"So in 2021, the Skellans sold their home of 15 years and headed south to Mesa, Arizona, settling minutes away from one of their three sons and his family. Despite having enough cash from their home sale for a down payment on a new place, the couple decided they didn't want to sign up again for all the responsibilities that come with homeownership. Instead, they moved into a single-story three-bedroom rental house."
"The $2,100 monthly rent the couple pays in Mesa is a few hundred dollars more than their mortgage was in St. George, but they're relieved they don't have to do yard work, fix the air conditioning, or worry about rising property taxes and home insurance premiums. And they have the flexibility to move if their son leaves the area or if they want a change."
Tom and Jeanne Skellan sold their Utah home and moved to Mesa, Arizona, choosing to rent a single-story three-bedroom house to live closer to family and travel. The couple had been homeowners for more than 40 years and sold their 15-year home in 2021, using cash from the sale but declining to buy again to avoid maintenance, repairs, and other ownership responsibilities. They pay $2,100 monthly rent, slightly more than their previous mortgage, and avoid yard work, AC repairs, rising property taxes, and insurance. Renting provides flexibility to relocate if family circumstances change. Rising mortgage rates and high home prices have made renting relatively more affordable for many older Americans, contributing to a 30% increase in renters aged 65 and older from 2013 to 2023.
Read at www.businessinsider.com
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