Clark County Washington's median home price has now crossed over the half million dollar mark making that headline, technically true. For retirees expensive housing markets can be challenging especially for those on a fixed income. Fortunately retirees have a completely different set of location needs that sometimes allow them to get a deal on homes in areas unfavorable to families but setup close to services for the elderly.
Also families will have a hard time working with a two bed one bath home, but retirees can make that work. Condominiums may provide an easy maintenance and lower price particularly suburban condos. The urban mid-rise and high-rise units Downtown are rather expensive with a few notable exceptions such as Parkview at Vancouvercenter.
For retirees in Clark County it has become slim pickings for homes under $400k even two bedroom homes are now breaching that threshold. With inflation on the rise and interest rates that have yet to respond, we can expect even higher prices over the short term. Long effects of inflation could lead to higher interest rates and a possible slowdown in housing resales by the elimination of qualified borrowers.
The good news is that buyers securing low interest loans on a fixed rate will be set up nice when rates climb and even if home values take a dip, the low interest rate may very well pay for the difference in price later.
