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Unfortunately, many boomers are facing a new problem, and thats the current U.S. housing market.
As of quarter three of 2024, the average home sold for just over $501,000.
So, how can boomers manage this new retirement problem?
How can this generation find affordable housing, and what should they consider when making the plunge?
Here are a few things boomers should keep in mind when looking for affordable housing.
Finding affordable housing is very daunting right now many real estate markets are still running hot.
While inflation has cooled, prices are still high.
Homes they could comfortably afford are now moving out of reach with these increased costs.
For fixed-income boomers whove paid off their mortgage, property taxes and insurance are serious financial concerns.
Larger, more expensive homes tend to have higher taxes and premiums.
Consider Taxation
Affordable housing is still out there.
It just might be harder to find.
Does your state have [a] personal state income tax?
Is there property tax relief for retirees, or disabled veterans?
Does this state tax your Social Security benefits?
Some states are much more tax-friendly to retirees, said Coley.
For example, Florida, Nevada and Wyoming often make the list for being tax-friendly in retirement.
A good advisor or CPA can assist with these decisions.
First, your children and grandchildren dont care how big your house is.
They will still come to visit, and you will find a way to make it work.
After all, it can significantly impact retirees incomes.
While inflation has gone down, keep in mind that this means prices arent growing as fast.
It does not mean prices are going down, said Coley.
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