Listen to your elders and buy a home

Home advice from the elderly
Buying a home was the best financial decision according to a majority of the elderly.

With age comes increased experience and wisdom. Talk to most seniors and you will quickly find out that there is much to learn from their experiences. Recently, American Advisors Group conducted a survey of more than 1,500 respondents ages 60 to 75. The goal of this survey was to obtain their feedback on financial decisions and home ownership.

The results

Not surprisingly, buying a home was listed as the best financial decision made by 74% of respondents.

  • 73% of respondents stated that their home was their most valuable asset
  • 55% of respondents have paid off their mortgage and are living mortgage-free
  • 40% of respondents are planning to use the equity they’ve built to eliminate their monthly payment (reverse mortgage)
  • 92% of respondents plan to live their later years in their current home
  • 50% of respondents stated that the pandemic has made them want to live in their current home for the rest of their lives

Summary

A report from the U.S. Census Bureau found that homeowner households had a median wealth of $269,100 compared to $3,036 for renters. In fact, homeowners’ median wealth was a stunning 89 times higher than that of renters. According to the National Association of Realtors®, the typical homeowner accumulated $176,123 in home equity in a span of 10 years on a median-priced single-family home. Over 30 years, the wealth gain increased to $307,979. Needless to say, home ownership (particularly in South Florida), is one of the wisest financial decisions that you can make.

At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!

By natasha moore

REALTOR® with Live South Florida Realty, Inc.

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