Owning a home is a great way to build wealth over time, but some retirees find that becoming renters better suits their lifestyle and their bank account.
Homeownership carries many financial responsibilities. In addition to paying off a mortgage, you have to maintain homeowner insurance, pay property taxes and budget for ongoing maintenance.
Renting relieves you of those burdens. Your only concern is paying the rent.
What follows are several reasons retirees should consider becoming renters.