If you are thinking about retiring on your military pension, minimizing your housing costs might be the make-or-break decision. BusinessWeek online just posted a list of 20 American Cities where the cost to own a home is lower than or just a little more expensive than renting.
It’s interesting that cities like Tampa, Phoenix, and Las Vegas that were so popular just a few years ago are so out of favor today. As I’ve said elsewhere, military retirees can now live in more areas than they ever could have before, but here’s the key. Soon inflation will go up, maybe way up. You definitely want to own real estate in inflationary times. Landlords will have to raise rents in that environment just to cover their costs. If you buy your retirement home now you’ll lock in rock-bottom interest rates, have many many homes to choose from, and at the lowest sales prices in years. Plus, if your ready to move into that home soon, and you’re a first-time buyer, you can get a no-downpayment VA loan, finance for 15 or 30 years, and get a check back from the government for $8,000.
What a country!