Should you Rent or Buy if You’re a Baby Boomer?

An Australian newspaper published an interesting article earlier this month titled “Renting vs. Buying—The Verdict.” In the article four real estate experts—each expert representing a different age group—were asked whether other members of their age group would be better off renting or buying a home. The experts’ answers were certainly interesting, and we’ll reprint parts of them here, starting with the answers of Mark Bouris, an expert in working with Baby Boomers, and moving on to Bruce Brammall, a Generation X expert, and Justine Davies, a Generation Y real estate expert.

Part of Bouris’ take on the question can be read here:

“Many Baby Boomers are lucky enough to own their own homes,” Bouris begins by noting, suggesting that many Boomers scrimped and saved for years before they purchased their first (home). “There are, however, plenty of Baby Boomers who don’t own a home,” he continues. “There are a lot of reasons for that, some voluntary and some beyond their control. In theory, you can rent rather than buy and use the saving to fund an investment in something else, such as a share portfolio.” “In my experience, people start off along that track with good intentions but their plans fall by the wayside. They either rent a more expensive home than they should or they spend the cash earmarked for investment on lifestyle items.” Bouris concludes his segment of the article by saying that “For our generation, I’m still strongly in favour of owning your home, especially if you hope retirement is not too far off.”

To read the rest of Brammall’s take on the rent-or-buy dilemma, check out the rest of the article here.

If you are a baby boomer looking to buy in the Chicago area, simply enter your information in the box on your right and a probational and knowledgeable real estate agent will get in touch with you asap!

image credits: SXC

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