It is a brutal time for Americans in this current economy. In addition to rising costs, the housing market has been all over the place. And for retirees, that can be particularly scary. Right now, foreclosures in the U.S. are up 18% from this time last year, with a 42% increase in completed foreclosures, according to Realtor.com. These three states, which are favored by retirees, are at the top of the list.
Delaware’s foreclosure stats are complicated, with 1 in every 1,739 homes foreclosed. The state has fewer housing units, so it doesn’t take much to push the foreclosure rate into more alarming numbers than in larger states.
Still, Delaware recently performed its first comprehensive property tax reassessment in 40 years. Many homeowners saw their property taxes spike, making their homes unaffordable. The foreclosures began rolling in. Cost of living, HOA fees, and higher housing costs have also contributed to the state's crisis.
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South Carolina
Not far behind Delaware is South Carolina, a state that’s seen the fastest population growth in the country. With 1 in every 1,745 homes foreclosed, the rapid growth is also contributing to the high foreclosure rate.
Migration to the state caused inflated home prices, often outpacing local wages. Buyers who purchased at the apex of the boom were saddled with disproportionately high mortgages. With the economy as bad as it is now, homeowners aren’t able to refinance or sell high enough to recoup their losses.
Related: These Are the 19 Best Cities To Retire in Across the Country’s Main Regions
With 1 in every 2,092 homes in foreclosure, Florida ranks third on the list (though some data suggests it may be first). Owners get hit with a triple whammy; home prices are astronomical, property taxes recently shot up, and homeowners pay the highest rates in the country.
Because of the disproportionate number of condos in the state, homeowners have mortgages, insurance, and HOA fees, all of which increase every year. With inflation growing faster than wages, it’s no wonder that these compounding fees are pushing owners out.
Runners Up
Rounding out the top five states are Indiana (1 in every 2,129) and Illinois (1 in every 2,262). The COVID-19 migration of workers from expensive cities to more rural areas artificially boosted home prices across the country. Now, these areas are seeing higher foreclosure rates because wages haven’t kept pace.
Related: This Illinois City Was Named the Best Retirement Destination for Great Healthcare (And No, It’s Not Chicago)
If moving in your retirement is part of your plan, it’s important to first understand your finances and what you can afford. Homes that have been on the market longer or are being sold by the bank could be a great way to snag a great space for a great price, but other factors like home insurance and property tax increases are worth noting before signing on the dotted line.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
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