Buying may be significantly cheaper than renting, but that isn’t stopping an increasing number of baby boomers from returning to a more flexible lifestyle.
In fact, more boomers are starting to return to renting after years of living in their own homes, according to a U.S. News article, which cites data from the Joint Center for Housing Studies of Harvard University.
Along with flexibility, boomers are looking for the convenience renting offers, such as the low maintenance associated with apartment living, the ability to commit to shorter-term contracts, and the avoidance of having to sell later on, writes Niccole Schreck, a rental experience expert for Rent.com.
Additionally, renting allows boomers to make other investments after selling their home and downsizing.
“If boomers have paid off their mortgage entirely and are looking to sell a home and downsize, the capital they can gain just from selling their house is usually pretty substantial,” Schreck writes. “And if that money is added to retirement investment accounts, rather than used to purchase a new home, it can begin to accrue interest immediately, making it even more valuable.”
To read the full U.S. News article, click here.
Written by Emily Study