Real Estate Experts Warn Retirees: Moving South Could Cost an Extra $168,000
Recent research from Realtor.com highlights a significant increase in mortgage payments, which have risen by about 44% over the past four years, reaching an average of $2,005. Interest rates have remained above 6% since September 2022, except for a brief period in February 2026. This financial climate poses challenges for retirees considering relocating to warmer states like Florida to reduce living expenses. According to Zillow, the average home value in Florida is $375,662, compared to $569,411 in New Jersey. While selling a paid-off home in a northern state to buy a property in the south might seem financially advantageous, the reality is more complex. Real estate expert Cody Schuiteboer notes that the difference in mortgage rates can lead to an additional $168,000 in interest over 20 years. This is particularly relevant for those who secured lower mortgage rates in 2021 and are now facing higher rates.