The Vero Beach housing crisis is facing a whole new and different problem in the future, as Baby Boomers retire and are forced to spend more for housing than any generation before them.

By 2030, the number of adults age 65 and older will more than double to 73 million, according to a report by the Harvard Joint Center for Housing Studies and the AARP Foundation.

Many of these retirees will need to put so much of their income toward housing — more than 30% — that they will have to cut back on other expenses like transportation, medical care, even food, the report found.

Baby Boomers are faced with a Vero Beach housing crisis

More Seniors Owe More Money on Vero Beach Housing Than Ever Before

A growing number of seniors are carrying mortgage debt into retirement, with more than 70% of younger Boomers ages 50 to 64, and 40% of those age 65 and older still owing money on their home in 2010. Even worse, they owed even more money on their loans, which is putting many older Americans in a "financially precarious" position, according to the report.

Adding to Boomers' burdens, less money is expected to come in. Over the next decade, the number of households age 65 and older living on less than $15,000 a year — below the poverty level for a two person household in 2014 — is projected to grow by nearly 40%.

The report recommends a variety of fixes for this Vero Beach housing crunch, including property tax relief for seniors, increased federal rental assistance and improved programs to help seniors "age in place" in their homes, instead of in costly institutions.

In 2011, just one-third of low income seniors who were eligible for federal rental assistance received any assistance at all.

Get more tips and articles regarding the Vero Beach housing crisis by checking other articles we have for you in the Vero Beach Real Estate section and the Vero Beach Real Estate News section to your right under our Vero Beach Real Estate Categories.

The confidence level towards Vero Beach real estate is on the rise according to the latest Zillow Housing Confidence Index. Homebuyers generally feel more positive about the Vero Beach real estate market now compared to the beginning of the year. The index was 63.7 in January, but increased to 64.2 during the summer.

Vero Beach real estate buyer confidence level is growing

The Housing Confidence Index is measured on a scale of 0 to 100, and readings above 50 show a positive market sentiment. Sub-sectors within the index look at buying and selling conditions, predicted changes in home values, market trends, home affordability, home buying plans and attitudes towards home ownership. Residents in the areas surveyed reported increased overall confidence in the Vero Beach real estate market.

Younger Renters See Themselves Buying Vero Beach Real Estate

Younger renters were most optimistic about their future home buying prospects, and some 82% of those aged between 18 and 34 were pretty confident they would be able to buy their own Vero Beach real estate someday. In comparison 64% of those aged 34 to 49 felt this way, and just 48% of those aged 50 to 64 thought they'd be able to buy their own Vero Beach home.

The younger generation also have a much more optimistic view about the Vero Beach real estate market in general, and a 33% expected property values to rise more than 6% annually over the next 10 years compared to just 21% of middle-aged respondents, and 15% of those falling into the older age group.

Although strong aspirations are no substitute for financial capacity or credit worthiness on a mortgage loan application, feedback from millennial renters is significant because it confirms that they bear relatively few psychological scars from the housing bust, and because the attitudes of this generation will drive housing trends in the decades to come.

Experts point out we need this generation to feel confident about home ownership, and we should want them to buy regardless of the fact that they may initially struggle to purchase a home.

Follow news on the Vero Beach real estate market and the housing industry overall by periodically checking back in the Vero Beach Real Estate News section of our website under Vero Beach Real Estate Categories.

Buying a Vero Beach home remains a dream for many people. Whether you are a young professional, part of a new family, or an empty-nester, the desire for permanence, peace of mind, and independence can be extremely motivating, in part because almost everyone considers these factors important for having a good quality of life.

When looking for a Vero Beach home, whether for the first time or not, many would-be homeowners finding themselves wondering: what kind of Vero Beach home can I actually afford and how do I find one that is affordable on my budget?

Here is how to go about figuring out a budget for your Vero Beach home.

Determining a Budget for Your Vero Beach Home

You must take an objective look at your finances to understand exactly how much you can afford to spend on creating your perfect home.

You must look closely at all your debts, bills, and earnings, and that can be uncomfortable or even depressing, depending on your circumstances.

A good place to start is by talking to a financial adviser, loan officer, or other professional to get an accurate picture of your finances and potential budget for buying your Vero Beach home.

In the end, however, you should have a figure in mind in terms of the monthly payment you can afford. Remember the payment includes more than just the principal and interest associated with the home loan. You will also be paying property taxes, homeowner’s insurance, and possibly mortgage insurance, making the payment higher than you may initially think.

Finding an Affordable Vero Beach Home

In recent years, some of the best real estate deals have been on foreclosures and short sales. Foreclosures are homes sold by the bank holding the mortgage, usually due to non-payment by the owner. Sometimes, homes may be sold at auction by the state/city due to non-payment of property or other taxes. Foreclosures are generally sold well below market value, primarily to prevent the bank or other interested parties from losing even more money on the property. Lists of foreclosures can be found online or sometimes in local newspapers.

Short sales are similar, however, the list price of the home may be higher than a foreclosure. Keep in mind, many of these homes are not necessarily in good condition and may need work, either cosmetic or structural, to make the home livable or nice inside.

If you choose to purchase such a Vero Beach home, a property inspection beforehand can save you a lot of potential heartache. Replacing a roof, for example, generally costs thousands. Mold remediation is likewise expensive, not to mention hazardous. Homes for sale by-owner are likely to be affordable; however, the transaction itself can be much more difficult without having professional assistance working on behalf of both parties.

These reasons alone should be convincing enough to hire your own agent to look after your best interests in any purchase of a Vero Beach home.

Other Expenses When Buying A Vero Beach Home

Closing costs can be one major expense. Ideally, the seller should pay the majority of these costs. To avoid surprises, be certain to understand fully which expenses are your responsibility and which ones belong to the seller. High closing costs can represent a serious expense that could be unnecessary or at least negotiable.

The same goes for insurance. It is entirely possible to overpay for a policy that does not provide any additional benefits to you as the homeowner. You should get quotes from several insurance companies prior to choosing a policy. Do not skimp on coverage! Just make an attempt at getting what you need for an affordable rate through comparison shopping.

We have more articles to help in the process of buying a Vero Beach home over in our Vero Beach Home Buying Tips section of articles under the Vero Beach Real Estate Categories to your right.

Vero Beach home prices increased in August, but...

Vero Beach home prices increased in August, yet the pace of these gains continues to slow, helping to improve affordability for potential buyers.

Real estate data provider CoreLogic said recently that Vero Beach home prices rose 6.4 percent in August compared with a year ago. That marks a decline from an annual gain of 6.8 percent in July. Vero Beach home prices had been rising as much as 12 percent yearly toward the end of last year.

Vero Beach Home Prices Not Adjusted for Seasonality

Prices rose 0.3 percent in August from July. But CoreLogic's monthly figures aren't adjusted for seasonality, such as buying that occurs during warmer weather.

Sales struck a plateau in the middle of last year and have remained subdued for much of 2014. As sales have slowed, so have price gains. That should eventually make it easier for would-be buyers to afford a Vero Beach home.

As the pace of price gains has slowed, so have sales of existing homes.

Home Prices Dropping Nationwide Too

Nationwide, the National Association of Realtors reports that purchases fell 1.8 percent to a seasonally adjusted annual rate of 5.05 million in August. Sales fell from a July rate of 5.14 million, a figure that was revised slightly downward. Overall, the pace of home sales has dropped 5.3 percent year-over-year.

Economists associate annual sales of 5.5 million with a healthy market.

The NAR also said that median sales prices had risen 4.8 percent over the past 12 months to $219,800, but that average slipped slightly in August compared to prices in July and June.

Follow news on Vero Beach home prices and the housing recovery right here by periodically checking back in the Vero Beach Real Estate News section of our website under Vero Beach Real Estate Categories.

Like it or not, we all live in a digital age. But now, smart gadgets for your Vero Beach home are making things inside your home completely controllable outside of your home, using your smart phone.

Living in Digital Times technology editor Andrea Smith discusses some of her favorite gadgets for the ultimate connected home.

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Do you have smart gadgets and devices in your Vero Beach home yet? Chances are, if you don't already, you will soon. Smart gadgets and devices are getting smarter almost by the day, and cheaper too. What used to cost a fortune to automate your home, is now much more affordable.
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If the high cost of installing smart gadgets and devices in your Vero Beach home has been holding you back, wait no longer. Now is the time to start looking at ways you can simplify your life, go green, and possibly even save money on your homeowner's insurance because your Vero Beach home is less likely to suffer a break-in when it's controlled by these smart gadgets and devices.
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For other ideas on improvements you can make in your home, check out our Vero Beach Home Improvements section of articles under Vero Beach Real Estate Categories to your right.