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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: GraceZ who wrote (24536)10/15/2004 4:02:41 AM
From: Elroy JetsonRead Replies (1) | Respond to of 306849
 
We know an American 50 year old has an average Net Worth of less than $40,000 including Home Equity.

Home Equity already includes any small incremental value added by the dramatic new drapes, glamorous Pella windows, and this week's groceries which were paid for with a home equity line of credit.

While a major kitchen remodel adds $32,645 in debt plus annual interest payments, it increases the value of a home by only $18,901.

dollarbank.com

The bottom line is the rest of the savings are gone and $40,000 doesn't pay for a very comfortable retirement.



To: GraceZ who wrote (24536)10/15/2004 5:37:09 AM
From: Amy JRead Replies (1) | Respond to of 306849
 
Grace, don't you think they should be putting that money into retirement savings rather than wasting money on their house, given the average 50-year old has less than 50k which isn't enough money to retire on.

If Boomers want Gen X and Gen Y to pay for their retirement through FICA, there needs to be at least some evidence of Boomers saving money rather than blowing it on curtains for a house.

Regards,
Amy J


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