How to retire in Cleveland/NE Ohio CHEAPLY (Shaker Heights, Oxford: real estate, apartment)

[kpl1228]

I am a high school teacher in New Mexico that moved here from Cleveland about 9 years ago. This is year 28 for me and I can retire at 30, so in 2 1/2 years I can pull the trigger. I'm (only) 58 years old and even after retirement, plan to work in education (probably) in some capacity while I pull from my pension... have no desire to sit and whittle away during retirement.
My retirement plan only involves one final destination: NE Ohio. Why?
***Despite my enjoyment of my teaching career and friends here in New Mexico, it's never truly been home. I am reminded of this twice a year when I return to NE Ohio for extended vacations.
***I'm getting older and am in reasonably good shape, but I'm getting older and will need good doctors. I also know that New Mexico health care is subpar. Remember those old westerns where the cowboy cuts an X into his leg to suck the rattlesnake venom out? it's kind of like that. The idea of retiring in NE Ohio, with its world class medical care, is a no-brainer.
***Culture, Metroparks, CVNP, etc etc etc.
***Friends and family.

I need tips and advice: not about pensions or retirement lifestyle, but about how to economically pull off a CHEAP !!! retirement SPECIFICALLY in NE Ohio, particularly:
***government/non profit programs available for housing, esp. in the city. (Cuyahoga Land Bank, etc)
***55-and-older housing options
***I don't need suburban life, and I'm even open to the idea of some kind of apartment or condo that would give me cheaper but safe housing. Don't have a preference for the city vs suburb at this point, however. I've done both in Cleveland. I like both equally. I am flexible.
***transportation is not an issue now (cars, etc) but it could be as I age.

Housing is NUTS right now nationally. A 3br home for $79K, easily done in Cleveland after the '08 crash, is now a thing of the past, but maybe not after any housing bust coming up, but not sure I can wait for that possibility----though I think it will happen at some point. So banking-and-renting is not a bad idea for me either. But I need to be smart about this.
My current job is teaching high school on a Navajo reservation: good pay/bonuses, FREE (!!!) housing and utilities, so I have three years to sock it away. And again, when I return to NE Ohio I'll be working in some capacity too. And drawing a teacher pension.
I have no family to support. I am by myself.
I know all this is is quite complex but thoughts? Comments? Tips?
Been here on this forum for years and I always appreciate all of your input on my favorite metro in the country.

[216facts]

https://www.zillow.com/homedetails/1...33653408_zpid/

May be somewhat of a fixer upper, but if you're in good shape...and have some time.

I used to live in this neighborhood, it was great. That was about 25 years ago, I bet it is still a decent place to live. May want to check police/safety records. Close to University Circle and all the hospitals and culture.

[216facts]

A few more options

https://www.zillow.com/homedetails/2...33653821_zpid/

This has got to be a fixer-upper: https://www.zillow.com/homedetails/1...33653575_zpid/

Damn, I'm going buy this one: https://www.zillow.com/homedetails/3...33650760_zpid/

[ferraris]

In your shoes I would latch on to the condo idea.

With your concern about health and aging, there's a big perks in no lawn care, no snow removal, no stairs, and maybe even an elevator and indoor or covered parking.

Shaker Square/Shaker Heights has a lot of condos, and you could potentially even save more money by not having a car since you'd probably be directly on the green/blue rapid line, and also within walking distance of groceries and other amenities.

I think you'll be able to find some kind of education related employment in a school or library, or maybe working as a private tutor.

Another potential option is to purchase a two-family home and supplement your income by renting out the other half. But that has its own risks that may not be worth it.

[ZnGuy]

Originally Posted by 216facts

A few more options

https://www.zillow.com/homedetails/2...33653821_zpid/

This has got to be a fixer-upper: https://www.zillow.com/homedetails/1...33653575_zpid/

Damn, I'm going buy this one: https://www.zillow.com/homedetails/3...33650760_zpid/

Crazy how cheap CLE real estate is. I have two homes and one is $450/sf and other is $215/sf. I guess it’s location, location..

[216facts]

Originally Posted by ZnGuy

Crazy how cheap CLE real estate is. I have two homes and one is $450/sf and other is $215/sf. I guess it’s location, location..

Yeah, real estate is tricky. A lot of real estate, IMO, is way over-hyped and over priced. Its usually not the greatest investment, unless you're a renting landlord. A lot of homeowners justify a high priced home but do not calculate the true cost of ownership and consider alternatives. Its a complicated business decision involving maintenance, HOA fees, taxes, fickle market prices, school systems, and the health of the economy. More often than not, home prices reflect the ability to sell a lifestyle/fantasy to someone that is not business oriented.

I haven't had a mortgage for about a decade now, and easily paid off my $132k ranch home. My real estate taxes are low, maintenance is low, and have no HOA. Now I either spend my money or send it to the market for growth.

[october2007]

Originally Posted by 216facts

Yeah, real estate is tricky. A lot of real estate, IMO, is way over-hyped and over priced. Its usually not the greatest investment, unless you're a renting landlord. A lot of homeowners justify a high priced home but do not calculate the true cost of ownership and consider alternatives. Its a complicated business decision involving maintenance, HOA fees, taxes, fickle market prices, school systems, and the health of the economy. More often than not, home prices reflect the ability to sell a lifestyle/fantasy to someone that is not business oriented.

I haven't had a mortgage for about a decade now, and easily paid off my $132k ranch home. My real estate taxes are low, maintenance is low, and have no HOA. Now I either spend my money or send it to the market for growth.

How have you avoided what seem to be high property taxes (usually)?

[bjimmy24]

Originally Posted by 216facts

Yeah, real estate is tricky. A lot of real estate, IMO, is way over-hyped and over priced. Its usually not the greatest investment, unless you're a renting landlord. A lot of homeowners justify a high priced home but do not calculate the true cost of ownership and consider alternatives. Its a complicated business decision involving maintenance, HOA fees, taxes, fickle market prices, school systems, and the health of the economy. More often than not, home prices reflect the ability to sell a lifestyle/fantasy to someone that is not business oriented.

I haven't had a mortgage for about a decade now, and easily paid off my $132k ranch home. My real estate taxes are low, maintenance is low, and have no HOA. Now I either spend my money or send it to the market for growth.

imo you should buy a house because you want to live in the house and in that neighborhood and you can afford it with the rest of your life.

[216facts]

Originally Posted by october2007

How have you avoided what seem to be high property taxes (usually)?

Well, everything is relative. I think I'm paying about $3500 a year in real estate taxes on my 3 BR ranch on a slab in Macedonia. I'm just glad I'm not paying $10k (in real estate taxes) for a much more expensive house. See my next post.

[216facts]

Originally Posted by bjimmy24

imo you should buy a house because you want to live in the house and in that neighborhood and you can afford it with the rest of your life.

Yup. For real estate, IMO, buy what you need, not what you want. And then be prudent and send those extra dollars into a market based savings account at a comfortable risk level.