San Fran seniors are in luck
Consider San Francisco the spot for home-selling seniors. According to a new analysis, the average San Fran homeowner 55 and up sees their house appreciate 311 percent from the time of purchase — more than any other city in the country.
According to a new analysis from Senior Living, San Francisco seniors can really cash in on their homes. The average homeowner 55 and older sees a 311 percent jump in home value over their initial purchase price. That’s significantly higher than the national average of 94.9 percent (for seniors) and 44.9 percent (for the overall population.)
“San Francisco might be one of the most expensive cities to live anywhere in the world, but it might also provide one of the best investment opportunities for people 55 and older,” the analysis explained. “For residents aged 55 and older, the average home value increase in San Francisco is 311 percent — nearly $25,000 a year — with residents living in the same place for 29 years on average.”
Other cities that offer seniors big returns are Los Angeles (values increase around 237 percent), Boston (217 percent), New York City (171 percent), Seattle (163 percent), Miami (119 percent), Detroit (116 percent) and Philadelphia (115 percent).
Paying off the mortgage
Seniors in Houston are closest to paying off their mortgages. According to the analysis, Houston seniors have an average of just 31.8 percent of their mortgage debt remaining. Nearby Dallas comes in second, with just 32.4 percent remaining.
Los Angeles seniors, on the other hand, have the most mortgage debt left.
“While Los Angeles might provide an opportune real estate market for retirees with its continual increase in home valuations, it also ranked as the city with the highest percentage of mortgage debt compared to the purchase price,” the report found. “With the average person aged 55 and older still owing 45 percent of their original mortgage, the expense of living in Los Angeles may outweigh the benefits of the market.”
How to get a mortgage in retirement
Nationally, seniors still have an average of 41.7 percent of their mortgage debt to pay off. The general population has close to 60 percent.
Get today’s mortgage rates
Are you a senior looking to sell your home and buy that retirement property? Then shop around and see what mortgage rates you qualify for today.