Downsizing has traditionally made sense for retirees looking to settle down and shore up their nest eggs for their later years.
But moving to a smaller home may no longer be a way for Americans to save money in the current market, experts warn.
The average 30-year fixed-rate mortgage has soared to 7.49 percent, according to latest data from lender Freddie Mac, while many homeowners are locked into much cheaper 2 or 3 percent deals on their current homes.
Meanwhile the number of smaller houses for sale has diminished in recent years, according to listing website Realtor.com – pushing up the price of the limited inventory on the market.
The number of properties for sale that measure 750 to 1,750 square feet – the size range people who are downsizing tend to purchase – has dropped by more than 50 percent since 2016, according to Realtor.com.
It found that while there were 548,659 active listings for homes within this size range in September 2016, there were just 266,802 in September this year – down 51 percent.
The sharpest drop has come since the pandemic. In September 2019, there were 407,960 listings measuring between 750 and 1,750 square feet, Realtor.com said, which has now dropped by 41 percent.
The price of these homes has also leapt up. While the median listing price in September 2019 was $199,250, it had soared to $299,908 last month.
Hannah Jones, Senior Economic Research Analyst at Realtor.com, said: ‘Home prices for smaller homes fell 0.4 percent year-over-year in September, but remained more than 50 percent higher than pre-pandemic.
‘Coupled with mortgage rates beyond 7 percent, this price growth means that the typical housing payment is more than double the September 2019 amount.’
Joe Rogan: It Seems Like As S**t Gets Crazier, the More Trump Is A ‘Shoo-in’ for 2024 (VIDEO)
Rogan is certainly right about the crazy part.
Wars are breaking out all over, inflation is still through the roof and we basically have no border at this point.
Real Clear Politics provides a transcript:
JOE ROGAN: We’re powerless in this thing, it seems like in the elections they do their very best to ensure they win, whether or not it is legal or illegal, like what they’re doing with Robert Kennedy Jr. It’s insane…
If you’re an independent, can you win?
It seems to me like the more time goes on, the more Trump is a shoo-in. It seems like if this shit keeps getting crazier and crazier, there are going to be a lot of liberals voting for him. He was the one in the beginning saying we’ve got to stop people from dying. Like, do you want Ukraine to win this war? Remember that conversation? He’s like, “I want people to stop dying.” Like, which is the best answer any politician has ever given. And the way he said it.
See if you can find the one where he’s talking about Milley leaving stuff over in Afghanistan. I might have saved it. It was so funny, the way he was saying it. Did you see the thing he was saying about electric tanks? That was hilarious too.
Watch below, but be aware there are lots of four letter words here:
Biden did not actually see ‘confirmed pictures of terrorists beheading children’ as he claimed, WH clarifies
President Biden said Wednesday he has seen “confirmed pictures of terrorists beheading children” in southern Israel following reports that up to 40 babies were butchered over the weekend near the Hamas-ruled Gaza Strip — but the White House later walked back the commander-in-chief’s claim.
“I never really thought that I would see and have confirmed pictures of terrorists beheading children. I never thought I’d ever — anyway,” Biden, 80, told leaders of Jewish groups at the White House on Wednesday.
But neither the president nor US officials have seen images or heard independently confirmed reports of beheaded children, a White House spokesperson later clarified, according to the Washington Post.
The White House says Biden based his remark on claims made by a spokesman for Israel’s prime minister and media reports coming out of the Jewish state.
The sickening reports emerged Tuesday as the Israeli military offered journalists tours of areas ravaged by Hamas’ Saturday morning surprise attack, which left more than 1,200 civilians and Israeli troops dead and about 150 believed abducted — with at least 22 Americans dead and 17 others still unaccounted for.
A senior White House national security aide told reporters immediately following the event that he had not seen the images to which Biden was referring.