May 19, 2015

Rental Rates Rising Among Retiring Boomers

"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 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...

No comments:

Post a Comment

Financial Planning for Women does not sell, rent, loan, lease or otherwise provide any personal information collected at our site to any third parties.