That extra $48 is probably not going to make or break any decisions you make about your housing.
But you’re able to slightly adjust your housing budget if necessary.
It makes more sense to consider more affordable areas.
The key is keeping housing costs under 30% of your income.
A high-cost area may be entirely out of reach, Kates said.
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