Instead of purchasing another home many Baby Boomers are choosing to sell their current homes and renting a place. This has been reported in a recent article from CNBC.
“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.”
Renting for the short term will allow you to familurize yourself with a new neighborhood. Espesialy if you are moving to a new part of the country or county. But Renting for the long term can have some cons.
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:
If you take a look at this chart you can see rents have only risen in continuous upward direction since 1998. If you are faced with making the decision of whether you should rent or buy your next home, you should take this into consideration.
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!