Suze Orman warns that renting in retirement can lead to inflated costs over time. 'When you choose to rent, you need to plan for the fact that your landlord will raise your rent from time to time,' she advised. This essential consideration often gets overlooked, but it is crucial for retirees to think long-term about their housing costs. Assuming a $1,000 rent today, you could be paying $1,750 in 25 years if current trends continue.
While many older Americans opt to rent to avoid maintenance costs associated with homeownership, they must also manage the hidden risks, such as rising rents. Many older households may not realize how much their rent could increase over time. With an average increase of 3% per year, this long-term financial consideration should be a significant part of any retirement strategy.
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