It’s better to rent than to buy in retirement. That’s according to Trulia’s latest Rent vs. Buy Report, which considers whether it is cheaper to rent or buy a retirement home.
Buying a home in retirement is only more beneficial than renting one if retirees care about leaving an inheritance, the report says. The value of the equity in a home is a major contributor to the financial benefits of homeownership, but if retirees don’t have any heirs or don’t wish to leave an inheritance, the equity in a home loses its importance.
Consequently, when this value is dismissed, the benefits of owning a home as opposed to renting a home drop.
All things considered, renting is the superior option for retired households that don’t care about the equity in their home at the end of their life in 98 of the 100 cities with the most retirees.
But it’s a different story if retirees do care about leaving an inheritance. For them, it’s less expensive to buy a home in all of the 100 U.S. cities with the largest share of residents aged 65 and older than it is to rent one.
And Charlotte, NC is one of the fastest growing cities for retirees. In fact, there has been a 36 percent uptick in the number of seniors age 65 and older in the Charlotte area. About 30 miles north of Charlotte, Mooresville, NC offers a desirable quality of life and is the optimum environment for living, working and playing. Want to retire here? For information on apartments in Mooresville, NC, right outside Charlotte, contact Abberly Green Apartments.