Try to purchase a home in New York City with a budget of $140,000 and the options are pretty limited–a 375-square-foot apartment in Queens may be the most luxurious possibility. In Los Angeles, buyers may have to look exclusively at inland foreclosures. But in Knoxville, Tennessee, $140,000 buys a 1,750-square-foot, four-bedroom rambler on a pretty, tree-lined street.
Everyone likes to see their dollars go farther. Right? To that end, many of us live in locations where we can most afford to be comfortable.
Some folks will trade off a degree or two of affordability to be closer to family, have a shorter commute to work, or to be near other conveniences. In addition, it is an added benefit if the place you choose to call home has a decent cost of living.
In that vein, you might be interested to check out a recent Forbes article titled “America's Most Affordable Cities.”
Having more money can make important lifestyle trade-offs easier to afford. One way to make sure you are planning well for retirement and beyond is to discuss your goals with a qualified estate planning attorney. He or she can help you design a strategy to use your money effectively now and to provide for your loved ones after you are gone.
Perhaps you want to retire near your daughter in the Southwest? Talk to an estate planning attorney to help you navigate a strategy to help you get there, or wherever you would like to call home in your golden years.
For more information, please visit my website.
Reference: Forbes (March 11, 2014): “America's Most Affordable Cities”