If you have been sitting on a home you bought years ago, you likely have a nice pile of equity built up.
The real estate website just identified seven Southern cities that have flipped into what is called a buyer’s market. That means buyers in these areas currently hold more of the bargaining power than sellers. For retirees looking to stretch their dollars, that is a meaningful shift.
Here is a closer look at where the deals are and what makes each city worth a second look.
Atlanta, Georgia
Georgia is generous to retirees when it comes to taxes. According to the state’s own website, there is no tax on Social Security income, and the state offers generous deductions on other types of retirement income as well.
Atlanta is now one of the buyer’s market metros, which means those financial perks have become even more attractive. According to Local Logic, the Candler Park neighborhood is a strong fit for retirees who want walkability, easy access to public transportation, groceries, and parks, as well as a noticeably quiet atmosphere.
Austin, Texas
Austin has officially crossed into buyer’s market territory, making it a solid candidate for retirees ready to make a move. The city has built a reputation as an arts and culture hub, so there is no shortage of things to do once the workday is permanently behind you.
On the healthcare side, Medicare Dana reports that Austin has three major health systems, giving retirees plenty of options when choosing a doctor. According to Movetoaustin.org, downtown Austin is a good place to begin your home search.
Nashville, Tennessee
Music City is not just a great place for music lovers; it is also a buyer’s market. Tennessee adds another financial perk: SmartAsset says the state has no income taxes, which means your Social Security, pension, and 401(k) withdrawals all stay in your pocket.
Nashville also has an award-winning healthcare system, which matters when you are planning for the long haul. If you want a specific neighborhood to start with, Niche recommends the Nashville suburb of Oak Hill.
Four Florida Cities: Jacksonville, Miami, Orlando, and Tampa
Florida earns four spots on this list. For retirees drawn to warm weather, sunshine, and the tax-friendly climate Florida is known for, that is four more doors worth knocking on.
According to Niche, here are some neighborhoods to put on your radar in each city:
- Sawgrass, Jacksonville — located near the First Coast Beaches
- Highland Beach, Miami — situated on the barrier island between Boca Raton and Delray Beach
- Bay Hill, Orlando — a golf community within walking distance of restaurants and fine dining
- Redington Beach, Tampa — a mix of urban and suburban living for retirees
A Window That May Not Stay Open Long
Real estate markets can shift quickly. What is a buyer’s market today could flip back to a seller’s market before long. If you are close to retirement (or just daydreaming about a Southern move), now may be a smart time to take a serious look before these cities heat back up.
Your home equity has been building for years. These seven cities might be exactly where it takes you next.