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You can get into your town's senior housing units in the Boston area while still making almost 65k a year. If you are in an affluent town you will find that those complexes are well kept. If you apply in the town you currently live in the wait list should not be more than several years.
Wow. And here I thought I was doing so well! If I stayed back East, that would have been my situation near Boston. How is that poor?
It is, trust me. Same situation in any of the so-called Bedroom Counties outside NYC. Or even parts of coastal Connecticut if within commuting distance of NYC.
As @yellowsnow mentioned, an income of $30K/single or $60K/couple is effectively poverty level in the NYC metro areas and immediate suburbs, even if it's not national-statistically considered so. In real world daily life conditions those numbers are bare-bones. It's not uncommon for housing (esp. if mortgage + property taxes) to eat up 30%-40% of income in my area, for example.
It is, trust me. ...It's not uncommon for housing (esp. if mortgage + property taxes) to eat up 30%-40% of income in my area, for example.
I was living 30 miles west of Boston when I moved to Colorado for retirement. My r/e taxes were about $6500/yr for a two-bedroom 1250sq.ft. house in a great town (certainly a good size for two if a couple). Mortgage was about $1600. I could certainly live there with those costs and a $60k income in retirement. Cut out the restaurants and I'd be a-ok.
I didn't move to CO for cost of living, as costs here aren't a whole lot better except for r/e tax.
I have never agreed that living costs must be 25% of budget. Not reasonable and certainly not impoverishing if 25 percent or more.
Have one new car and maintain it like religion. Watch charitable contributions. Carry dental insurance.
I do not agree that $60k in a high COL area is anywhere near poor.
I don't understand.... do you still owe those two houses? or do you have the proceeds from the sale in savings?
Is your only asset / money SS?
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I do not agree that $60k in a high COL area is anywhere near poor.
But for two people, though? For one person, sure, no problem on $60K. But two? Especially if having two cars is a necessity, which in some areas it is. (I know there's Uber, Lyft, etc but not everywhere and not everyone is comfortable using it; I would not be.)
Would you consider a manufactured home (previously known as mobile homes)? You might be able to buy one and avoid monthly housing costs.
Some states treat these as personal property such as autos (even though they are not mobile any longer) which would reduce your property tax bill considerably.
We will have 1 car, no debts, and very simple needs. Moving isn't an option, we're in metro-Boston, have no funds for a downpayment and cannot find a rental for less than what we are paying now.
Could you do live on about $3300/month, after housing costs? What would you do to get ready?
To get ready start cutting optional costs now and put all you can into an account that makes interest.
How do you spend your money? What are things you can reduce?
Eating out? Entertainment? regularly buying new cars?
Make a goal of spending ONLY 3300 a month after housing expenses now. What does that picture look like?
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