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Active Retirement
Real Estate for Retirement
Active Adult 55+
Master Planned Communities
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| Vibrant Ithaca, New York
(population 30,000 + 20,000students) is home to
Ivy League Cornell University and Ithaca
College. Known for its high quality of life
and liberal social and political environment,
Ithaca is situated in the center of New York State
on the shore of 40-mile long Cayuga Lake (one of
the Finger Lakes) and was once called "The
City of Evil" for its tolerance of gambling,
drinking and swearing. Today, Ithaca is less
rowdy, has a reasonable cost-of-living and
youthful ambiance that appeals to many retirees.
In fact, roughly 28% of the population is age
45-64 and 17% is age 65 or above. |
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The median Ithaca home price is $250,000, but
other living costs are below the national average. A
variety of working class and more affluent neighborhoods,
many dotting the hillsides that surround the downtown, give
new residents a nice array of housing options.
Traditional bi-levels, Cape Cods and ranch-style homes are
all available, and comfortable residences on large lots in
leafy areas can be found in the high-$100,000s.
Higher end neighborhoods include Cayuga Heights and South
Hill where homes in the $300,000s and higher are common. |
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Ithaca has at least seven manufactured home
communities, although none targeting seniors specifically (there
are, however, two age-restricted mobile home parks in nearby
Newfield). At this writing, we found one mobile home for
sale for $29,000 (3 bedrooms, 1 bath). Individual
manufactured homes on 7-10 acres outside of town can be found for
$63,000.
This is an
interactive map. Click on the arrows in the upper left hand
corner to move the map to the East, West, North or South, and click on the +/- signs to zoom in
and out.
This being a college town, Ithaca has a sizeable
number of apartments for rent, although during the fall and spring
semesters, most of these are rented to students. Buildings
that cater to students tend to have lower rental rates, and in
these, one bedroom units can be found for $500-$550 per month and
2 bedroom units for $625-$675 per month or so. In nicer
buildings, one bedroom units start at about $725 per month, and 2
bedroom units start at around $800 per month.
Property taxes in Ithaca are charged at $11.5 per
$1,000 of a home's assessed value, and the assessed value is the
same as the fair market value. Those who meet income
requirements and are age 65 or better may have 50% of their home's
value exempted from property tax. The STAR program also
allows for school tax exemptions of up to $30,000
for all residents. When it comes to retirement taxes, Social
Security and military are exempt as is $20,000 of qualified
private pensions for those age 59 and older.
Ithaca,
New York, Continued...
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