"A fully paid-off home—once a quintessential part of the American dream, is becoming far less popular among a new generation of retirees. In lieu of the stability and security home ownership (supposedly) provides, more and more retiring Baby Boomers are choosing the convenience and flexibility of apartments and condominiums."
"In fact, a recent study by Harvard University’s Joint Center for
Housing Studies found that rental rates steadily increased among seniors
aged 55 to 75 from 2004 to 2013, and that the 75 and older crowd was
the only group to see it drop. What’s more, many if not most of these
older renters are former homeowners. A Rent.com survey of apartment
managers actually found that 29 percent of Americans transitioning from
home ownership to renting were between the ages of 50 and 65."
Maybe it's time to re-think the importance of homeownership... http://www.thinkadvisor.com/2015/04/20/rental-rates-rising-among-retiring-boomers