Nearly half of homeowners find renting easier, but fixed-income retirees grapple with escalating maintenance and tax expenses.
A growing number of retirees are reconsidering homeownership as rising property taxes and maintenance costs strain fixed incomes. For a $400,000 home, annual upkeep can range from $4,000 to $16,000, excluding major repairs, according to financial experts.
Research from Harvard’s Joint Center for Housing Studies shows over seven million adults aged 65 and older now rent, up 16% since 2019. Older adults now head 28% of U.S. households, a share expected to rise as the boomer generation ages.
The shift reflects broader affordability challenges, with retirees weighing the flexibility of renting against long-term stability. Empty nesters, in particular, face tough decisions as housing costs outpace fixed incomes.