To Buy in an Older Community?

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For homes listed for sale on Zillow, about 14.2 percent saw a price cut in June, up almost a full percent from a year prior. Some have begun to argue this, coupled with rising home prices across the nation beginning to slow, forecasts the beginning of a shift to a buyer’s market. However, these price cuts are largely in the higher priced homes housing market. While people are buying homes at the top end of the market, much of the traffic we’re seeing today is for the starter homes, where it’s still a seller’s market.

Could age influence home prices? Homes in the top three areas with the oldest residents are lower priced despite the beachfront location that’s so in-demand. The counties with the highest percentage of working-age residents (aged 20-64) also have home values that are well above the national median. Arlington, VA has an average home price of $672K, triple that of the $217K national average, and in San Francisco, home prices are more like $1.3M. “Retiring early” to an older, beachfront community is sounding better and better.

Millennials are worrywarts and at 77 percent, more likely than any other generation to lose sleep over things like money, credit card debt, career, relationships, and more. However, it was older millennials who worried most about monthly housing costs. It’s still a good time to compare rent vs. buying, and possibly refinancing to lower that monthly payment. Best part: mortgage reviews are free. Seven-in-ten adults lose sleep thanks to stress, and over a third of these individuals quote money as the cause.

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