Empty nesters are choosing to become renters once again. Indeed it’s the fastest-growing demographic in the rental housing market according to Rent Cafe, up over 28% since 2009. The trend is driven in part by the desire to simplify; gain more freedom and mobility once the kids have been launched, and the need for a large home has ended. The rush to buy in a certain neighborhood or school district is giving way to the rush to travel, and have more time to pursue leisure activities. Having to worry about home repairs, and lawn care seems to be an albatross worth shedding for many.
Homeownership is a big responsibility that can bring a great deal of stress. It takes physical labor and/or money to maintain a home. Some seniors may be more attracted to renting because they prefer to avoid the hassle. In fact, a third of young baby boomers and 46% of people 65 and older make a conscious choice to rent rather than buy a home, even though they could afford either.
This makes active lifestyle communities an excellent choice. Highland 55 at Spring Creek, in Edmond, OK, and its sister development, Highland 55 at Mission Hills, in Broken Arrow, OK are attracting this new category of renters. Offering luxury, convenience, and social activities, residents can reimagine what lifestyle suits them.
But it’s not just about convenience, it can be a wise financial decision too. For those who are selling a home, capital gains allowances mean a couple can significantly extend their retirement nest egg. Especially for those who are concerned that they could outlast their financial resources, finding a rental that meets their needs can be a solution. Some of the hidden costs of homeownership are often overlooked. A financial advisor can help put pen to paper. Remember to factor in access to amenities like gym equipment and coworking spaces as both of these can save money each month.
It’s about finding the sweet spot where you have what you want and what you need. Prioritizing what works and finding just the right fit is the journey that we think leads to Highland 55. Check out our communities, amenities, and floor plans. Pre-leasing begins soon. Sign up to receive the latest information and construction updates! https://www.highland55.com/