A. For senior people, there is a balance between housing needs and financial situations when it comes to decide whether to own or rent a place to live.
Pros of Renting
- A wider range of housing options
- Flexibility (sign just 1-year lease and move to a new place after it ends)
- Hassle-free (the landlord will be responsible for repairs and maintenance)
Cons of Renting
- Rent may keep rising (problematic if your income is rising accordingly)
- Not participating the long term trend of rising home equity values
- Spend, rather than save, the money from selling the previously owned property when opted for renting