Senior homeowners are planning to rent next study reveals
Older Americans are likely to shun homeownership in favor of renting and that includes millions who currently own their home.
The Freddie Mac 55+ Survey reveals that an estimated 6 million current homeowners and around the same number of current renters will opt for a rental for their next home move.
Half (51 per cent) of renters say they prefer it to owning a home despite 47 per cent saying they struggle to from payday to payday. However, respondents generally considered renting as more affordable and (for retirement communities) offering more amenities. Not being responsible for repairs was another factor in choosing to rent.
Living near transit can add thousands to home value
The benefit of living in a neighborhood close to transit links has been shown by a Seattle realtor’s research, reported by the Seattle Times.
Estately found that homes within a mile of a Link light rail station in the Capitol Hill area added $35,000 to the $470,000 median home price; those on Beacon Hill paid an additional $61,000 for homes close to the station; and there was a $78,000 premium for homes near the Pioneer Square station.
Massachusetts realtors oppose plan that could hit housing market
A proposal to diversify the energy sources used in Massachusetts could have a negative impact on its housing market.
The plan includes a new energy auditing and labeling system which would require home listings to include access to information on a property’s energy costs and consumption.
The Massachusetts Association of Realtors says that the requirement would particularly impact older properties where owners were unable to upgrade systems. It could lead to declining home values in low and middle income communities.
“A mandated home energy labeling program, while well-intended, would significantly hurt the housing market for all homeowners, really stick it to low-income homeowners with older homes and won’t actually create energy efficiency,” commented 2016 MAR President Annie Blatz, branch executive at Kinlin Grover Real Estate on Cape Cod.
The Senate will vote on the proposed bill Thursday.