Should Boomers Buy Or Rent After Selling

Dated: 12/17/2017

Views: 113

Image title

In a recent CNBC article, it was reported that many baby boomers are selling their current homes and moving into rentals, rather than purchasing another home.

“Between 2009 and 2015, the number of renters aged 55 or above rose 28 percent, while those aged 34 or younger only increased 3 percent...

Meanwhile, more than 5 million baby boomers across the nation are expected to rent their next home by 2020, according to a 2016 analysis from Freddie Mac.”

This makes sense in the short term for many reasons. If you are moving to a different part of town or a new region of the country, you may decide to rent until you pick the perfect home in an area you love. However, is renting a good long-term strategy?

A mortgage payment remains fixed. Rents, however…

The Census Bureau recently released their 2017 third quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:

Image title

As you can see, rents have steadily increased and are showing no signs of slowing down. If you are faced with making the decision of whether you should rent or buy your next home, you should take this into consideration.

Bottom Line

One way to protect yourself from rising rents is to lock in your housing expense by buying a home instead of renting. Let’s get together so we can help you decide what the best step is for you and your family!


Source

Blog author image

Greg Flanagan

Greg is a seasoned agent having helped over 250 families sell their current homes and purchase the home of their futures. ....

Want to Advertise on this Site?

Latest Blog Posts

Moving Up To Your Dream Home Now

Mortgage interest rates have risen by more than half of a point since the beginning of the year, and many assume that if mortgage rates rise, home values will fall. History, however, has shown this

Read More

Is Your First Home Within Your Grasp Now

Some Highlights: According to the US Census Bureau, ‘millennials’ are defined as 18-36-year-olds. According to NAR’s latest Profile of Home Buyers & Sellers, the median

Read More

Renters Under 50 Want To Buy A Home

Every year, the New York Federal Reserve publishes the results of their Survey of Consumer Expectations (SCE). Each survey covers a wide range of topics including inflation,

Read More

Access An Important Factor In Getting Your House SOLD

So, you’ve decided to sell your house. You’ve hired a real estate professional to help you through the entire process, and they have asked you what level of access you want to provide

Read More