If you're about to retire, and you can't afford the area you live in now because you're too poor, you should move there. Sure, it's the dumps, but you can afford it.
If you buy a $7,000 house (I found a really nice 3500 sq ft one with 4 bedrooms and two baths), and you borrowed $30,000 to buy it and fix it up at a rediculous 8% rate over 15 years, your mortgage would be about $287 per month.
Assuming you got $1400 in social security a month, you'd only be spending 20% of your ss on housing.
Seriously, it's the new cheap retirement village of the future.
Maybe I should buy one for my mom. I think if stopped paying $7 for lunch and $3 for starbucks I could easily afford that.
But then...
...she's be far away when she retired....
...tempting...
If you buy a $7,000 house (I found a really nice 3500 sq ft one with 4 bedrooms and two baths), and you borrowed $30,000 to buy it and fix it up at a rediculous 8% rate over 15 years, your mortgage would be about $287 per month.
Assuming you got $1400 in social security a month, you'd only be spending 20% of your ss on housing.
Seriously, it's the new cheap retirement village of the future.
Maybe I should buy one for my mom. I think if stopped paying $7 for lunch and $3 for starbucks I could easily afford that.
But then...
...she's be far away when she retired....
...tempting...
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