We rent in a high-cost city and plan to retire - does not owning a home make our plan too risky?

In the FIRE community, particularly among ChubbyFIRE members, the decision regarding home ownership—renting versus buying—is complex and subjective. A Redditor in a very high-cost-of-living area, New York City, contemplates the financial implications of both scenarios. While owning a home is often viewed as a step to retired stability, the current cost dynamics favor renting, making it a more appealing option for many. This individual grapples with the uncertainty of remaining in the city while evaluating long-term housing plans as family dynamics change over time.

The decision to rent or buy a home is pivotal for early retirees in high-cost areas like New York City, where renting often proves to be the more economical choice.

Many in the FIRE community, particularly ChubbyFIRE members, believe in paying off their mortgages or securing low-interest rates before retiring, complicating the rent versus buy debate.

Read at 24/7 Wall St.