Reply to Did anyone become a first time homeowner over 40?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Where are you going to live in retirement? Buy a house[/quote]

You know many, many seniors live in rental apartments, right? RIGHT? Surely you must know this. [/quote]

I do. I looked for MOCO and just as I expected “Due to long waiting lists for public housing, HOC’s list is not accepting new applicants.” Millennials are a huge generation the size of boomers, they and gen x will likely already have all the units. A house gives you security and doesn’t throw away rents you can leave to your kids Op[/quote]

Not always true. My Aunt died at 93 recently and was massively rich due to never owning.

She died in the same apt her and husband first rented in 1955.[b] A three bedroom, two bath rent controlled NYC apartment.[/b] And had a very rare parking spot included.

Her whole life never paid property tax, mortgage, home insurance, heating bill, home maint, bought an appliance. Paid a water bill, paid for garbage pick up or lawn service instead she had tons of cash to buy stocks and bonds.

In retirement her monthly rent was $700 a month and her husband a retired police captain had a $100,000 a year pension tax free as went out on disability.

Neither went to college were HS sweethearts. If anything not owning a home was key to their wealth.

In her case her  one some is the CEO of a hedge fund so her money was well invested the other son a CFO.

She lived in that apartment 70 years  [/quote]

not exactly a typical situation.[/quote]

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