Home equity accounts for almost half of the median net worth of homeowners 60 and older.
Rising home prices are generally considered a boon for homeowners, especially long-term owners near or in retirement. But in addition to boosting home equity, higher prices have made the next step for retirees more expensive, leaving some with less ability to pad their nest egg by making a move.
“I hear that all the time,” says Amanda Mitchell, vice president of Monument Sotheby’s International Realty in Baltimore. “‘We have our big house, we don’t want our big house, but what is our next step?’” Home equity accounts for almost half of the median net worth of homeowners 60 and older, according to a Vanguard analysis. The average retirement savings, meanwhile, is $223,000. Home equity can provide a meaningful addition to that—provided retirees can make an advantageous move.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Retail sales up a solid 0.7% in September as American consumers defy rising prices, interest ratesAmericans kept spending in September at a solid pace even as they grappled with higher prices and interest rates.
Read more »
Retail sales up a solid 0.7% in September as American consumers defy rising prices, interest ratesAmericans kept spending in September at a solid pace even as they grappled with higher prices and interest rates.Retail sales rose a better-than-expected 0.7% in September, compared with a revised 0.8% in August, the Commerce Department reported Tuesday. Retail sales in August were inflated after gasoline prices spiked.
Read more »
Retail sales up a solid 0.7% in September as American consumers defy rising prices, interest ratesAmericans kept spending in September at a solid pace even as they grappled with higher prices and interest rates.
Read more »
Retail sales up 0.7% in September as American consumers defy rising prices, interestAmericans kept spending in September at a solid pace even as they grappled with higher prices and interest rates
Read more »
Benchmark Treasury yields choppy after touching 16-year highs on strong economic data, rising oil pricesJamie Chisholm is a markets reporter based in London.
Read more »
30-year Treasury yield sits on edge of 5% on strong economic data, rising oil pricesVivien Lou Chen is a Markets Reporter for MarketWatch. You can follow her on Twitter vivienlouchen.
Read more »