Should Senior Citizens Rent or Buy a Home When Relocating to Central Florida?

A smiling older man in T-shirt, shorts, and beret and smiling older woman with scoop-neck shirt, necklace, black pants, and wearing sunglasses, both standing next to bicycles and holding handle bars in a tree-lined street with homes on either sideWhen it comes to retirement housing, much of the advice provided by 20th-century sages has given way to new realities in a fast-changing real estate market. Home prices and rental costs have remained relatively low in Central Florida when compared with retirement hotspots in other parts of the country, and certainly when compared to the high costs in the Northeast that many senior citizens leave behind when they downsize. However, affordable housing is becoming a growing concern in Central Florida, so it’s important to weigh your retirement housing options carefully as you look for your ideal digs in this subtropical paradise.

Pros & Cons of Renting vs. Buying a Retirement Home

In the past, financial planners generally recommended that everyone who could afford to buy a home do so for several reasons:

  • To build equity that could be tapped for income when the home was sold
  • To enjoy the relatively fixed housing costs of a mortgage when compared with rental prices that can jump quite a bit from year to year
  • To get property tax deductions on federal income tax that renters do not receive

However, many of the principles of yesteryear don’t apply to today’s seniors. For example, if you’re like many retirees, you’re less interested in buying a home for investment and income-generation purposes—you want a home that provides the lifestyle you’ve been dreaming of. Moreover, rising homeowner insurance rates (which renters don’t pay) can affect your monthly housing expenses if you own a home. And recent changes to the tax code make the mortgage interest and property tax deductions associated with homeownership less appealing.

Get the Most From Your Retirement with Our Affordable Housing Option

If you’re planning to retire to Central Florida, make sure you explore the attractive housing options available from Blair Group. We operate five gated communities of high-quality manufactured homes in some of the most sought-after locations in the Sunshine State. When you buy a home in one of our communities for adults 55 and older and pay a low monthly home site lease fee, you’ll enjoy living in your own home in a traditional neighborhood setting. You’ll also have daily access to a wealth of resort-style amenities and the many social and fitness activities they make possible.

Contact Blair Group today to learn more about the benefits of buying a home and leasing a home site in one of our 55+ communities.