When active living seniors begin to consider relocating to a retirement living community, their budget often depends on the resale value of their home, which is likely to be one of their greatest financial assets.
Happily, there is good news for retirement living seniors who are considering putting their houses on the market.
An index from Golden Gateway Financial, which tracks home values for older Americans, has found that since the fourth quarter of 2009, the value of many properties owned by individuals over the age of 65 has steadily risen.
"Even a minimal gain in home value is a reassuring sign for older Americans because many of these individuals live on a fixed income and rely on their home to support their retirement lifestyle," said Eric Bachman, chief executive officer at Golden Gate.
Selling their home for more than they originally planned is likely to be helpful for many seniors, as U.S. News and World Reports recently reported that a variety of retirement living communities require new residents to meet certain financial requirements.
However, those who live in the states that were most hard-hit by the recession, such as Texas, Florida and New York, may not benefit from the overall rise in selling prices.