Among the many decisions facing retirees is what to do about their homes, with many deciding that the house where they raised a family is bigger than they need in their retirement. When that time comes, the question is whether to buy or rent a 2-bedroom apartment in Richmond. VA. Whether to stay in communities they are familiar with or relocate entirely.
It’s a decision facing many people. Many are staying — but not always hanging onto the chores that come with homeownership.
Many people are moving out after they retire. Older residents are downsizing if they have a larger home and it’s hard to maintain.
Those on a limited fixed income will stay in their existing home for as long as it’s feasible to maintain it.
Any such decisions are impacted by the financial status of the individual retirees and other factors, such as the size and condition of the house they live in.
But there are indications that fewer people ages 55 to 64 are choosing to own, and more are deciding to either rent where they can escape many of the chores and hassles of homeownership, such as yard work and other maintenance.
Many move within their own community. They are leaving a house that needs care and moving to an apartment or condo that’s easy to manage.
Three main factors influence retirees’ decisions to rent or buy — a sense of ownership, liquidity and being near family.
For retirees who relocate to live near children: The child might get a new job and move away or a divorce might take grandchildren to another town.
It’s better to rent, to stay flexible until you’re pretty sure that your children aren’t going anywhere.
The National Association of Realtors reported a national survey that the percentages of recent home purchases by older Americans are notably lower than that of younger people.
More and more retirees are moving to areas where they don’t have to worry about shoveling snow or mowing grass.
Excerpts - post-gazette.com