The majority of the residents here a mix of immigrant families, blue-collar workers and/or retirees, but the people here seem to live modest lives and housing here still remains relatively affordable.

And remember, those property taxes are being used to pay the pensions of retirees who primarily live in the state and city, so the money will eventually end up back in the local economy.

Looking forward for investors and retirees who did it as well as financial experts to chip in. 

Nation-wide you see that in general retirees are not willing to let go of their homes and prefer to live there.

Remember- policy loans are used to give retirees tax free income.