{"id":4216,"date":"2023-09-13T10:30:00","date_gmt":"2023-09-13T10:30:00","guid":{"rendered":"https:\/\/sandpointrealtyidaho.com\/blog\/2023\/09\/13\/should-baby-boomers-buy-or-rent-after-selling-their-houses\/"},"modified":"2023-09-13T10:30:00","modified_gmt":"2023-09-13T10:30:00","slug":"should-baby-boomers-buy-or-rent-after-selling-their-houses","status":"publish","type":"post","link":"https:\/\/sandpointrealtyidaho.com\/blog\/2023\/09\/13\/should-baby-boomers-buy-or-rent-after-selling-their-houses\/","title":{"rendered":"Should Baby Boomers Buy or Rent After Selling Their Houses?"},"content":{"rendered":"

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$\"Should$ \n

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

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

Expect Rents to Keep Going Up<\/strong><\/h4>\nThe graph below uses data<\/a> from the Census<\/em> to show how rents have been climbing steadily since 1988:<\/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
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
\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><\/blockquote>\n
Owning Your Home Comes with Unique Benefits<\/strong><\/h4>\nAccording<\/a> to AARP<\/em>, buying your next home is a better long-term strategy than renting:<\/p>\n
\u201cThough each option has pros and cons, <\/em>buying provides more pros, with a broader range of benefits<\/em><\/strong>.\u201d<\/em><\/p><\/blockquote>\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
Owning your home can help you <\/strong>save money<\/strong><\/a> for the future.<\/strong> Your home, and the equity<\/a> you build as a homeowner, can provide generational wealth that could be passed on to loved ones, giving them a better life.<\/li>\n
You might not have to pay a monthly mortgage payment at all.<\/strong> If you have enough equity to buy<\/a> your next home outright, you wouldn\u2019t have a monthly mortgage payment. While you might still need to cover property taxes or maintenance fees, not having to worry about a monthly mortgage payment could be a big relief.<\/li>\n
Aging in place can be simpler.<\/strong> If your needs change, owning your home gives you the freedom to make renovations and updates that can make everyday life easier.<\/li>\n<\/ul>\nBottom Line<\/h3>\n
If you\u2019re a baby boomer who\u2019s wondering whether you should buy or rent your next home, talk<\/a> to a reliable real estate agent for advice. With rents going up and homeownership providing so many benefits, it may make sense to consider buying your next home.<\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"
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, you have a lot to consider. Will you move to a different state or stay nearby? Is it time to downsize or do you want more space […]<\/p>\n","protected":false},"author":1,"featured_media":4217,"comment_status":"registered_only","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[12],"tags":[29,27,20,18,28],"class_list":["post-4216","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-insight","tag-idaho-real-estate","tag-north-idaho-homes","tag-rain-silverhawk","tag-real-estate","tag-sandpoint-idaho"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t