Summer 2015  

6 Reasons More Baby Boomers are Renting

Today's millenials are looking for high-amenity rentals rather than buying homes, but they aren't the only generation. Rent.com says baby boomers (born from 1945 to the early 1960s) are returning to renting after living in their own homes. According to data from the Joint Center for Housing Studies of Harvard University, renting increased for adults between ages 50 and 75 from 2004 to 2013.

Here are a few reasons why boomers are renting:

  1. They're ready to downsize. Apartments make basic cleaning and maintenance a lot easier for everyone.
  2. They want convenience. Renting means maintenance issues aren't their worry anymore. Replacing the water heater or needing a new roof are no longer their concern.
  3. Renting offers more flexibility. Signing a one-year or even two-year lease is a much shorter-term commitment than buying a new home or condominium.
  4. Renting is often less expensive. Between mortgage payments, property taxes, house maintenance and overall higher costs of living, buying is often more expensive than renting. And for baby boomers looking to preserve their retirement savings, this can be an important consideration.
  5. They want to avoid having to sell another house. Selling a home once is stressful enough, which is why purchasing another you'll have to sell again can be a major deterrent.
  6. They want to make other investments. If they sell their house, they can add that money to their retirement accounts.

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