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Buying A Big House When You Retire? Think Twice.

Once you’ve paid for your house, how much will it cost you? This is a crucial issue for anyone looking ahead to retirement. The more expensive your home, the more of a drain it’ll likely be in terms of property taxes, maintenance, homeowners insurance and more. Suppose you own a home that, in addition to any mortgage payment, costs $1,000 a month. You then get a fat pay raise, prompting you to trade up to a larger house, which has double the monthly expenses. Read more.

If you stay in the larger home during retirement, you’ll need to come up with $2,000 a month, equal to $24,000 a year. Based on a 4% annual portfolio withdrawal rate, that would mean $600,000 in retirement savings just to pay your housing costs, versus $300,000 for the smaller home.
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Housing Recovery in Red States Trounces Blue States

In the past two years, the housing markets have recovered faster in red states than in blue, a new analysis reveals. According to data from RealtyTrac, most housing markets in the U.S. (52%) are better off now than they were two years ago, though 11% are worse off and for the 36% remaining it’s merely a toss-up.

Put simply, to be declared “better off,” a majority of the residents in that state had to live in counties that exhibited at least three of these five factors (all of which have a strong influence on housing health): significantly fewer foreclosure starts; higher median home prices; a percentage of homeowners who are severely underwater on their mortgages that was lower than the national average; significantly lower unemployment; and be counties where home prices didn’t rise so quickly that many average people could no longer afford to purchase a home. Read more from Marketwatch.com.

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