30% of their income for ….
30% of their income for housing. The U.S. Department of Housing and Urban Development defines this as being “housingcost burdened.”
That’s much less likely in Leisure World. When you applied to purchase in Leisure World, Stock Transfer affirmed you had income at least four times greater than your monthly assessment and property tax bill. That means your housing costs should not exceed 25% of your income.
It’s also a lot cheaper inside the wall. In Seal Beach proper, the average rent for an 800-square-foot apartment is over $29,000 a year. In our community, the average annual housing cost, including taxes, is $7,800.
I realize the Mutual and GRF assessment increases are concerning to members who for 30 years have never seen annual inflation above 4%. But remember to soothe your fretfulness with the knowledge that you’re guaranteed a significant increase in your Social Security payment and lower Medicare premiums. Your IRAs may start adding more to your annual income, and experts predict inflation will dramatically moderate.
And because you live in an incredibly inexpensive coastal California community, you’re far ahead of your friends who live outside Leisure World’s walls.
