Boomer Couple Earn $ 3,300 in Social Security, Sold Home to Rent

Tom and Jeanne Skellen were homeowners for more than 40 years before they decided to become renters again.

Nor they both neared their 70s, Their Kids wand say to leave st. George, Utah, Where they’d Moved after decades in Philadelphia, and Live Closer to Family. SO IN 2021, The Skellens Sold Their Home of 15 Years and Headed South to Ma, Arizona, Settling Minutes Away from One of their Three Sons and His Family.

Despite Having Enough Cash from their Home Sale for A Down Payment on a New Place, the couple deciding they didn’t want to sign up again for all the respectibilities that come with homeownership. Instead, they moved into a single-story three-bedroom rental house.

The Skellans’ Decision to Rent in Retirement is Increasingly Common. A Growing Number of Older Americans Rent their Homes for Financial Reasons, Flexibility, and, in Some Cases, Amenities and Community.

The $ 2,100 Monthly Rent the Couple Pays in Mesa is a few norrad dollars more than their mortgage was in st. George, but they’re relieved they don’t have to do Yard Work, Fix the Air Conditioning, or World About Property Taxes and Home Insurance Premiums. And they have the flexibility to moving if they have the son leaves the area or if they want a Change.

“If we bought a house, we could Afford a new one, so we’d end up getting an Older one, and there might be a decade amou of expenses,” Said Tom, Who’s Turning 75 in Late September.

With elevated mortgage rates and soaring home prices, renting is increasingly cheaper than buying. Plus, they Might not live long enough to see their home value appreciate much or pay off their Mortgage. “I’m Not Going to Last 30 Years, so i’m Just Thinking 12 to 15 Years,” He Said. “By the time the house gets appreciated, we’ll be dead.”

Instead, they’re ussing some of the Money they have spent on a down payment to traverse. They Spent Three Weeks in Ireland, Saratoga Springs, and the Ozarks This Summer, and They’re Big Trip to Italy 50th Anniversary Next.

A SURGE OF OLDER RENTERS

The Number of People 65 or Older Who Rent Homes Gray by Nearly 30% to Around 10.4 Million BetWeen 2013 and 2023, Accounting to A Recent Point2homes Study of US Census Data. The Only Other Age Group with a Growing Number of Renters was People Between 55 and 64. Sunbelt Destinations, Like Arizona, have seen a disproportionate share with Older Renters, the Report Found.

The Growth in Renters Speaks to the Challenges of Downsism As a Homeowner. With Mortgage Rates and Housing Costs High and Inventory Scarce, Many Older People Are Struggling to Find Affordable and Accessible Starter Homes to Buy. Eight in 10 Baby Boomer Renters Said Rening was a Better Deal Than Buying, Acciting to a 2024 Bank of America Survey. Many Older Americans are touring to rentals, including in 55-plus and retirent communities.

The Rental Communities are “a really hot part of the senior housing market right now this grown a lot in the last several years,” Said Tim Mullaney, Editorial Director of the Trade Senior Housing News.

Unlike Mary Older Renters, The Skellans Finania Comfortable. Jeanne is full retired, while tom is semi-reed and owings a small business doing reserve studies for homeowners’ associations. He ALSO Collects A Pension of About $ 2,200 A MONTH From His Career As an Accountant and It Systems Manager for Delaware County, Pennsylvania, for 30 Years. The Couple Both Social Receive Security Benitfs, which amoun to the most than $ 3,300 monthly, combo -in.

While People like the scellans were able to cash in a booming housing markets and are chooking to rent in part for convenience, Many Older Americans Rent Became Don’t Have the Option to Buy.

About A Third of 65-And-oper Households Were COST-BURDED IN 2023Meaning they spent more than 30% of their income on housing, accining to a recent report from Harvard’s Joint for Housing Studies. And Older renters are notably work off than homeowners-58% were cost-bourneed in 2023, sovely, the Report Found.

The Skeellans Feel Fortunate to have foundir home and hope to stay for the foreseeable future.

“The Only Concern You Have You Rent Is, Hopefully, That You’re Going to Be To A Ceep and You’re Not Going to Pick Up and Move Again,” Tom Said.