4 ms·

Here is a house there for $157,900, so it is not like they are being exclusive by pricing people out. http://www.thevillages.com/HomeFinder/Results/detail/L15.

by NoPiece 12y ago

Here is a house there for $157,900, so it is not like they are being exclusive by pricing people out. http://www.thevillages.com/HomeFinder/Results/detail/L15.5107 http://www.thevillages.com/HomeFinder/Results/detail/L15.510... The average person could probably cover the mortgage payment with their social security check.

VLM 12y ago
I donno about that. According to http://en.wikipedia.org/wiki/Household_income_in_the_United_States http://en.wikipedia.org/wiki/Household_income_in_the_United_... my family is in the top 10th income percentile. My wife and I make about the same, so I plugged my half that into http://www.ssa.gov/oact/quickcalc/ http://www.ssa.gov/oact/quickcalc/ and ended up with about $1500/month. So 90% of the population will have less than us, or less than me, anyway. Some mortgage calculators for the $157K house estimate $1012/month for that house leaving not too much for food, electricity, repairs, hobbies, "life". Medical care... If a dude in the top 10% income bracket can't really afford to live in the cheapest house in the entire village its getting kind of elite not "average person". (admittedly I'd have other sources of income than SS, which is probably going bankrupt before I retire anyway, and I'd probably have my wife to double the income... unless she got sick (or I got sick) in which case its pretty much financial death penalty declare bankruptcy and start over... Of course I could have a roommate, or several of them, assuming the HOA allows it) My mom is on SS and that house would cost more than her check...
- NoPiece 12y ago
  The median house price in the US (Jan 2014) was $188k, so it doesn't make sense to say 157k is targeted at the top 10%. The average SS benefit check for a retired worker is 1,298.40. A spouse would add another 652.57. And they'd have medicare, and hopefully some savings for a down payment. http://www.ssa.gov/policy/docs/quickfacts/stat_snapshot/2014-04.html http://www.ssa.gov/policy/docs/quickfacts/stat_snapshot/2014...
  - pessimizer 12y ago
    The median house price is not affordable for the median worker. As you say, though, characterizing someone who can afford the mortgage on a $157K house as in the top 10% is way off. That was the lowest priced house available though, so who knows what proportion of the community those homes constitute.
- akgerber 12y ago
  Many retirees have a house with a paid-off mortgage that they would sell before moving, so Social Security would just need to support their living expenses. They also have a 401(k) or pension if they took advantage of those programs. Social Security is a (very effective) program designed to prevent senior poverty, not to pay for a high-end lifestyle.

by NoPiece 12y ago

VLM 12y ago

I donno about that. According to http://en.wikipedia.org/wiki/Household_income_in_the_United_States http://en.wikipedia.org/wiki/Household_income_in_the_United_... my family is in the top 10th income percentile. My wife and I make about the same, so I plugged my half that into http://www.ssa.gov/oact/quickcalc/ http://www.ssa.gov/oact/quickcalc/ and ended up with about $1500/month. So 90% of the population will have less than us, or less than me, anyway. Some mortgage calculators for the $157K house estimate $1012/month for that house leaving not too much for food, electricity, repairs, hobbies, "life". Medical care... If a dude in the top 10% income bracket can't really afford to live in the cheapest house in the entire village its getting kind of elite not "average person". (admittedly I'd have other sources of income than SS, which is probably going bankrupt before I retire anyway, and I'd probably have my wife to double the income... unless she got sick (or I got sick) in which case its pretty much financial death penalty declare bankruptcy and start over... Of course I could have a roommate, or several of them, assuming the HOA allows it) My mom is on SS and that house would cost more than her check...

NoPiece 12y ago
The median house price in the US (Jan 2014) was $188k, so it doesn't make sense to say 157k is targeted at the top 10%. The average SS benefit check for a retired worker is 1,298.40. A spouse would add another 652.57. And they'd have medicare, and hopefully some savings for a down payment. http://www.ssa.gov/policy/docs/quickfacts/stat_snapshot/2014-04.html http://www.ssa.gov/policy/docs/quickfacts/stat_snapshot/2014...
- pessimizer 12y ago
  The median house price is not affordable for the median worker. As you say, though, characterizing someone who can afford the mortgage on a $157K house as in the top 10% is way off. That was the lowest priced house available though, so who knows what proportion of the community those homes constitute.
akgerber 12y ago
Many retirees have a house with a paid-off mortgage that they would sell before moving, so Social Security would just need to support their living expenses. They also have a 401(k) or pension if they took advantage of those programs. Social Security is a (very effective) program designed to prevent senior poverty, not to pay for a high-end lifestyle.