BOSTON: More baby boomers are starting to return to renting after years of living in their own homes. According to data released today, renting increased for adults between ages 50 and 75 from 2004 to 2013.
So, why are boomers returning to renting? Here are a few reasons:
4. It’s often cheaper.
Between mortgage payments, property taxes, body corporate / association fees, house maintenance and overall higher costs of living, buying is often much more expensive than renting. And for seniors who are looking to preserve their retirement savings for as long as possible, this can be a serious consideration. While buying can be a good investment in the long term, if you’re planning on living somewhere for only a few years, renting can be a more financially sound option. Plus, renting in trendy neighborhoods can often be less costly than buying a home in the same area – that means seniors have a little more flexibility when it comes to living in neighborhoods with amenities and entertainment options.