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Seabrook, Texas
Seabrook sits along Galveston Bay in southeastern Texas. It started as a fishing hub and then turned into a bedroom community in the 1960s when the Johnson Space Center arrived in nearby Houston.
Today Seabrook is still home to Space Center workers and maintains a peaceful suburban quality with brick homes in well-manicured neighborhoods. It also has a large number of boating enthusiasts, a fact celebrated with the annual Yachty Gras boat parade. The historic section, Old Seabrook, boasts shops, B&Bs and eateries, while Waterfront Drive is known for its fish markets.
Residents enjoy a 10-mile trail system, two boat ramps and a salt water fishing pier. Seabrook is also a bird sanctuary, home to pelicans, ospreys, wax wings, sandpipers and the people who watch them with binoculars.
The Kemah Boardwalk is a fun entertainment park across the bridge in Kemah. The nearest beach is Sylvan Beach Park, about five miles north of town.
Cost of Living
Seabrook is has an overall cost of living 14% below the national average. The median household income is $89,123.
Real EstateThe median home price in Seabrook is $305,000. This is a 10% increase over the previous year. For comparison, the national median home price is currently $375,000 (Realtor.com).
Estimates are that Seabrook real estate prices will increase by 2% over the next year.
The median rental price is $1,135 per month. Notes
Seabrook has 14,000 people and has grown by 16% during the last decade.
The median age is 38. The national median age is 38.
There is no local hospital, but four medical centers are within 10 miles.
The crime rate is below the national average.
Seabrook often floods during storms and was damaged by Hurricane Ike in 2008 and by Hurrcane Harvey in 2017. This area has several oil and chemical plants. They emit an odor, but much of the odor blows to the north of town.
Taxes
The combined sales tax rate for Seabrook is 8.25%.
Texas has no income tax so it does not tax any form of retirement income.
The state offers a homestead exemption of at least $25,000 to all Texas homeowners who use their property as their principal residence. People age 65 and better may claim an additional exemption of $10,000.
The average effective property tax rate (the annual tax payment as a percentage of median home value) in Seabrook is 2%. The annual taxes on a $305,000 home are approximatley $6,191, without a homestead exemption.
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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