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FEMA New Flood Insurance Manual

FEMA New Flood Insurance Manual | Texas Coast Real Estate | Scoop.it

All buyers of older properties (“pre-FIRM”) will see a premium rate reduction under the Homeowner Flood Insurance Affordability Act of 2014.

Instead of jumping to “full cost” for flood insurance, buyers will assume the seller’s Oct-2013 rate for a pre-FIRM property.

FEMA also extended the rate relief so all pre-FIRM properties (including second homes and businesses) will begin paying Oct-2013 rates when they purchase or renew their flood insurance after 2014

  • ALL buyers of a pre-FIRM property, not just those whose seller has an existing policy;
  • ALL recent owners who apply for a new flood insurance policy on a pre-FIRM property;
  • ALL recent owners who reinstate an old pre-FIRM policy that previously lapsed for any reason;
  • ALL recent owners who renew a policy on a pre-FIRM property bought or newly insured after the 2012 Biggert-Waters law.

While expediting the rate relief, FEMA must still issue refunds to all those who paid more than their Oct-2013 rate. FEMA has updated THE manual which insurance companies use to write flood insurance policies.  The comprehensive manual provides answers regarding flood insurance.

Download the FEMA manual at http://www.fema.gov/media-library/assets/documents/97901The National Flood Insurance Program (NFIP) Flood Insurance Manual is used primarily by insurers and agents selling and servicing Federal flood insurance.

Why was it critical for Congress to pass the 2012 Biggert-Waters National Flood Insurance Reforms?

  • Provided 5 years of certainty from NFIP shutdowns and extensions that had cost 40,000 home sales a month. Home owners can rest assure that flood insurance will be available at the closing table.
  • Maintained NFIP coverage so no one takes their chances in a private market that cherry picks million-dollar property owners. Flood insurance is accessible to all homeowners and businesses.
  • Gradually phased-out subsidized flood insurance that had painted a giant budget “bull’s eye” on NFIP. The program will borrow less from taxpayers to make up for undercharging old properties.
  • $24 billion – The amount NFIP had to borrow to cover claims after Hurricane Katrina. Biggert-Waters pays back $5 billion and keeps the program from going broke in the long run.

Do the flood insurance amendments apply to second homes and commercial properties?

  • Yes.  The amendments will slow the highest rate increases under Biggert-Waters for the vast majority of second homes and commercial properties.
  • While some may not see a “rate reduction,” everyone will gain new options to help moderate the impact and transition:  they can sell, assume, grandfather, mitigate, or appeal under these amendments.
  • Before, theBiggert-Waters law was:
    • Impacting property values; each $500 premium rise meant a $10,000 loss in value according to the RAND institute; and
    • Picking winners and losers not only among the property owners if they tried to sell but also among the communities where these properties are concentrated.
  • The problem was owners of second homes and commercial propertieswere stuck:
    • Could not sell the property because buyers were either balking at flood insurance increases above 25% per year or worried that it might one day lose its “grandfathered” status.
    • Could not elevate the property (due to the cost or nature of construction), appeal the flood insurance rate map, raise deductibles further, or find anyone at FEMA to advocate on their behalf with insurance companies that were providing wildly inaccurate rates and quotes.
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It's cheaper to buy than rent in Corpus Christi

It's cheaper to buy than rent in Corpus Christi | Texas Coast Real Estate | Scoop.it

Homes were more affordable for typical buyers in the third quarter compared to historically in a majority of markets analyzed. However, there were some exceptions. Large metro areas where homes were less affordable in the third quarter (requiring a higher percentage of income) compared to the historic average include Los Angeles, San Francisco, San Diego and San Jose, all in California.

Renters, on the other hand, continue to struggle. Renters making the national median income and renting the median-priced apartment should expect to pay about 30 percent of their income in rent, compared to roughly 25 percent historically.

Michael Stuart's insight:

In Corpus Christi renters need to pay almost twice as much as buyers. With average rent affordability of 30% and mortgage affordability 15%.


For homes in Corpus Christi - it's cheaper to keeper.

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Short sale tax break passes in House

Short sale tax break passes in House | Texas Coast Real Estate | Scoop.it
According to a recent estimate from RealtyTrac, there have been more than 170,000 short sales representing a mortgage debt forgiveness of $8.1 billion total in the first three quarters of 2014 alone. All those borrowers will be facing massive tax bills if the bill doesn't pass in the Senate as well.
Michael Stuart's insight:

NNow that the House passed an extension of Mortgage Debt Forgiveness Act, those homeowners may be getting a reprieve.

“I just think it’s unfair and I think most would concur that it’s unfair that individuals would have to pay taxes on income that they have never received,” said Sen. Dean Heller, R-Nev., at a Senate Banking Committee hearing.

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Lone Survivor Crystal Beach Texas Retreat Facility

Lone Survivor Crystal Beach Texas Retreat Facility | Texas Coast Real Estate | Scoop.it

LSF's Crystal Beach Retreat is being built by BRINT Construction who joined with LSF to build the facility. Completion of this project is projected for early 2015.

Michael Stuart's insight:

The total costs for this project are estimated at $750,000. The online fundraising goal is $200,000.


See more at help: http://lsfcrystalbeach.kintera.org

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4.8 Million Galveston Beach Restoration Project

4.8 Million Galveston Beach Restoration Project | Texas Coast Real Estate | Scoop.it

The project aims to construct a large dune and replenish nearly 300 feet of beachfront.

Michael Stuart's insight:

City officials yesterday announced sand will be dredged from the Galveston Ship Channel for a $4.8 million beach restoration project.

  • About 120,000 cubic yards of sand will be restored between the west end of the Galveston seawall and Dellanera RV Park.
  • The project is being paid for by the city, the Texas General Land Office, the Galveston Park Board of Trustees and some condominium owners.


The project aims to construct a large dune and replenish nearly 300 feet of beachfront. Officials say the dune is necessary because the area is prone to rapid erosion and is near FM 3005, a hurricane evacuation route.

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Texas not in this top 30 housing list!

Texas not in this top 30 housing list! | Texas Coast Real Estate | Scoop.it
So 15 of the 30 cities with the highest rents in the country are all in the San Francisco Bay Area, with Palo Alto topping the list, according to this lovely..
Michael Stuart's insight:

So 15 of the 30 cities with the highest rents in the country are all in the San Francisco Bay Area, with Palo Alto topping the list, according to this lovely report from Lovely that came out last week.


Texas doesn't have a city that makes this lone list.

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Luxury Buyers Are Spending Mega Bucks in These Markets

Luxury Buyers Are Spending Mega Bucks in These Markets | Texas Coast Real Estate | Scoop.it

The high-end residential real estate market remains strong point and plays a big role in the housing recovery. Nearly half – 48 percent – of all wealthy consumers recently reported that they plan to purchase a luxury home within the next 12 months, according to a survey of consumers with a net worth of at least $5 million conducted by Coldwell Banker Previews International program and the Luxury Institute. For affluent individuals under the age of 35, the percentage of those planning to buy a luxury home in the next year jumps to whopping 81 percent. This group of affluent Millennials also reported the highest average purchase price of all age groups at $7.8 million, according to the survey.

So where are luxury buyers’ targeting their home search? Coldwell Banker’s survey identified the following 10 U.S. cities as having the highest number of luxury home sales valued at $1 million or more during the last 12 months through June 2014:

  1. San Francisco: 2,485 (the number of home sales valued at $1 million-plus)
  2. Los Angeles: 2,170
  3. New York: 2,145
  4. San Jose, Calif.: 1,119
  5. Houston: 981

Via: http://realtormag.realtor.org/daily-news/2014/10/03/luxury-buyers-are-spending-mega-bucks-in-these-markets

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Houston Ranks In Top 3 U.S. Condo Markets

Houston Ranks In Top 3 U.S. Condo Markets | Texas Coast Real Estate | Scoop.it

While the national condo market is recovering, analyzing condo sales activity in the top 25 condo markets by total sales reveals some very different patterns at the metro level measure. Similar to the impact it had on the rest of the market, the interest-rate rise in the second half of 2013 caused condo sales to cool off somewhat, and by June 2014 only 14 of those same markets were exhibiting increases year over year. As of June 2014, Denver led the pack with condo sales that were 16.9 percent higher than a year ago, followed by Houston (15.5 percent) and Naples, Fla. (10.8 percent). Examining a variety of real estate transaction-related data reveals that cash sales have had the largest impact on changes in condo sales. This should not be a surprise given that the cash share of condo sales was 53 percent in the first half of 2014. In fact, in some of the markets, condo cash sales almost exclusively account for all sales. For example, three of the top 25 condo markets had condo cash sales that exceeded 85 percent. Via: http://www.corelogic.com/blog/authors/sam-khater/2014/09/the-long-term-rise-of-condo-sales.aspx#

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What Luxury Buyers want in Houston on the Texas Coast

What Luxury Buyers want in Houston on the Texas Coast | Texas Coast Real Estate | Scoop.it

What Are Luxury Buyers Looking For?

Location is no longer the top search criteria among luxury buyers, particularly the younger generations, according to the survey.


With the ability to work remotely becoming an option for a growing number of people, only 25 percent of the under-35 age group indicate that location dominates their home search criteria.


  • The under-35 group factors in lifestyle considerations instead, with 75 percent saying that dictates their choice of which home to buy. 
  • The demand for eco-friendly homes is growing, too. Nearly one-third of all wealthy buyers under the age of 45 surveyed said a “green” or “LEED certified” home was more important to them than it was just three years ago.
  • Twenty-five percent of luxury home buyers also a fully automated, high-tech home as a greater priority.
Michael Stuart's insight:

For affluent individuals under the age of 35, the percentage of those planning to buy a luxury home in the next year jumps to whopping 81 percent.


This group of affluent Millennials also reported the highest average purchase price of all age groups at $7.8 million, according to the survey.

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What Slowdown? Eight Housing Markets That Are Speeding Up

What Slowdown? Eight Housing Markets That Are Speeding Up | Texas Coast Real Estate | Scoop.it

Buyers should prepare themselves: These markets are shaping up to be even more competitive than they were in 2013. Read MoreThe post What Slowdown? Eight Housing Markets That Are Speeding Up appeared first on Redfin Real Estate Blog.

Source: Redfin Real Estate Blog » Real Estate News & Analysis
URL: http://blog.redfin.com/?p=22962
Keywords: Featured Posts,Real Estate News & Analysis,featured,research-special-report

The post What Slowdown? Eight Housing Markets That Are Speeding Up appeared first on Redfin Real Estate Blog.

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South Padre Island SpaceX groundbreaking ceremony

South Padre Island SpaceX groundbreaking ceremony | Texas Coast Real Estate | Scoop.it

With the room packed with state and local politicians and officials, business and real estate representatives, and local residents, the ballroom at the Hilton Garden Inn on South Padre Island was filled to capacity for the celebration of the groundbreaking ceremony for the SpaceX rocket launching facility that is being built on Boca Chica Beach in Brownsville.

Michael Stuart's insight:

It is a huge coup for the state of Texas and the lower Rio Grande Valley in particular, and promises to make the area a destination spot for space fanatics everywhere. The overall response was enthusiastic and positive, with many local residents expressing their feelings about the impact SpaceX will have on the community.

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Texas Coast Virtual Offices like Google's for Innovation

Texas Coast Virtual Offices like Google's for Innovation | Texas Coast Real Estate | Scoop.it

Creativity is an important element in all business, but it's not something that can be manufactured. Luckily, there are steps enterprises can take to inspire their employees to be more innovative and productive.

Michael Stuart's insight:

It is no surprise that Google offers a creative environment and a lot of perks to its employees – after all, innovation is at the core of Google’s business model. Each office has its own unique design and features.


Which Texas coastal city will be first to support virtual offices for Austin's tech elite?

  • to have "innovation get-a-way" spaces or
  • even permanent virtual beach and bay workspaces
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Avoid Housing Crunch By Employing A Sound Strategy

Avoid Housing Crunch By Employing A Sound Strategy | Texas Coast Real Estate | Scoop.it

Baby Boomers Need To Plan and Strategize To Overcome Increasing Housing Costs in Retirement

Michael Stuart's insight:

Those American Baby Boomers born between 1946 and 1964 are facing some pretty serious issues in the foreseeable future none of which are as daunting as the cost of housing in their retirement years. 


Notwithstanding the estimated costs of $220,000 a couple will need in retirement for health care costs housing costs will dwarf that number as most experts believe that boomers will be forced to spend in excess of 30% of their monthly incomes supporting their abodes.  The struggle is just beginning because housing costs, both for ownership and for rentals, is skyrocketing throughout the country.

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Texas Eastern Open Project pipeline from Ohio to Gulf Coast gets OK

Texas Eastern Open Project pipeline from Ohio to Gulf Coast gets OK | Texas Coast Real Estate | Scoop.it

The pipeline will stretch from the Kensington processing plant in Columbiana County through Carroll, Jefferson and Belmont counties before ending in a Texas Eastern interconnection in Monroe County. Those four counties are where much of the Utica shale oil and gas activity is centered.

Texas Eastern would build a gas turbine compressor station in Belmont County and make adjustments to existing compressor centers to allow bidirectional flow.

Michael Stuart's insight:

All roads and pipelines lead to the Texas Gulf Coast. The Texas Eastern pipeline system has more than 9,200 miles of pipe across the U.S.


Bidirectional pipelines are new and growing in Appalachia. Natural gas used to flow from the Gulf Coast to the eastern U.S., but increased production from Ohio, Pennsylvania and West Virginia shale has led to those states exporting instead of importing natural gas.

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Can You Afford to Rent in Corpus Christi?

Can You Afford to Rent in Corpus Christi? | Texas Coast Real Estate | Scoop.it

How much do you need to make per hour to afford the median rent in Corpus Christi? $10 per hour? $15 per hour? According to a Zillow Rentals analysis, it's $28/hr for Corpus Christi.

Michael Stuart's insight:

$28/hr is the Zillow rental analysis number for most of the Texas coast area.


See the interactive map for details: http://www.zillow.com/research/minimum-wage-rent-affordability-8484/

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Texas real estate soars in 2014

Texas real estate soars in 2014 | Texas Coast Real Estate | Scoop.it

In its 2014 Texas Annual Housing Report, the Texas Association of Realtors states that Texas experienced growth in job, population and the economy as a whole in 2014, all of which drove housing and real estate to a highly successful year.

According to the TAR report, Texas currently gains more out-of-state residents than any other state and is a leader in home sales from international buyers. An October TAR report showed that that more than 584,000 people moved to Texas from out of state in 2013.

Additionally, the share of international homebuyers reached a five-year high in the last year, adding more than $11 billion to the Texas economy in a 12-month period.

Michael Stuart's insight:

People are moving to Texas from across America and around the world to take part in our state’s booming economy, business-friendly environment and quality of life.

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Do Black Friday Deals Exist in Texas Coast Real Estate?

Do Black Friday Deals Exist in Texas Coast Real Estate? | Texas Coast Real Estate | Scoop.it

Black Friday is the holy grail for deal-seeking shoppers during the holiday season. But what about buyers searching for a home — do the same deals exist for real estate on the Texas coast? 

Michael Stuart's insight:

For vacation home rentals it does - and what better way to get to know the area and community; more importantly, get your loved ones together.



The Texas Beach Brings Loved Ones Together!

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Texas Takes on OPEC in Saudi Arabia

Texas Takes on OPEC in Saudi Arabia | Texas Coast Real Estate | Scoop.it

For the first time in a long time, the ability to determine the price of oil no longer clearly resides with OPEC, it's Texas, where America is still strong.


This shift has big geopolitical implications, affecting everything from Iran’s nuclear program to the fight against ISIS. And it helps explain why most OPEC members come to the meeting having spent the past few weeks talking about the need for cuts.


Russia as the world’s top oil producer wants cuts, too. Over the weekend, Russia and Saudi Arabia agreed to cooperate on oil prices.


The Texas coast market is booming with no end in sight, with the panama canal expansion opening in 2016.


Also read: http://www.businessweek.com/articles/2014-10-30/it-looks-like-80-oil-is-here-to-stay

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Why Texas is the place to be!

Why Texas is the place to be! | Texas Coast Real Estate | Scoop.it
In looking at the four largest Texas regions — Houston, Dallas, San Antonio and Austin — each has its own unique features and economic drivers, while all share common threads that make Texas appealing for businesses.
Michael Stuart's insight:

One of the biggest attractions of companies to Houston is its skilled labor. Harvey said the workforce runs includes all types of professionals, including a very high concentration of engineers, second only to Silicon Valley.


Other attraction and retention factors include having a strong financial depth, great job market and an economy that is almost recession-proof. Houston, as well as Dallas and San Antonio, also boast a comparatively low cost of living.


In Austin, quality of life is also an important attraction, and having an environment that promotes creativity, the arts and technology, all of which tend to attract a younger group of people, is what this city does best.

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Kaye Davis's curator insight, November 3, 1:44 PM

Why Texas is the place to be!

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Housing shortage looms for Houston's baby boomers

Housing shortage looms for Houston's baby boomers | Texas Coast Real Estate | Scoop.it
Houston faces one of the largest housing shortages for Baby Boomers in the country, according to a new report.
Michael Stuart's insight:

As Boomers retire, many look to downsize from large suburban homes into more manageable homes in urban centers where they can live closer to city attractions and amenities, according to Metrostudy.


Its report does not seem to take into account seniors looking to move into multifamily projects.


Metrostudy forecasts increasing demand for smaller homes closer to the urban core. It estimates that about half of all new home purchases within the next five to 10 years will be made by adults 55 and older.


Texas has 3 of the top 10 cities with the largest housing deficits:

  1. Dallas-Fort Worth
  2. Houston
  3. District of Columbia
  4. Atlanta
  5. Miami
  6. Denver
  7. Seattle
  8. Phoenix
  9. Austin
  10. Minneapolis-St.Paul
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Texas jobs surge

Texas jobs surge | Texas Coast Real Estate | Scoop.it

The Texas economy, from our employers across all major industries to our skilled and dedicated workers, continues to perform at a record pace," said Texas Workforce Commission Chairman Andres Alcantar

Michael Stuart's insight:

Over the month, nine of the 11 major industries tracked by the state agency showed positive growth.


The Leisure and Hospitality sector led the growth with 9,300 jobs.


Mining and Logging, which includes the oil-and-gas sector, added 5,000 jobs over the month, and construction added 5,400 jobs over the month.


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Landscaping Boosts Home Values Up to 12%

Landscaping Boosts Home Values Up to 12% | Texas Coast Real Estate | Scoop.it
A $150,000 home with no landscaping could fetch an additional $8,300 to $19,000 by adding a landscape with color and large plants, according to research from Virginia Tech.
Michael Stuart's insight:

"The most preferred landscape included a sophisticated design with large deciduous, evergreen, and annual color plants and colored hardscape," according to Niemiera. Adding different plant sizes to a front yard, for example, can boost curb appeal, as well as mixing fruit trees and flowers for added color.

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Richard Spencer's curator insight, October 16, 4:40 AM

How  to  increase  the  value  of  your  home

 

This is  a  good  article  worth  sharing.  Even  now  with  the  sun shinning  now  Im  off  this  afternoon  to  help  a  client  sell  her  home  by  doing  up  her  front  garden  for  that  important Curb  appeal  effect  I  have  made  a  listly   list  thing  to  do  for  that  wow  factor   http://list.ly/list/Sw9-how-to-increase-the-value-of-property to  give  you  some  idea 

Meny  people  have  really  no  idea  about  how  to  sell  the  house  properly . Thinking  that  if  the  inside  looks  good  then  the  new  owners  can  come  and  do  the  garden.

And  in  my  work  i  have  seen  gardens  that  even  the  surveyers  cannt  get  to.

So  I  cannt  really  emphasise  enough  of  the  importance  of  it is    

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Galveston mega-dune project vs open beaches

Galveston mega-dune project vs open beaches | Texas Coast Real Estate | Scoop.it

A Megadune project will soon rise west of the seawall
in Galveston despite open beaches act.

Michael Stuart's insight:

The GLO has never signed a static easment form and never will because they do not believe that anyone owns Texas Beaches.


Texas has long prided itself on its Open Beaches Act, which guarantees public access to beaches along most of the state’s 367-mile Gulf Coast.


But public beach advocates say a recent Texas Supreme Court decision — which is supported by the front-runner in the race to be the state's next land commissioner — and a growing property rights movement could endanger that guarantee.


  • They fear that as beaches face impacts from coastal erosion, rising sea levels and the threat of powerful storms, private property rights could take precedence over access to public beach access.
  • But many private property rights advocates hailed the ruling. Among the supporters is George P. Bush, a Republican widely expected to win the November election to head the General Land Office.

  • In the event of storms, landowners whose property has been taken were not compensated enough, and that there are many other places along the coast that the public can access without threatening private property interests.


The current Texas land commissioner, Jerry Patterson, who was named in the Severance lawsuit, has excoriated the Severance ruling as weakening public access in a “Californication of Texas beaches.”


As a result of the decision, the General Land Office canceled a $40 million beach nourishment project in Galveston for fear of illegally spending public money on private land.

  • Patterson said he feared more similar projects would have to be abandoned.


Read more at: http://www.texastribune.org/2014/09/28/open-beaches-law-uncertain/

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Port A is a Fall Favorite Vacation Destination

Port A is a Fall Favorite Vacation Destination | Texas Coast Real Estate | Scoop.it

Happy fall, y'all! In the meantime, be a tourist on our YouTube 

Michael Stuart's insight:

Sunbathing and splashing in the surf still await visitors who want to escape the hustle and bustle to stake out their own stretch of glorious sandy shoreline. Fall in Port A is full of balmy breezes, excellent fishing and seasonal bird migrations, all at pocket-pleasing prices.

The Port A trolley will take you around town to boutiques and art galleries filled with unique coastal treasures. Indulge in fresh seafood at a waterside table at our many fine local eateries and experience a breathtaking sunset before returning to your beach house or waterfront condo’s balcony. For those that prefer to sleep under the stars, set up your personal paradise at our campgrounds or RV parks.


See Video


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Avoid Housing Crunch By Employing A Sound Strategy

Avoid Housing Crunch By Employing A Sound Strategy | Texas Coast Real Estate | Scoop.it

Baby Boomers Need To Plan and Strategize To Overcome Increasing Housing Costs in Retirement

Those American Baby Boomers born between 1946 and 1964 are facing some pretty serious issues in the foreseeable future none of which are as daunting as the cost of housing in their retirement years.

Notwithstanding the estimated costs of $220,000 a couple will need in retirement for health care costs housing costs will dwarf that number as most experts believe that boomers will be forced to spend in excess of 30% of their monthly incomes supporting their abodes.  The struggle is just beginning because housing costs, both for ownership and for rentals, is skyrocketing throughout the country.

See on Scoop.it – Texas Coast Real Estate

Source: shellyrobersonrealtor.com

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