Housing prices rates in the USA
This past month of August 2022, the US housing prices, on average, were up 7.1%. Compared to the same month of last year.
The housing prices median of $406,890USD in August compared to 3 months ago has dropped from a 3-year high of $425,000. If you compare May of 2021, the housing prices median price was $375,000 compared to $300,000 in May 2020.
On average, the home units sold have decreased by 18.9% year over year, and there were 552,035 units sold in August of 2022, down from last year’s figures of 680,523 in August 2021. The 30-year fixed rate mortgage rate is 5.2%, up to 2.4 points from 2021.
Areas with Increased Demand of Home Buyers
The areas that caught my attention in regards to the increased demand of buyers looking for homes for sale are the southern regions. The top five locations in the United States are;
Lehigh Florida
Naples Florida
Myrtle Beach, South Carolina
Clearwater Florida
Boca Raton Florida
If you notice, all are warmer weather regions. Additionally 4 out of the 5 are in the growing state of Florida.
Some readers might see the median housing prices and the average mortgage rates getting a bit out of reach and might need some tweaking on retirement plans.
Be Smart by Downsizing in Mexico
The obvious solution is to review the options of downsizing, selling the main homestead, and to use a portion of the proceeds to purchase a downsized home.
Check other cities and even add smaller nearby towns for options to purchase your second home. Buying a winter home in Mexico 20 years ago might have seemed to be a crazy idea. However, in 2022, the idea is now a brilliant option as this country continues to grow.
Additionally, the infrastructure is closely leveling the standards of many regions in the USA. Thus, nearly two million Americans now own and live in the southern warm temperature beaches and mountainside popular tourist regions.
Apart from lower average median prices of homes in Mexico, there are various other factors that have influenced the decisions of millions of Americans and Canadians.
Cost of living in Mexico
Leading factors include the cost of living. As inflation is engulfing the USA, Canada, and much of the world, people need to research smarter living habits.
In Mexico, the average cost of living expenses is somewhere between 60% – 50% less expensive.
When you add up your basic food consumption, gas, gym, and taxis, many Canadians and Americans are pleasantly surprised at how much cheaper their monthly expenditures are when living south of the border.
Unfortunately, as we read the daily news, we often hear that this coming 2022 winter season will be a harsh one. Not only in regards to the weather but also due to the ever-increasing oil prices coming from the Russian war upon Ukraine.
Imagine being able to escape from November through March down to a Mexican beachside home were the thoughts of needing to turn on the heater melt away with the sun.
Yet, this is what thousands of people are doing this coming winter of 2022.
Live in Beautiful Mexico
Of course you probably have a neighbor or friend who already has purchased and owns a Mexican property.
Evidently, it would be wise to reach out to them if you are pondering the idea and have a good chat about their experience and thoughts on their decision to diversify and purchase international real estate.
It will most likely include feelings as I wanted to be near warm weather beachside communities. Or, I wanted to live and experience living in a new international region, learning a new language, and new culture. Also, meeting other people with similar adventurous spirits. As I often hear, “you live once, and I want to experience as much as I can with the time I have left.”
Real estate statistics and interest rates start to increase in the USA. As well as the desire to be in warmer weather regions for the 365 days of the year. Mexico continues to become the number one international retirement destination.
Reach out to us here at Top Mexico Real Estate, and we will be happy to share our opinions and real-life experiences of living in beautiful Mexico.
