UPDATED JAN 31 2020
Home value is very important especially for those on a fixed income. If social security stops paying, if Medicare taps out, if your savings runs out, what is left? The equity in your home. If ever faced with a financial crisis, the equity in your home gives you access to funds to maintain your health and lifestyle. Home equity loans would provide more funds, a reverse mortgage would provide more funds.
Further, property taxes are tax deductible and can help to lower your federal taxable income by $10,000, if you itemize.
Should a fixed income senior out-live their savings or incur steep medical bills, they will have more equity in the value of their home at their disposal. Even in the worst-case scenario, should they be forced to sell their home, it would be worth more and they would get more profit out of the sale.
Home Appreciation over 10 Years
Lafayette 237,000 475,000 100%
Louisville 328,000 606,000 85%
Longmont 208,000 390,000 88%
Niwot 451,000 730,000 62%