According to a recent study, baby boomers (the generation born between 1945 and the early 1960s) now account for about 29% of renters. Let’s look at 5 reasons more older adults are choosing to rent vs. own their home:
1. Convenience. After years of homeownership, one of the biggest perks of renting is that the maintenance is no longer their responsibility. If the air conditioner isn’t working or the sink is clogged, they can simply call the landlord. This can be a huge relief for older adults.
2. Savings. A large home can be a great expense. Mortgage payments, property taxes, upkeep and utilities can take a toll on finances. A smaller place with less maintenance can mean big savings for those looking to make their retirement dollars last as long as possible
3. Less wasted space. As empty-nesters, there is no need to have all of the extra rooms to clean and maintain (or heat and cool). Downsizing is the answer for many seniors. There are options to fit any lifestyle – smaller houses, apartments or independent senior living communities.
4. Flexibility. There are no long-term commitments, which is nice for those who aren’t quite sure where they want to settle or who may need to make a change in the future for health reasons.
5. The sale is done. Selling a home can be very stressful, and even more so when there are health or other issues at play and decisions have to be made for you. By selling while healthy, older adults avoid the extra stress on themselves and their families.
If you’re interested in finding out more about downsizing, download our free guide, “5 Easy Steps to a Successful Move” or give us a call at (817) 330-9235 to schedule your free, no-obligation consultation.