Is Moving Out of California the Key to Affording a Home?

Considering Buying a Home in a Less-Expensive Part of the US: A Financial Guide

Title: Single Women Consider Buying Homes in Affordable Areas for Retirement

In recent years, the idea of renting for life has become more appealing to many, especially single women living in expensive cities like Los Angeles. However, a recent conversation with a friend about purchasing a home in a more affordable area sparked curiosity for one individual.

The friend mentioned buying a home for her brother in Georgia for $35,000 a decade ago, where homes now go for around $60,000. This led to thoughts of relocating to a less expensive part of the country for retirement. Jovan Johnson, a certified financial planner, shared seven steps for single women considering this route.

First, it’s important to decide if you’re willing to relocate to a more affordable state. Consider moving to a state with no income taxes to save money and potentially access retirement plan distributions tax-free. Running the numbers for retirement is crucial to ensure you have enough saved to comfortably retire.

If planning to buy a home, it’s advisable to do so while still working to boost mortgage approval odds. Using funds from a Roth IRA for a down payment is another option, but it’s essential to consider the tax implications. Ultimately, the goal is to match housing expenses with or be less than rent costs.

For single women considering buying a home in a more affordable area for retirement, careful financial planning and consideration of all factors are key. With the right approach, it’s possible to achieve homeownership and financial security in retirement.

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