Downsizing baby boomers face key decision: is it better to rent or to buy?
A Census Bureau’s survey found a 3 per cent jump in the number of adults ages 55 to 64 moving into D.C. between 2010 and 2015 jumped 3pc, compared with a 2pc increase among those between 30 to 34
After 20 years of a car-centric lifestyle in a large house in Bethesda, Maryland, and nearly a decade of lobbying her husband, Roxanne Littner achieved her goal of moving into the District of Columbia.
“My husband was more attached to the house than I was, and wanted to stay longer, but when we had a plumbing issue and the basement flooded, I put my foot down and set a date to sell our house in a year,” Littner says. “We started looking downtown at different neighbourhoods and couldn’t find anything we wanted to buy with 1,500 square feet or more that we liked and that wasn’t outrageously expensive.”
Littner and her husband, ophthalmologist Roy Rubinfeld, opted to move into an apartment in the Kennedy-Warren in Northwest Washington. They quickly discovered that the services provided and the freedom from maintenance suited their lifestyle.
“It seems to make financial sense to rent, because we don’t pay high condo fees or have to pay for repairs,” Littner says. “We own a second home in Italy, and renting gives us the flexibility to be gone for months at a time if we want, since we know the Kennedy-Warren staff will take care of our place in the city.”
The rent-or-buy decision is more commonly thought of as a dilemma for young professionals establishing their households, not people approaching retirement. But whether it’s a financially savvy decision or simply the only solution when they can’t find a suitable place to buy, some baby boomers are choosing to rent an apartment downtown when they downsize.
It seems to make financial sense to rent, because we don’t pay high condo fees or have to pay for repairs