Real Estate Summary: This Month in the 55+ Housing Market

Can you spot the $207,744 difference between these identical homes?

Financing is the difference!

Get the details in The 62+ Loan Homebuyers Guide.

55places Mortgage is a joint venture between Mutual of Omaha Mortgage and 55places.com.
Details here.

Subscribe to Our Newsletter

Get Weekly Updates

I agree that 55places and its affiliates, partner providers or agents may call, text, or email me about my inquiry, which may be made with automated means. I understand that my consent is not a prerequisite for buying a property. I may revoke my consent at any time by contacting optout@55places.com. Message/data rates may apply. I also agree to 55places.com’s Privacy Policy and Terms of Use.

Close up on a tiny wood home model on green grass, a representation of the real estate market.

6 minute read

What You’ll Gain From Reading This Article: This article provides a real estate summary of the 55+ housing market and how it affects homebuyers. The information in this article is updated every month.


The temperatures weren’t the only numbers rising in June. Home prices increased despite mortgage rates and home inventory decreasing. With the housing market moving into its peak season, these numbers may trend differently over the next few months. Also, some new programs may help 55+ homebuyers secure the right home.

Mortgage Rates

Close up on a hand using a calculator to make a budget based on this month's real estate summary.

By the end of June, the average 30-year mortgage rate was on a slow decline, averaging 6.86%. A 15-year mortgage also decreased to approximately 6.16%. The drop wasn’t very significant, with only a 0.12% drop over the month. Based on this, you can expect the mortgage rates to plateau or drop slightly in the weeks ahead.

Home Inventory

Focus on house keys held by excited homeowners who successfully navigated the real estate market.

Home sellers were less active during June, with fewer homes entering the market across the country. Most homes that did enter the market were new construction properties being finished up for summer home sales. Despite fewer homes available, the home prices didn’t move much.

The slowing number of homes entering the market could be a sign of all the new construction finishing up. While some areas are still adding new homes and developments, other places have slowed construction significantly.

Home Prices

A nicely trimmed and manicured garden in front of a luxury house.

What did go up in June were the home prices for traditional, single-family homes across the country. Some of these home prices reached record-high numbers, especially in high-demand areas. With home prices rising, the number of sales is decreasing.  The average home cost of almost $400,000 has homebuyers pausing home purchases in many areas.

What 55+ Homebuyers Need to Know

A mature couple hugging and sitting on a window sill while discussing their homebuying goals in the current real estate market.

These trends mean that competition for homes could be back on the horizon over the next few months. 55+ homebuyers need to keep some things in mind to stay competitive.

Budgeting Advice

If you’re looking to move to a 55+ community in a suburban area, you need to adjust your budget for all expenses that you could have. You’ll need to see what expenses are covered in your homeowners’ association (HOA) fee and what you’ll be responsible for separately. More and more communities are becoming inclusive regarding these services, making it easier for budgeting purposes.

Down Payment Advice

Even with all the assistance programs, you should still plan to have a down payment available when you’re ready to purchase your home. With home costs averaging around $400,000 across the country, you’ll need approximately 20% of that cost, which is at least $80,000. This will help you secure the best mortgage rates and have affordable payments on your mortgage.

Credit Score Advice

The worst thing you can do is disrupt your credit. If you qualify for a program with down payment assistance, you’ll still need a decent credit score to be competitive among others who could be applying for the same program. While credit scores below 750 can still secure mortgages, you should aim for that score if you need it to help with the applications.

If you have at least a 750, maintain it by managing your credit card debt and other expenses on your credit report. What you don’t want to do is add to your debt and increase the amount of debt you have. You’ll have a lower credit score, even if it’s temporary, which can impact the mortgage rate.

Assistance Options Available for 55+ Homebuyers

A grandfather with his son and grandson having fun in a park.

With the housing market still thriving despite fewer interested homebuyers, it’s important for those looking for a new home to see what type of assistance is available.

New Biden Housing Plan

This is ideal for those in a 55+ community looking to downsize but not necessarily retire. The new plan targets ways to ensure that homeowners can purchase a home that’s right for them. If passed, the plan will offer a mortgage relief credit for qualifying buyers. The other portion of the plan is to ease the closing costs for homebuyers, which can be an excellent option for 55+ homebuyers who are budgeting their income and have limited ways to save for these costs. Also, the National Association of Realtors is supporting this plan and will offer it to clients who qualify.

Home Energy Assistance Program (HEAP)

While many programs focus on helping you secure a home, there are some to help you maintain it. There’s a cash grant that allows homeowners who are 55+ to get energy assistance. Known as the Low Income Home Energy Assistance Program, homeowners can apply for this grant if they’re on a fixed income or have had changes to their income, making it challenging to afford essentials.

Because many homeowners over 55 need additional care and assistance regarding their health, it’s vital to keep the power on at all times. This grant can help you make payments towards your utilities so that you aren’t without power and have access to everything you need at all times.

55places Can Help You Get Started!

If you need additional resources to start the homebuying process, contact us at 55places.com today. We’re happy to help you connect with the best resources and guides available.

Discover what’s next.

To learn more information or connect with a real estate expert, contact us today.

Can you spot the $207,744 difference between these identical homes?

Financing is the difference!

Get the details in The 62+ Loan Homebuyers Guide.

55places Mortgage is a joint venture between Mutual of Omaha Mortgage and 55places.com.
Details here.

We're here to help! (800) 928-2055

Call us to speak with a customer service representative.

Subscribe to Our Newsletter

Get Weekly Updates

I agree that 55places and its affiliates, partner providers or agents may call, text, or email me about my inquiry, which may be made with automated means. I understand that my consent is not a prerequisite for buying a property. I may revoke my consent at any time by contacting optout@55places.com. Message/data rates may apply. I also agree to 55places.com’s Privacy Policy and Terms of Use.

The grounds of Gatherings at Potomac Station in Leesburg, Virginia.

New Active Adult Communities Added to 55places.com

In this comprehensive roundup, we bring you the latest additions to 55places.com—a trusted resource for exploring active adult communities. Over the past 30 days, several new communities have joined the ranks, each offering different amenities and locations.

A golf cart outside the golf club at CountryPlace in Pearland, Texas.

Retire on the Links in Houston, TX: Golf Course Homes for Sale

Active adults who are lifelong golfers or newfound golf enthusiasts can easily enjoy the sport when their neighborhood contains a golf course. Homebuyers who desire a golf course lifestyle and want to remain near the heart of a big city can find a great fit at one of these exceptional Houston area communities.

Moving to South Carolina? Here’s Everything You Need to Know

South Carolina is a state known for its incredible coastal beauty, charm, hospitality, acclaimed golf courses, and vibrant culinary scene that’s full of rich Southern dishes. It’s also home to some of the most desirable retirement destinations in the country–and for good reason.

Close up on a tiny wood home model on green grass, a representation of the real estate market.

Real Estate Summary: This Month in the 55+ Housing Market

This month, we brought in more than beautiful flowers. There are also lower mortgage rates and new homes for the housing industry! Below is a more in-depth breakdown of what happened and why now is an excellent time to enter the market.

A side-by-side image of Savannah, Georgia and Atlanta, Georgia.

Savannah vs Atlanta: Which Is Better For Your Retirement?

Georgia is a popular destination for active adults looking to retire–and Savannah and Atlanta are two of the state’s biggest draws. So how do you know which city is better for you? We’ve put together a guide to offer some helpful insight into both cities to help decide which one might be best for your retirement.

View down the the street of Downtown Charleston, South Carolina at sunset.

The Best Places to Retire in South Carolina

South Carolina is known for having some of the best golf courses in the country, but that’s not all it has to offer active adults. The state has a rich history and culture, a wide selection of entertainment and recreation, and miles of beaches and coastal living.

About 55places

We’re changing the way people 55 and older are searching for their perfect next place. With a national network of hand-selected real estate experts, plus comprehensive information, unbiased content, and on-the-go insight about thousands of communities across the country, we’re a trusted resource paving the way from here to home. Whether you’re interested in a low-maintenance single-level residence, an active lifestyle or age-qualified community, an intimate enclave, or anything in between, we can help you make your next move the best one yet.

Scroll to Top