44% of homeowners say renting is easier — but for retirees on fixed income, the math isn't that simple
Imagine Carol, a 67-year-old retired teacher in suburban Ohio. She owns a four-bedroom home outright with no mortgage, but two of those bedrooms have been empty since her kids left a decade ago. The property taxes keep climbing, the roof needs replacing soon and she recently tur
Imagine Carol, a 67-year-old retired teacher in suburban Ohio. She owns a four-bedroom home outright with no mortgage, but two of those bedrooms have been empty since her kids left a decade ago.
The property taxes keep climbing, the roof needs replacing soon and she recently turned down a trip to see her grandchildren because a plumber's bill wiped out her travel fund for the month.
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She knows it's time to downsize. What she can't decide is whether to buy something smaller or, for the first time in 40 years, rent.
It's a question more older Americans are wrestling with than you might expect.
CNBC notes research (1) from the Joint Center for Housing Studies (JCHS) at Harvard University that says more than seven million adults aged 65 and older — roughly 20% of older households — currently rent rather than own. And Harvard University's Joint Center for Housing Studies confirms (2) the older adult household population has grown 16% since 2019, with older adults now leading 28% of all U.S. households — a share that will keep climbing as boomers age.
