Retiring on VERY limited budget..where to live? (financial advisor, manufactured, husband)
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I know of even lower house prices in Youngstown, Ohio and Dayton's east and west sides. Cincinatti has it's fair share of housing bargains to my knowledge, but my memory is fading on which parts of that city are which.
It's not always the cost of the house itself. There are property taxes to consider, too. If the property tax is four figures a year, that sucks big time. There are places where the houses aren't quite so cheap, but the annual taxes are much lower. Taxes would be an on-going expense, year after year. And there are a lot of places listed on ebay, houses as well as land, but still it's imperative to do research into the areas under consideration. A 'cheap' house may not be at all cheap, once taxes and utilities are included in the mix.
There are property taxes to consider, too. If the property tax is four figures a year, that sucks big time. There are places where the houses aren't quite so cheap, but the annual taxes are much lower.
For the sake of clarification, my property tax in WV as well as my property in ME are both under $200/year. I did take that into consideration and it is part of what I was discussing.
For the sake of clarification, my property tax in WV as well as my property in ME are both under $200/year. I did take that into consideration and it is part of what I was discussing.
Oh, I wasn't picking on you. I started looking all over the country last year when I knew I'd be moving. A lot of the really 'cheap' places were either abandoned - as in northern Michigan - or repos being listed by on line companies that buy them bulk from various banks. And there are a lot of plots of land fsbo and owner-financed, but those are spectaculary beautiful and far enough from amenities that one needs to not only have a vehicle, but have drinking water delivered, as well. A lot of the places I looked at in the bigger cities in Indiana and Ohio in particular, had astronomical property taxes. Some of the cities have ordinances requiring that a 'fixer upper' be fixed and inspected each step of the way and a CO given before it can be inhabited. I found what I want, where I want it, and it's affordable both for purchase and ordinary cost of living, including taxes.
Oh, I wasn't picking on you. I started looking all over the country last year when I knew I'd be moving. A lot of the really 'cheap' places were either abandoned - as in northern Michigan - or repos being listed by on line companies that buy them bulk from various banks. And there are a lot of plots of land fsbo and owner-financed, but those are spectaculary beautiful and far enough from amenities that one needs to not only have a vehicle, but have drinking water delivered, as well. A lot of the places I looked at in the bigger cities in Indiana and Ohio in particular, had astronomical property taxes. Some of the cities have ordinances requiring that a 'fixer upper' be fixed and inspected each step of the way and a CO given before it can be inhabited. I found what I want, where I want it, and it's affordable both for purchase and ordinary cost of living, including taxes.
I agree that the cost of the real estate can be misleading is looked at in isolation and without considering all the other related costs. Glad to hear you were successful at finding what you wanted. Where did you end up?
A fried of mine dreams of, at retirement, selling his house in NJ & buying a home in NC near the beaches & golf courses & then either supplementing his income with a job at a golf course/boat marina (two things he loves). If he is retired he would also have an income for his IRA/401k & with the profit on his Jersey house be able to hopefully buy a home in NC with no mortgage, so the supplemental income would be to ensure health insurance/spending money. However we are all a long time off from retiring so...
That's interesting....what a great plan. I hope to be in a decent position, but still have one to put thru college. I often also think of NC as a great place, and was even thinking....move down to NC (or a nicer, calmer, less expensive and chaotic (city) place than I am now), and pay the out of state rate the first year, bite the bullet on that, and then get the state rate for the state U (and NC's are good, I understand). Was even thinking of living near enough a college town so she could commute, live at home (my oldest one commutes...I'm a great proponent of that).
You might decide to even wait the 4 years (hopefully) until your child is done with school - 4 years goes fast & you can use that for planning. Good Luck to you! Happy retiring
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Originally Posted by Sailaway50
That's interesting....what a great plan. I hope to be in a decent position, but still have one to put thru college. I often also think of NC as a great place, and was even thinking....move down to NC (or a nicer, calmer, less expensive and chaotic (city) place than I am now), and pay the out of state rate the first year, bite the bullet on that, and then get the state rate for the state U (and NC's are good, I understand). Was even thinking of living near enough a college town so she could commute, live at home (my oldest one commutes...I'm a great proponent of that).
Go to upstate NY - although the climate is not mild. I grew up in rural upstate, and part of my family is still there. Might be where I will end up!
Anyway, you can get an apartment for $400-500 month, in my little town of Jordan, or maybe Elbridge, or Weedsport, or Port Byron. Of course, the reason being that NOBODY really wants to go there - it's so dead. But, if you don't mind quiet, rural living, it's a good place for it. In fact, behind my mother's house there are apartments for retirees.
When I grew up, there were 1200 people in town - I think there might be a bit more now.
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