Why More Baby Boomers are Renting—And You Should Too
Believe it or not, but Baby Boomers are turning to renting in their retirement years. They’ve given up their suburban homes with their large lawns for a smaller apartment that’s closer to cultural staples. Like Millennials, Baby Boomers are turning to renting in order to pursue more freedom when it comes to their living situation.
In fact, between 2009 and 2015, the number of Baby Boomer renters rose 28%, while Millennial renters only increased by 3%. Nearly 5 million more Baby Boomers are expected to enter the rental market by 2020. So… what’s so great about renting in your golden years?
Luxury housing is the most enticing element for the Baby Boomer renter movement. Developers all around the country are clamoring to satisfy the Baby Boomer’s need for luxury and convenience. You can see old buildings in Philadelphia being torn down, and new luxury apartment buildings take it’s place.
Philadelphia’s luxury housing market is no exception. The Condo market is souring, and Baby Boomers are willing to snatch up a luxury condo for the right price. Unlike other cities, like New York or Washington DC, there aren’t many foreign investors in Philadelphia. So, the units are more affordable and the neighborhoods tend to remain intact—making it a worthwhile investment.
Maintaining a home is a lot of work, and the older you get the more work it can be. You don’t want to be mowing that lawn every weekend, or repairing your roof when you’re 60. Baby Boomers are turning to renting for a “maintenance free” lifestyle.
When renting, a Baby Boomer can call someone when they need their light bulb changed or to unclog a drain. You won’t need to shovel snow in the winter when you’re a renter. This is a big reason why Baby Boomers turn to renting.
Many Baby Boomers are moving into new developments in busy cities. This means their social lives open up to a whirlwind of opportunities. From museums to live theater, many Boomers choose to rent simply for the social scene.
Instead of retiring quietly in a large home in the country, Boomers are looking for a more cultural experience. In Philadelphia, many Baby Boomers are moving into Center City due to new investments in parks, open spaces, and the reemerging retail scene.
Many Baby Boomers are looking for a sense of community since their large suburban homes became empty nests. Moving into a busy city can help you get connected with more people in your age range and share your interests.
Many of the modern developments being build around Philadelphia incorporate amenities that encourage socialization within your building. In fact, many luxury developments in Philadelphia even offer happy hours on rooftop bars that encourage the residents to meet one another.
Maybe it’s time to downgrade your home and snatch your own luxury condo while you still can. Baby Boomers are changing the face of retirement, and many don’t want to be tied down to a mortgage! Renting gives you the freedom to move at any time, and you get a little extra bang for your buck when you live in a vibrant community.