I’m 61, and I Cashed Out My Pension to Buy My Forever Home in Rochester, NY for $185K

Thinking about buying a home, but not sure how to afford it? Welcome to the Down Payment Diaries, where real people spill about how they saved and splurged on their path to homeownership. If you’d like to submit your own Down Payment Diary, please fill out the form here.

Today, a writer shares how she cashed out her pension to buy an 1850s bungalow near her daughter in Rochester, New York—her hometown and one of the hottest ZIP codes of 2024. 

The basics

Age: 61

Marital status: Widowed

Occupation: Writer

What was your home experience when you were growing up?

When I was growing up, my parents owned their home. Along the way, my mother worked in real estate and bought investment properties. I joke that I grew up teething on a drill. That doesn’t mean I’m good at construction, but I learned a lot from watching my mother handle tenants and oversee projects.

What made you start thinking about buying in Rochester, New York?

I’m from Rochester and left for New York City after college to work for the New York Daily News. I never thought I’d return to Rochester, but then one of my daughters moved to earn her MFA from Rochester Institute of Technology. 

At first, she was looking to rent, but the more she considered the cost of first month’s rent, last month’s rent, and a broker’s fee, it made more sense to put that money toward a down payment. She ended up buying and loves it, which made me start thinking about finding a place as well. I knew I’d want to visit a lot. Plus, my daughter is going to have kids at some point, and I don’t want to be under her roof. 

How did your home search go?

I looked online. My daughter was my boots on the ground, and our family friend was our Realtor®. Together, they looked at five houses in person, showing me videos of what they saw. I bid on one other house in the same neighborhood as the one I ended up buying and lost. I had a price in mind and didn't want to go higher. Rochester is still a very hot market.

How did you know this was the one?

My daughter saw it and knew I would love it. She was right. It’s kind of like how you find a partner. You can have a list of qualities you want, but then you just see somebody and fall in love. So it was with this house. 

What did you love about this home?

It’s a small, cedar-sided bungalow from the 1850s. It has a vaulted ceiling, a reading nook, and French doors to the backyard. The neighborhood, right next to the Genesee River, is cool and up and coming. I’ve got a neighbor with purple hair and another who is 95 and goes to yoga. 

What did your Realtor think?

My Realtor had a different take. She thought the basement was disgusting and that the house needed a ton of work. She shared that the competition was going to be tough and that we’d have to make an offer without an inspection to stay competitive. Despite all this, I knew I wanted the house. The work didn’t scare me. I love a good project.

What work did the home need?

I had to gut it. The plastered walls were all cracked and needed to be fixed. The bathroom was functional but not my style. I put in new flooring as well.

Where did the down payment come from?

I actually paid cash for the house. I had a pension with the city of Yonkers and have seen other cities go bankrupt before paying out. That made me nervous, so I cashed out. I also sold off stocks, including my Airbnb stock. And I took on a lot of extra work these last few years. I was even selling chicken eggs for $12 a dozen. I did everything I could to make this happen.

How much did the renovations cost?

All in, the renovations cost me $65,000 and took a year to complete. The home was just finished in April 2025. 

What’s your plan for the house?

A musician friend is staying there now. He contributes, which helps cover property taxes. I go up and stay often but haven’t made the move full time yet. I’m looking forward to living there and enjoying that huge backyard. I have plans to garden and raise chickens.

What do you love about Rochester?

People ask me all the time, “Why would you want to live there? It’s so cold!” It is, but this city is changing, too. There’s a resurgence of younger people moving here and starting businesses. Plus, Wegmans Food Markets and Constellation Brands are based here, and I’ve heard talk of a computer chip company coming in.

What is your favorite thing about the house?

I feel a sense of pride to be part of this house’s history and that my kids will be part of it, too. I like that it’s not a new build with vinyl flooring. This home will live on as part of Rochester’s history for a long time to come.