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Gold Beach, Oregon
Gold Beach sits on Oregon's rugged southern coast, bounded by mountains, the rushing Rogue River and the sea. It is a quite place and popular with outdoor lovers.
The miles of beach are natural, pristine and uncrowded, perfect for crabbing and steelhead fishing. Motorboats embark from the marina for tours up the Rogue River, and hiking trails meander through the hills and along the water.
Artist studios, shops and eateries dot the small but colorful downtown, and restaurants, some only open during the summer, serve locally caught salmon and crab.
The Ellensburg Theater Company mounts several productions each year, and a couple of museums showcase local history. The Gold Beach Brew and Art Fest includes a classic car show, and the annual Festival of Quilts draws craft devotees.
Homes come in all shapes and sizes and are found in town, along the river and in the hills. Turtle Rock is a little cottage community on the beach.
Cost of Living
Gold Beach is a coastal town with an overall cost of living 5% higher than the national average.
The median household income is $42,645.
Real Estate
The median home price is $395,000. This is a 13% increase over the previous year. For comparison, the national median home price is currently $363,000 (Realtor.com).
Estimates are that Gold Beach real estate prices will increase by 4% over the next year.
The median rental price is $775 per month. Notes Gold Beach has 2,500 residents and has grown by 15% during the last decade.
The median age is 54. For comparison, the median age of the U.S. population is 38. Curry General Hospital is the local medical facility.
The crime rate meets the national average.
Gold Beach is isolated. The only real access is Highway 101 along the coast. The nearest town is 30 miles away. Since services are limited, may residents only live here part-time.
Taxes
Oregon has no sales tax, so Gold Beach has no sales tax.
Oregon does not tax Social Security but it taxes income from retirement accounts (IRAs, 401(k)s) and pensions at rates between 4.75% to 9.9%. A 9% credit is available to people below a certain annual income ($22,000 to $45,000) and with less than $7,500 to $15,000 in annual Social Security income.
The average effective property tax rate (the annual tax payment as a percentage of median home value) in Gold Beach is .66% The annual taxes on a $395,000 home are approximately $2,608.
Mortgages for Retirees
As people live longer and mortgage rates are at historic lows, more and more retired folks are considering obtaining a mortgage rather than paying cash for a new home. You are never "too old" to get a mortgage, thanks to the Equal Opportunity Credit Act, as long as you have the means to do so.
Having said that, retirees face some unique challenges when it comes to qualifying for a mortgage. Most mortgage lenders will look at the same criteria as they would for a young first time homebuyer, including your credit history, debt to income ratio and monthly income. The good news is that Social Security benefits and distributions from 401(k)s, IRAs, and other retirement accounts count as income.
However, because retirement accounts become depleted over time they have a defined expiration date. As a result, a mortgage lender will want to know that the distribution income will continue for at least three years after the date of the mortgage application.
It is also important to keep in mind that if your retirement accounts consist of stocks, bonds, or mutual funds or other "volitle" investments, mortgage lenders will only use 70% of the value in the retirement accounts to determine your mortgage qualifcation.
And while Social Security counts as income, if you are drawing on a family member’s record, such as survivor benefits or spousal benefits, then the income must be documented as payable for at least three years from the mortgage application date.
If you cannot qualify for a traditional mortgage, then a reverse mortgage might be an option. Fannie Mae and Freddie Mac also have programs that can make home buying easier. Check with a reverse mortgage lender or these goverment agencies to see loans and programs available to you.
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