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Senior Resources » 7 Reasons for Boomers to Consider Renting Instead of Buying

7 Reasons for Boomers to Consider Renting Instead of Buying

senior couple outside of house Is It Better To Buy Or Rent A Home For Retirement?

For some Baby Boomers, buying a new home for retirement may not be the best idea. In fact, there are many benefits to renting instead. Whether you’re retired or retiring soon, here are some great reasons to consider renting a home!

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Cannot Afford to Buy

man counting money at a table confused

Predatory lenders giving money to people who could not afford to repay their monthly mortgages was a major cause of the housing market crash. Using too much of your income for a house payment can be a dangerous financial practice that can lead to financial hardship. If you’re a senior living on a fixed income and it would behoove you to live below your means, then this is something to consider.

Unsure of Where to Live

unsure man

For seniors with a desire to travel and explore without the commitment of home ownership, the U.S. offers a wealth of options in 55+ rental communities. These communities cater specifically to the active adult demographic, providing a variety of housing options from individual homes and apartments to condos situated in retirement or active adult communities. These rentals are designed to meet the unique needs and preferences of those aged 55 and older, offering amenities and lifestyles suited to this stage of life.

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Options range from the luxurious to the more modest, ensuring that there’s something for every budget and taste. For example, communities like Heritage Shores in Bridgeville, Delaware, offer rental opportunities in a 55 Plus Rental Community setting, providing access to golf courses, clubhouses, and other recreational facilities.

Less Risk

thinking woman wearing pink

Economic downturns can make buying a home feel riskier. While purchasing a home in a down economy might be attractive to young investors seeking potential gains, it may not be the best option for seniors. Seniors often prioritize financial stability and minimizing risk. Renting in an uncertain housing market can be a more financially secure option, shielding them from potential risks associated with buying.

Property Taxes

tax relief illustration, coins being carried away by people

Some states have astronomical property tax rates, which can increase rental costs for tenants. While renters don’t directly pay property taxes, the money saved on property taxes compared to buying a home can still be used toward other expenses or saved!

Amenities

swimming seniors

Many 55-plus apartments and homes in active adult communities offer great amenities! There’s home maintenance, yard upkeep, social programs, clubhouses, transportation, pools, and fitness centers, and even on-site medical care.

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Less Responsibility

mowing

Owning a home is a huge responsibility! You have to do yard work and take care of any home repairs or hire someone to do it for you. Renting a retirement home alleviates most of this responsibility, leaving you with more time to enjoy your golden years.

Social Life

group of senior adult friends over 55 in a retirement community

Research shows that seniors who are actively involved in social programs and have relationships with their peers are happier and healthier. Renting a retirement home in a community gives you instant access to people the same age who have the same interests.

Need Something Else?

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Click here to find senior housing near you!

Need help with retirement planning? Then check out Bob Carlson’s Retirement Watch!

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Originally published March 13, 2024

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