The choice to delay downsizing your house by even a few years makes a big difference: it could translate to tens of thousands of dollars lost or the inability to move yourself independently due to health or mobility restrictions. When it comes to how much of your monthly budget should be spent on housing expenses, 30% is the magic number. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we didn’t just pull that percentage out of a hat—the U.S. government has been using 30% as the standard for housing affordability since the United States National Housing Act of 1937. Since that time, any household paying above 30% of their income on housing is considered financially burdened. While you’re still working, your housing costs may fit comfortably within your budget. But the simple act of retiring can unexpectedly push some retirees into the “burdened” bracket. Housing cost burdens increase with age as expenses continue to rise and income is reduced in retirement. Some retirees spend 30%-40% or more of their monthly budget on housing. Check out below to see what sold in Northville Commons in November 2021:
16966 Bradner Road, Northville: 3 bedrooms, 2.1 bathrooms, 1,875 sq. feet, 2 car garage, Sold Price: $385,000
Northville Commons Home Sold
November 2021
16473 Old Bedford Road, Northville: 3 bedrooms 2.1 bathrooms, 2,140 sq. feet, 2 car garage, Sold Price: $400,000
Northville Commons Home Sold
November 2021
While downsizing will save you money in the long term, you do need to be prepared for the upfront expenses that come with moving. For more information on Northville Commons, or similar Northville or Novi neighborhoods such as Dunbarton Pines, Maple Hill and Royal Crown, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.