fixed income - renting vs buying - where to go (beach, move)
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Hi all, I am a 56 year old female on a fixed income. I have been residing in Maryland but am thinking of making a move in the next couple of years. My kids are in college (the main reason I am still here) but is too expensive. It's me, my 77 yr old, still working ft mom and my 2 kids. I have never really lived anywhere else since I was young so don't really know where to go. Have been looking in PA, NC, TN, NV and FL. I don't really do anything but like to play poker online. I make 1500 a month so I am looking in the 70-85k range. Don't really want the upkeep of a house but it would actually be cheaper to buy a home than to rent it seems. Plus the rent will keep going up I'm sure faster than my income. Have seen a lot of inexpensive homes in the poconos (What's up with that?) but kinda cold there. Anyone have any ideas? Suggestions? Thx so much and have a great day.
Offhand of the states you have listed, I would go for TN or FL. Reasons being to get out of the snow belt, and get to a place with no state income tax. Is $1500/month a gross or net income? That's not much money to buy a house with. Do you have a down-payment available? What about working at least part time to help pay for the house?
Hi all, I am a 56 year old female on a fixed income. I have been residing in Maryland but am thinking of making a move in the next couple of years. My kids are in college (the main reason I am still here) but is too expensive. It's me, my 77 yr old, still working ft mom and my 2 kids. I have never really lived anywhere else since I was young so don't really know where to go. Have been looking in PA, NC, TN, NV and FL. I don't really do anything but like to play poker online. I make 1500 a month so I am looking in the 70-85k range. Don't really want the upkeep of a house but it would actually be cheaper to buy a home than to rent it seems. Plus the rent will keep going up I'm sure faster than my income. Have seen a lot of inexpensive homes in the poconos (What's up with that?) but kinda cold there. Anyone have any ideas? Suggestions? Thx so much and have a great day.
Can you qualify for a mortgage with income of $1500/month? or do you have a large down payment?
Compare the tax situations in those states. My immediate thought is Tennessee. Home insurance in Florida can be really high.
I have friends that moved to Tennessee and love it. A family that I grew up with. The parents sold their home back in 2005 I think. Eventually three of their 4 kids followed. Realize though that they owned a home here in California, sold that home and purchased a much less costly place in Tennessee with cash. Each of their kids also bought homes there, one of the kids, he is my age, could never afford to buy a home here and was able to get one in Tennessee. This is a family that spent a lot of time at the beach. Surfed all the time, and were all active. They gave up the high cost area around here for the lower cost area of Tennessee.
$1,500 is a bit light to buy though. Not sure what you would get for that. You will need a down payment and cash reserves in the bank to qualify for a home. Your housepayment and debt will have to be less than 30% of your income. Maybe even 28% of your income going to debt including the house cost, taxes, insurance, ect. Lets say that you have a net income of $1,500 then figure on spending no more than $500 for your housing costs. Others can feel free to correct me on the numbers. If you can find one for that amount let me know if they have any others.
My sister lived in the Maryland suburbs of DC. She retired early due to health reasons and has a very modest income. She spent a long time looking and finally picked the Winston-Salem area. The climate is pretty decent and the cost of living is very low. Houses are inexpensive. Don't move there with the idea of working. One of the reasons it is inexpensive is the poor economy after the tobacco industry contracted.
Hi thx for the reply. that is why I gave the 70-85k range. I can qualify for a USDA loan with no money down. The only bills I have are the usual household ones and car insurance. Also the income is net.
My sister lived in the Maryland suburbs of DC. She retired early due to health reasons and has a very modest income. She spent a long time looking and finally picked the Winston-Salem area. The climate is pretty decent and the cost of living is very low. Houses are inexpensive. Don't move there with the idea of working. One of the reasons it is inexpensive is the poor economy after the tobacco industry contracted.
Offhand of the states you have listed, I would go for TN or FL. Reasons being to get out of the snow belt, and get to a place with no state income tax. Is $1500/month a gross or net income? That's not much money to buy a house with. Do you have a down-payment available? What about working at least part time to help pay for the house?
Welcome to the forums, BTW.
hi thx for the warm welcome. it is net income. I am retired for health reasons.
I have friends that moved to Tennessee and love it. A family that I grew up with. The parents sold their home back in 2005 I think. Eventually three of their 4 kids followed. Realize though that they owned a home here in California, sold that home and purchased a much less costly place in Tennessee with cash. Each of their kids also bought homes there, one of the kids, he is my age, could never afford to buy a home here and was able to get one in Tennessee. This is a family that spent a lot of time at the beach. Surfed all the time, and were all active. They gave up the high cost area around here for the lower cost area of Tennessee.
$1,500 is a bit light to buy though. Not sure what you would get for that. You will need a down payment and cash reserves in the bank to qualify for a home. Your housepayment and debt will have to be less than 30% of your income. Maybe even 28% of your income going to debt including the house cost, taxes, insurance, ect. Lets say that you have a net income of $1,500 then figure on spending no more than $500 for your housing costs. Others can feel free to correct me on the numbers. If you can find one for that amount let me know if they have any others.
Hi and ty for replying. I have seen quite a few homes in NC, PA and TN in the 70-85k range. Some of them look pretty good but I gotta say i haven't actually seen them in person, just pics. We are in a rental townhome now and have been here 15 years with no raise in rent but is still 900 a month. Landlords like good tenants, I guess. Wouldn't mind renting but that seems more expensive than a home payment.
Of those for some one doesn't have a specific thing like fishing on coast: I'd suggest Tenn. Many very nice areas but the cultural shock from living in one place may take some getting use to. You need to do more research on homeownership cost and total cost of buying. Cheaper in long run but not while paying mortgage; insurance and such. If you have never owned a home :I frankly wouldn't suggest learning what it involves at older age.
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