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One of the most effective steps Baby Boomers can take to
live better on a fixed income is to relocate to an area
where the cost of living is less. This can result in
dramatic savings without sacrificing your quality of life.
In fact, in many cases the quality of life significantly
improves.
Many Baby Boomers live in relatively expensive areas, like
San Diego, where home prices are dramatically higher than in
the rest of the nation. Just selling your home and
relocating to more affordable areas may allow you to buy a
new home for cash and still retain a nice nest egg to
supplement Social Security or pension income. And if
the real estate market does not justify selling your
residence now, you can always rent or lease it out until
times are better.
Best Places in the U.S. for Baby Boomers on a Budget
to Retire
Yes,
there are still places right here in the U.S. that are
excellent retirement locations for Baby
Boomers who must live off Social Security or a pension and
have an additional small nest egg (401K, investments, etc.).
Obviously, you want to avoid areas with high housing costs
or which are dependent upon expensive fuels for heating and
traveling. U.S.
News and World Report has profiles of places for
retirement by criteria, and lists the following "Best Places to Retire"
in a feature from 2011.
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Thinking about selling your home or buying a
retirement home? Get FREE advice with our Baby
Boomer
real estate
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In
recent articles, AARP offers a host of reports that can help
Baby Boomers decide on the best place to retire for them:
USNews has also researched
10 bargain retirement spots for Baby Boomers.
Within the past year, I visited Austin, Texas on a
real estate business trip. The city still has a solid
economy, culture, entertainment and inexpensive housing.
I strongly recommend looking at Austin as a great place to
retire and make your bucks go further.
Click here to learn
more about Austin as a possible retirement location.
Retirement Home
Bargains
The
recession has a flip side for Baby Boomers. Sure, it
hit your savings and home equity hard, but it has also
yielded a window of opportunity to pick up a retirement home
at a bargain price.
There are tremendous bargains to be had in today's market,
especially in areas like California, Nevada, Arizona and
Florida. Sell or rent your current home out to take
advantage of these unique opportunities, or buy that second
home now!
Rural Areas
Offer Home Financing for Low-Income Baby Boomers!
Rural Housing Direct Loans are loans funded directly by the
government. They are available for low- and very-low
income baby Boomers to obtain home ownership.
You
can get 100 percent financing. including repairs and
renovations or to purchase a site and install water and
sewage! Mortgage payments are based on the household's
adjusted income. To qualify, your income can be as
high as 50-58 percent of the average median income for the
area in question.
This
is a good deal for Baby Boomers who have suffered financial
setbacks or live solely on Social Security. Find out
if you are eligible and learn more at the
USDA Rural Development Website.
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