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Most low cost places aren't so nice. Long distance to quality medical care. Long distance to shopping such as Costco or a moderately big mall. Long distance to the kind of entertainment you find in big cities. And if you're in a small town, you have a reputation of being an outsider, which can be a big disadvantage to you in a lot of situations.
That's why I mentioned Louisville, KY. It's big enough to not have the problems of small towns, but small enough to not have the costs and problems of the biggest cities. And it's in reasonable driving distance of half the population of the USA. Plus the weather is a reasonable compromise between the long hot humid summers of the south vs the long cold winters of the north. Louisville does have hot and cold weather, but it doesn't last as long. There are more nice days per year than most other low cost cities.
If you decide to move to a small town from a big city, make sure you're aware of the problems small towns have for seniors from big cities. Louisville seems like the perfect compromise, to avoid small town problems but get away from the costs and problems of big cities. You could try Indianapolis, but it has a reputation of having a lot of violent crime. Atlanta is way too big, crowded, congested and hot. Nashville is more expensive than Louisville, and Tennessee charges sales tax on food, which can impact your budget if you're living on a shoe string. (Shoe string = SS).
One advantage Louisville has over Florida beach cities is that it's a lot more likely to survive the disasters likely to come from global warming. Such as sea level rise. Louisville is around 400 feet above sea level, and hundreds of miles inland. It may seem like a silly concern now, but in the future, when cities like Miami and Tampa are under water, people will be thinking very differently. Real estate in Louisville is likely to go up, because of all the people moving there to get away from the ocean, when that time comes.
Yes, various types of bennies do exist for "poor" seniors ranging from Meals On Wheels to rent freezes. Much of it varies and the senior in question either needs to be proactive themselves and or have someone who will do so on their behalf in obtaining much of it. Even then it is very scattered uneven.
First there are the income requirements which can mean you have to be pretty near destitute to get some forms of aid.
Then there is the fact it seems what is given with one hand is taken away with the other. That is a senior may get some sort of rental/housing assistance but their medical/health needs eat up those savings.
I live around a lot of older homeowners in my little corner of the SF Bay Area who manage quite well with Social Security and a little Interest Income.
Everything they have was long ago paid for... they may live in a 700k home and one month's Social Security is enough to cover Property Tax thanks to Prop 13... an old low mileage car... $75 a month for Gas and Electric and another $75 for water... that 2k Social Security makes it all work.
Sure since you live in an economically depressed area it sounds funny. If your friends, family and roots were in the Maryland suburbs of DC instead of living in Baltimore you might understand. Even in retirement it takes an above average income just to get by.
Last time I checked, Baltimore was only 70 km from Washington. True, the former doesn't have the good government jobs, but certainly within commuting distance.
I live around a lot of older homeowners in my little corner of the SF Bay Area who manage quite well with Social Security and a little Interest Income.
Everything they have was long ago paid for... they may live in a 700k home and one month's Social Security is enough to cover Property Tax thanks to Prop 13... an old low mileage car... $75 a month for Gas and Electric and another $75 for water... that 2k Social Security makes it all work.
Renting is where you pay forever and ever and ever, rent without end, amen.
Renting is where you pay over and over and over for what the homeowner pays once.
Yes... and I can show you a dozen people professionals I work with that prefer renting... as crazy as it sounds.
One of our medical technicians has lived all around the country... with each promotion comes a move... he always rents and said the last thing he would ever do is to be tied down for a house.
I come from peasant farmer stock and owning is everything...
Renting is where you pay forever and ever and ever, rent without end, amen.
Renting is where you pay over and over and over for what the homeowner pays once.
Depending upon where one lives and a few other circumstances renting is *NOT* a bad thing.
Here in NYC you have persons who have been renters all their lives including living in rent controlled apartments. Their rents are so below market rate that even in the best possible situation (someone giving them an apartment free or nearly), they are better off where they are. However a good subset of these persons saved/invested and also own property elsewhere such as country house, condo in Florida, etc.... In short they planned wisely.
Study after study has shown the S&P 500 has out performed homeownership as an investment, and has been so for decades.
Now if you live in a very low cost area where owing a home/property is rather inexpensive, *and* you plan on remaining for enough time to let that investment grow, then yes owning your own place is the better option.
Renting is where you pay forever and ever and ever, rent without end, amen.
Renting is where you pay over and over and over for what the homeowner pays once.
I've rented my whole life. It's allowed me to live without worrying about maintenance and also to invest the difference. Each to his own. It's allowed me to retire, and have financial freedom. I'm way ahead of where I'd have been if I'd have purchased a home. The homeowner pays a great deal of money to the ability to live in the house. The renter rents. You can't blame your situation on renting. I've rented and I"m retired, and well, pretty well off.
Renting is where you pay forever and ever and ever, rent without end, amen.
Renting is where you pay over and over and over for what the homeowner pays once.
homeowner pays once ? ha ha ha ha . taxes here are way more then many original mortgages were .
what about all the costs of a home? the 35k home we had in the 1970's only sees a 300 a month difference with a paid off mortgage since taxes , utility's ,maintenance and insurance are many many many times more then that mortgage was .
in short , renting an apartment is cheaper then supporting that home with a paid off mortgage
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