Some Baby Boomers prefer to age in place, but many are opting for a more carefree retirement as renters. Is this the right retirement choice for you?
Renting is a Good Fit for Some Boomers
While renting is not for everyone, selling your home and becoming a renter has many attractions for Baby Boomers who wish to:
- Maximize free time – No home maintenance, mowing lawns, etc.
- Implement a lifestyle change (new job, open small business, volunteering, move to the city, etc.)
- Reduce costs (a new location may be cheaper to rent than buy)
- Check out a retirement location before buying
- Lead a travel-oriented lifestyle
- Have more convenience to desired services (medical, recreational, financial, educational, etc.)
- Put home equity to a better use (higher rate of return, ready access to funds, etc.)
- Simplify finances during retirement
Learn More
If becoming a renter during retirement is of interest to you, here are a few fast reads on the subject:
- Baby boomers, like millennials, are flocking to rentals offering a ‘hands-free’ lifestyle
- Why More Retirees Are Becoming Renters
- Downsizing baby boomers face a key decision: Is it better to rent or to buy?
- 6 Reasons Why More Baby Boomers Are Renting
The Bottom Line for Baby Boomers
Whether to rent or not during retirement depends on many factors unique to to each situation. It is the perfect answer for Baby Boomers in some cases; not applicable in others. It never hurts to explore your options.
Many Baby Boomer Homeowners Choose to Become Renters
Some Baby Boomers prefer to age in place, but many are opting for a more carefree retirement as renters. Is this the right retirement choice for you?
