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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
72% Claim They Won't Touch Home Equity To Fund Retirement
Posted on 05/25/2007 05:47:49 | Link | Post Comment
Americans say they won't touch their home equity for everyday costs in retirement. A fresh poll from the Center for Retirement Research at Boston College found that 72% of homeowners ages 50 to 65 who were surveyed said "No" to the question “Are you planning to use any of your home equity to finance ordinary living expenses in retirement (such as food, clothing and travel)?” Only 6% said "yes" and 22% were unsure. The top way to get at those housing profits, for those who told pollsters they would tap it, was downsizing (55%), followed by reverse mortgage (15%) and home equity loan (11%.)
The study's conclusion, though, raises questions ...
"The survey results suggest that those approaching retirement today have a view towards their house that mirrors that of those already retired — they do not plan to affirmatively access their home equity but rather plan to hold on to their house for insurance against unplanned living or health expenses or to leave as a bequest. But given that the retirement landscape is becoming more treacherous, that picture may well change. Indeed, the equation suggests that being inadequately prepared for retirement, having to rely on a defined contribution plan, and having a mortgage are all positively related to plans to tap home equity in retirement. These factors — inadequate preparation, reliance on defined contribution plans, and having a mortgage in retirement — are all on the rise, suggesting that a similar survey five years from now will show significantly more people planning to tap their housing equity to cover living expenses in retirement."
To read more CLICK HERE
Job, population growth push Valley's apartment rents up
from the Arizona Republic, reports that apartment rents will likely climb higher in the coming months as supply dwindles and investors look to snatch up properties. Sales of apartment complexes has been brisk, and the trend shows no signs of letting up now that the condo-conversion craze has come to a halt. In the first four months of 2007, there were 48 sales of apartment complexes with 100 or more units, according to CB Richard Ellis Phoenix, representing $1.25 billion in sales. During the same period last year, there were 64 sales worth $1.1 billion. As a result, the average rent for an apartment in metro Phoenix rose to $805 in the first quarter of 2007, while a year ago it stood at $771. Some other factors driving the buying activity include lack of new product and job and population growth.
Housing Bubble and Real Estate Market Tracker from SA for 5/24
The study's conclusion, though, raises questions ...
"The survey results suggest that those approaching retirement today have a view towards their house that mirrors that of those already retired — they do not plan to affirmatively access their home equity but rather plan to hold on to their house for insurance against unplanned living or health expenses or to leave as a bequest. But given that the retirement landscape is becoming more treacherous, that picture may well change. Indeed, the equation suggests that being inadequately prepared for retirement, having to rely on a defined contribution plan, and having a mortgage are all positively related to plans to tap home equity in retirement. These factors — inadequate preparation, reliance on defined contribution plans, and having a mortgage in retirement — are all on the rise, suggesting that a similar survey five years from now will show significantly more people planning to tap their housing equity to cover living expenses in retirement."
To read more CLICK HERE
Job, population growth push Valley's apartment rents up
from the Arizona Republic, reports that apartment rents will likely climb higher in the coming months as supply dwindles and investors look to snatch up properties. Sales of apartment complexes has been brisk, and the trend shows no signs of letting up now that the condo-conversion craze has come to a halt. In the first four months of 2007, there were 48 sales of apartment complexes with 100 or more units, according to CB Richard Ellis Phoenix, representing $1.25 billion in sales. During the same period last year, there were 64 sales worth $1.1 billion. As a result, the average rent for an apartment in metro Phoenix rose to $805 in the first quarter of 2007, while a year ago it stood at $771. Some other factors driving the buying activity include lack of new product and job and population growth.
Housing Bubble and Real Estate Market Tracker from SA for 5/24
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