Should the Baby Boomer Generation Invest or Lease Post-Home Disposition?

 Are you a part of the Baby Boomer generation? Have you lived in your home for a long time, but now feel like things are changing? Thinking about selling your house can be a big deal. Are you looking to move far away, or do you want to stay close to familiar places? Maybe you're considering a smaller place or need a bigger space for family? The main question is: should you buy another house or rent one?

Making this decision can be tricky. You have to think about where you are now and where you want to be in the future. There are a couple of things you might want to consider.

Rents Are Increasing There's information from the Census that shows rent prices have been rising since 1988. The consistent increase in rent is something you can't ignore. If you choose to rent, you might find yourself paying more every time your lease is up for renewal. This could be a bit stressful if you're trying to budget your money each year.

On the other hand, if you buy a house with a fixed-rate mortgage, your monthly payments stay the same. This means you can plan your budget because your housing cost won’t change much. Freddie Mac says it like this:

“Homeowners with fixed-rate mortgages can be sure about their monthly housing costs, even if other expenses in life change.”

Benefits of Owning Your Own House AARP suggests that buying a house has more advantages in the long run than renting. Here are some benefits they mention:

1. Owning a house can save you money. The value of your house goes up over time. This could be a way to give your family a financial boost in the future.
2. If you've built up enough savings, you might be able to buy your next home without taking out a loan. That means no monthly mortgage payments. You'd still have to cover things like property taxes or repairs, but not having a mortgage could be a big relief.
3. Owning a house gives you the freedom to make changes. If you need to make the place more comfortable as you get older, you can.

Conclusion If you're a Baby Boomer and not sure whether to buy or rent, talk to a trusted real estate agent. With rent prices going up and the benefits of owning a house, buying might be the better choice for you.

To learn more about the Prescott, Arizona real estate market contact Michael Eastwood CEO of West USA Realty of Prescott at 928-636-1500 or visit us at www.westusaofprescott.com  and Michael will introduce you to one of his professional real estate agents. (Each office is Independently owned and operated) #RealEstateTips #PrescottAZ #HashtagPower #BoostYourPosts #ViralContent #RealEstateSuccess #RealEstateReel #PrescottAZ #HashtagHacks #InstagramGrowth #ViralVisibility #FollowMe #PrescottRealEstate #ArizonaHomes #PrescottAZ #RealEstateForSale