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Buying a place may be a dream for many US citizens, however it is difficult to succeed due to various factors. Now not only is inflation and rising rates – which affect everything from bank cards to loans – putting a dent in financial savings, but high house prices and rising loan rates are also making it much more difficult.
But, professionals say, there are plenty of opportunities to buy a place for your yellow years, reducing the financial burden to the comfort characteristic of the era.
Let’s take a little deeper look at some options for housing during your yellow years:
on rent
Jay Zygmont, PhD, MBA, CFP and founder of Childfree Wealth, said that as your times change, your housing desires change. For many people, the days of paying for a place and staying there until you die are long gone.
“Unless you really enjoy maintaining a home and are physically capable, renting may be a better option for you,” Zygmont said. “You want a place where you can live safely and have as much (or as little) support as you want.”
Zygmont said parks like The Villages at Morehead are “the current favorite for aging in place with grace and comfort.”
“They provide high-end apartments with all the support you need. When you first get there you can use their dining and concierge services while later you can use transportation and care. “It’s not cheap but it’s good.”
Michael Micheletti, a fairness and housing expert and communications officer at Liberate Applied Sciences, echoes this sentiment, saying that if you’re living in an expensive market, imagine an additional affordable suburb.
“In other words, you don’t have to go to a small rural town in another part of the county,” he said.
airbnb or vrbo
An alternative option could also be to rent through platforms like Airbnb or VRBO.
With interest rates high and typical home and apartment affordability decreasing, Chris City, founder of the Discovery Wealth Making Plan, said it offers families struggling with the option to look at other places to see if it’s a good fit. is where they want to relax.
“Maybe you prefer to live south in the winter and north in the summer, or maybe it’s more comfortable to travel internationally and do so seasonally,” he said. “I think renting is a great way to keep “property light” and not attach yourself anymore, I’m sick of the pace you’re at with a little luck in your quitting game.”
Depart residential communities
As Matthew R. Silverheart CFP, CFA, personal wealth advisor and supervisor at Claire Reed Wealth Advisory, argued, retirees will be turning away from purchasing untouched assets to simplify their monetary responsibilities and release pressure.
For those who want to leave a more structured home, moving into active adult communities or senior living facilities is a common option.
“These communities offer amenities tailored to the needs and interests of retirees, maintenance-free living and opportunities for social interaction and recreational activities,” he said.
Shared accommodation
This is where a non-home-owning adult moves into accommodation owned by others and contributes cash towards the shared housing costs.
“However, the owner of the home is someone else, and the bulk of the responsibility for maintenance and upkeep falls on him or her,” says Barbara O’Neill, Ph.D., CFP, AFC, CRPC, a professional contributor to Annuity.org. “People with whom older adults can live can be family members—such as children, grandchildren, siblings—or friends (think: The Golden Girls).”
And this trend is growing rapidly, as revealed in OpenDoor’s 2024 First-Time Homebuyer Record, as more than 3 in 4 first-time buyers in 2022 bought their home with someone else, including 11% with friends. Shopped with.
It is called RV. I am doing
If you’re not really into the idea of downsizing your home or moving into an empty house, you have options – you may even have a hard time visiting the country.
Thank you!
“Spending time in an RV can be a great way to see the country, especially if camping is a pastime of yours. “RVs can be a really inexpensive way to do some exploring,” said Scott Lieberman, founder of Lending Cash.
cruise ship progress
Liberman also said that if you can see the country then why not see the region?
“A cruise ship can be cheaper than some accommodations, and all your expenses are covered,” he said. “It’s unconventional, but it can be a lot of fun and a financially good decision.”
This will be much less expensive than relocating to an abandoned house. According to AssistedLiving.org, the cost of living in a remote residential setting can range from $1,500 to $4,000 per year, and the average cost per 30 day stay for seniors living in assisted living facilities can range from $3,500 to $10,500 per year.
For example, Seattle couple Angeline and Richard Burke said it was much less expensive for them than a loan, according to CNN. Sure enough, the future average cost of living on a cruise ship used to be $89, which included the cost of their rooms, meals, entertainment, transportation, directions, port fees and taxes, which was “well within our retirement budget.” Is. ,
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