Most older adults, those at least 65 years old, own their homes, according to the Joint Center for Housing Studies at Harvard University. Yet, more than 1 in 5 older households — 7 million — rent instead of own, according to the 2023 Housing America's Older Adults by the JCHS.
Renting in retirement years can be a positive because older people can avoid costly maintenance associated with the upkeep of a home. Renting also offers the flexibility to move vs. the complexity of selling a home, experts say.
"Renting often offers more amenities, less maintenance, more accessibility," said Jennifer Molinsky, director of the housing an aging society program at the Joint Center for Housing Studies.
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