5 Cities Better to Rent for Retirees than to Own

Retirement marks a pivotal shift in lifestyle and financial management. For many retirees , the decision to rent rather than own a home can afford greater flexibility, reduce maintenance responsibilities, and provide financial predictability, especially in cities where the costs associated with homeownership can rapidly deplete retirement savings . Here’s a closer look at five cities where renting could be more advantageous than buying for retirees, each chosen for its unique blend of lifestyle perks and economic benefits:

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Tucson, Arizona

• Why Rent: Tucson’s cost of living is below the national average, making it a financially sensible choice for retirees. The home ownership costs, including maintenance, taxes, and insurance, can be unpredictable and generally higher due to the desert climate impacting home structures. Renting eliminates these unpredictable costs, allowing retirees to enjoy Tucson’s 350 days of sunshine and outdoor lifestyle worry-free.
• Average Rent Price: $1,289
• Average Home Price: $329,219

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Albuquerque, New Mexico

• Why Rent: Albuquerque features a vibrant cultural scene and a lower-than-average cost of living. Property taxes and homeownership costs in New Mexico can be high relative to the value of the homes, particularly for those on a fixed income. Renting can mitigate these expenses while still allowing retirees to enjoy the local arts, cuisine, and beautiful landscapes.
• Average Rent Price: $1,313
• Average Home Price: $329,055

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Roanoke, Virginia

• Why Rent: Roanoke offers a cost-effective living option with a significant appeal in its mountain scenery and outdoor activities, which are ideal for active retirees. The housing market here can be volatile, with the costs associated with aging homes potentially leading to high maintenance expenses. Renting in Roanoke allows retirees to avoid these financial pitfalls while enjoying the community’s rich history and natural beauty.
• Average Rent Price: $982
• Average Home Price: $257,338

Greenville, South Carolina

• Why Rent: In Greenville, retirees can enjoy mild winters and a vibrant downtown without the long-term financial commitment of homeownership. The real estate market in Greenville has seen rising home values, which, while potentially beneficial for investors, can pose affordability challenges for retirees. Renting offers a stable, more predictable monthly expense, freeing up capital for other retirement pursuits.
• Average Rent Price: $1,327
• Average Home Price: $307,193

Pensacola, Florida

• Why Rent: Florida remains a top retirement destination due to its tax-friendly policies and beautiful beaches. However, owning a home in coastal areas like Pensacola can come with high insurance premiums, especially due to hurricane risks. Renting alleviates the burden of these fluctuating costs and potential storm damages, making it an attractive option for those wishing to enjoy their retirement by the beach without the financial risks associated with owning a coastal property.
• Average Rent Price: $1,274
• Average Home Price: $261,741

This article originally appeared on GOBankingRates.com : 5 Cities Better to Rent for Retirees than to Own