Should Boomers Buy or Rent after Selling?

Should Boomers Buy or Rent after Selling? | MyKCM

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? | MyKCM

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!

2 Family Home in Irvington

$80,000

 

54 Lindsley Avenue, Irvington, NJ  07111

 

Call Robert for details and showings 609-474-0360.

 

HUD Home – 2 Family. Unit 1 – 2 bedroom/1bath.  Unit 2 – 2 bedroom/1bath.  2 car detached garage.  Currently available to only to owner occupants.   Bid deadline is December 17, 2017.  Property is Sold “AS IS”. Buyer may be eligible for $100.00 down payment ask how. If home built before 1978 a LBP addendum is included. FHA financing IE (Insured with Escrow) 203K Eligible. Case # 352-600984 For property condition report, forms, disclosures, availability and to place a bid please visit http://www.hudhomestore.com. Buyer to verify all information.