{"id":1089,"date":"2023-09-14T18:04:14","date_gmt":"2023-09-14T18:04:14","guid":{"rendered":"https:\/\/johnsonteamrealestate.com\/?p=1089"},"modified":"2023-09-25T18:34:25","modified_gmt":"2023-09-25T18:34:25","slug":"should-baby-boomers-buy-or-rent-after-selling-their-houses","status":"publish","type":"post","link":"https:\/\/johnsonteamrealestate.com\/index.php\/2023\/09\/14\/should-baby-boomers-buy-or-rent-after-selling-their-houses\/","title":{"rendered":"Should Baby Boomers Buy or Rent After Selling Their Houses?"},"content":{"rendered":"\n
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Are you a baby boomer who\u2019s lived in your current house for a long time and you\u2019re ready for a change? If you\u2019re thinking about selling your house<\/a>, you have a lot to consider. Will you move to a different state or stay nearby? Is it time to downsize<\/a> or do you want more space to accommodate your loved ones? But maybe the biggest consideration boils down to this \u2013 will you buy your next home or choose to rent instead?<\/p>\n\n\n\n

That decision ultimately depends on your current situation and your future plans. Here are two important factors to help you decide what\u2019s right for you.<\/p>\n\n\n\n

Expect Rents to Keep Going Up<\/strong><\/h4>\n\n\n\n

The graph below uses data<\/a> from the Census<\/em> to show how rents have been climbing steadily since 1988:<\/p>\n\n\n\n

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<\/a>Rents have been going up consistently over the long run. If you choose to rent, there\u2019s a risk your rental payment will go up each time you renew your lease. Having a higher rental expense may not be something you want to deal with every year.<\/p>\n\n\n\n

When you buy a home with a fixed-rate mortgage, it helps stabilize your monthly housing payment. <\/strong>This allows you to lock in your monthly payment for the duration of your home loan. That keeps your payments steady and predictable for the long haul. Freddie Mac<\/em> sums<\/a> it up like this:<\/p>\n\n\n\n

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\u201c. . . <\/em>homeowners with fixed-rate loans will see little to no change to their monthly housing cost over the life of their loan<\/em><\/strong>. You can be confident in knowing that your mortgage payments won\u2019t change much in the long term, even when life\u2019s other costs do.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

Owning Your Home Comes with Unique Benefits<\/strong><\/h4>\n\n\n\n

According<\/a> to AARP<\/em>, buying your next home is a better long-term strategy than renting:<\/p>\n\n\n\n

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\u201cThough each option has pros and cons, <\/em>buying provides more pros, with a broader range of benefits<\/em><\/strong>.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

To help you choose what you\u2019ll do after you sell, here are just a few of the benefits of homeownership that article covers:<\/p>\n\n\n\n