Philadelphia Fed paper finds older homeowners get lower sale prices
Updated
Updated · The New York Times · May 9
Philadelphia Fed paper finds older homeowners get lower sale prices
8 articles · Updated · The New York Times · May 9
The research says sellers aged 70 and older are most affected, and an average 80-year-old would receive about 5% less than a 45-year-old.
That discount can weaken retirement plans built around home equity, limiting options for downsizing, moving into retirement communities or paying for nursing care.
The finding matters because Americans aged 70 and over hold about $13tn in housing wealth, roughly one-quarter of the nation’s total, according to Redfin.
Your home is your nest egg, but are you being shortchanged in retirement simply because of your age?
With a new $1M Medicaid cap looming, could your home equity disqualify you from essential long-term care coverage?
Are unregulated home equity investments a safe lifeline for retirees or a predatory trap that could cost them everything?