As retirees and empty-nesters decide to downsize, they will be faced with the decision to buy or rent a smaller property. According to CNBC, their conclusion might be different depending on where they live.
For some, giving up a mortgage for rental payments may seem like a good deal. The decision can also depend on factors like the budget, upkeep, lifestyle, and investments associated with different properties.
Retirees 65 and over in markets like Providence, Rhode Island, Kahului and Honolulu, Hawaii, Lancaster, Pennsylvania, New Haven, Springfield, Massachusetts and Reno rent at a rate 1.2 times more than the national average, according to data compiled by realtor.com.
On the other hand, retirees own at 1.1 times the national average in markets like The Villages, Punta Gorda, Sarasota and Vero Beach, Florida, Prescott, Arizona, and Santa Fe, despite it being also cheaper to rent there, according to the realtor.com data.
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