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Should Boomers Buy or Rent After Selling?

by Mary Jean Agostini
Should Boomers Buy or Rent after Selling? | Simplifying The Market

Should Boomers Buy or Rent after Selling?

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:

Should Boomers Buy or Rent after Selling? | Simplifying The Market

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!

 

New Listing! 175 Hummingbird - Berlin $289,900

by Mary Jean Agostini

Move in ready describes this well maintained home with great curb appeal, solid oversized raised ranch in established neighborhood. Recently updated with a trendy white kitchen with granite counters and stainless appliances, open concept floorplan with living room-dining room combination perfect for entertaining, Enjoy wood burning fires or change over to natural gas. Gleaming hardwood floors span the interior first floor, updated full bath with vanity and new tiled flooring, convenient updated half bath off the master bedroom too. First floor laundry makes that chore easy! Enjoy central air in the summer. Opportunities to expand living space in the heated lower level featuring sliders to the lightly wooded, level lot perfect for outdoor fun and activities. Excellent storage space in both the lower level and attic with pull down stairs. Maintenance free exterior plus other updates include newly paved driveway and concrete sidewalks. City sewer, water and natural gas. Conveniently located minutes from Route 9, 72 and I-91. Only 20 minutes to Hartford and 30 Minutes to New Haven.

 

http://video.circlepix.com/889G3S/187

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