ProfessionalStudio Images / iStock.com
Thank you for reading this post, don't forget to subscribe!Continuity for our readers
The GOBankingRates editorial team is dedicated to providing you with unbiased evaluations and knowledge. We value data-driven methods to evaluate monetary services and products – our evaluations and rankings are not influenced through advertisers. You’ll learn additional about our editorial tips and review methodology for our services and products.
20 years
By serving you you are becoming richer
trusted through
hundreds of thousands of readers
Finding a beautiful park to live in doesn’t always have to be expensive. In some circumstances, you can reduce your housing expenses instead by improving the nature of your move, such as by relocating to an area with lower housing costs and warmer weather, so you can enjoy outdoor activities most of the year.
For some retirees, this suggests relocating out of the country to playgrounds like Costa Rica or Portugal. However, you don’t have to go out of the country to find affordable housing costs and certain amenities.
In particular, if you are looking to get a fair offer in regards to finding an order to travel by the end of 2024 that will likely be cheaper, consider taking a look at agricultural land in some of the Solar Belt states. and parts of the mid-Atlantic. At a time when the prices of some agricultural land are rising rapidly, you may find a park to live in where the prices will fall by the end of the year.
“From recent housing data, the top three markets for retirees are Florida, Texas and Virginia. There are a lot of housing options in these markets that are affordable, have low taxes for seniors, good access to medical care, and a (reasonable) cost of living,” says Armstead Jones, strategic real estate advisor at Real Estate Bees and founder of the Believe Think Tank. he said. A real estate construction analysis company and consultancy.
Even with those states offering a batch of certain features, it is still possible for retirees to find bargains in those agricultural lands, especially with regard to housing. “Those three states make sense because the real estate market is old and there is not much activity (there) in terms of sales. This has led to a slight decline in sales prices, which will certainly help retirees reduce expenses,” Jones said.
Let’s take a better look at what those 3 states should be doing.
Florida
According to Zillow, home values in Florida have increased by 3.2% over the next 12 months statewide. However this is slower than the nationwide achievement of 4.3%. Certainly their use is increasing in Florida’s inner towns, but retirees will likely find that some alternative farmland is becoming extra affordable.
For example, housing values in Miami are expected to increase by 8.7% over the next year. But on the other side of the spectrum, along the Gulf Coast, Castle Myers home values declined 0.3%. And in Central Florida, The Villages – a customer dropout destination – has experienced a 3% drop in housing values.
Meanwhile, Florida offers alternative monetary benefits, such as the disparate order source of revenue tax and the disparate Social Security tax. This may help some retirees to cut down on your expenses, especially in case they are planning to attend the section. There is no longer any estate or inheritance tax in Florida.
texas
Texas offers the same indivisible tax benefits as Florida, such as nondistributive source of revenue taxes, nondistributive Social Security taxes, and nondistributive estate or inheritance taxes. And you’ll discover a vast range of climates in Texas to suit your personal tastes.
Along the Gulf Coast, you’ll find beach cities that generally enjoy warm weather year-round, except in North Texas where you may get a little extra feel of the winter weather.
In terms of housing, you may find more affordable options, keeping in mind that the average home price in Texas is about $100,000 lower than in Florida – according to Zillow, $399,944 in Florida as opposed to $306,756 in Texas. And in Texas these values have only increased by 1% over the next 12 months, which is a very slow feat. According to Texas Real Property Analysis Middle, “median home price levels may remain flat or, at most, decrease slightly” in Texas in 2024.
Additionally, housing costs are declining optically in some agricultural areas of Texas.
San Antonio — the city with the second-largest internet migration of retirees nationally, according to SmartAsset — is seeing a 3.5% drop in the addressable average home sale price over the next year, according to Redfin. And San Antonio homes spend an average of 46 days on the market – up 11 days from year to year – which may give buyers some negotiating power.
Virginia
Virginia isn’t the first park you think of when you leave, but it certainly has a lot of interesting features and may be cheaper by the end of 2024.
With regard to taxes, Virginia has a source revenue tax ordering between 2% and 5.75%, but it certainly does not tax Social Security benefits, and it no longer has an estate or inheritance tax. Additionally, according to WalletHub, component taxes are moderately low here compared to many states – 0.76% in Virginia, 0.82% in Florida, and 1.63% in Texas.
Thank you!
Virginia also has many beautiful playgrounds to explore, especially if you enjoy a little more of that four-season feel, albeit with mild winters. There are also beach communities, historic cities, and medium-sized towns.
Across the state, home values have increased rapidly – up 6% over the next 12 months, according to Zillow. There is some variation among Virginia’s many different farming regions, however, and if you’re patient, you may find a good offer.
In Virginia Beach, for example, the number of homes declining in value is at an all-time high — 21.5% in May 2024, compared to 16.4% in May 2023, according to Redfin. And in Martinsville, home prices have seen year-over-year declines, according to Redfin. So you may be able to find someone ranking at a lower price, depending on where you look.
Overall, these three states have the potential to provide a great boost to retirees. Despite the fact that not all agricultural land within those states has declined in value, if you do a little digging, you may find surprising deals in some towns or cities. At the very least, you’ll find playing fields where prices are rising at a slower rate than the national average in the past, yet are still comfortable playing fields for living.
Extra from GOBankingRates
Discover more from news2source
Subscribe to get the latest posts sent to your email.
