I just read a brief from the Center for Retirement Research that suggested most retired people should not carry a mortgage while retired. Based on Serving Our Seniors’ needs study of Erie County residents ages 55-62 and 65- 75, many are planning to have a mortgage while retired or do have and will continue to have a mortgage while retired.
It appears to a “normal” trend. But of course, this study was conducted before the economic downturn.
The other interesting finding from our Erie County study was this: 13 percent of the 65-75 age group said they were thinking about moving because of the cost of their real estate taxes. Ten percent said they were thinking about moving because of the cost of utilities.
Does this mean there is a need for a single-story “senior housing” development, if rent included electric and heat? I think it does. What do you say?