Should Baby Boomers in Baltimore Buy or Rent After Selling Their Houses? A Realtor Weighs In

In the picturesque neighborhoods of Baltimore, a significant shift is underway. Many baby boomers, who have lived in their homes for a considerable time, are contemplating a significant change. As a seasoned Realtor in Baltimore, I've noticed an increasing number of clients grappling with the decision of whether to buy or rent their next home after selling their current one. This decision is not to be taken lightly, as it hinges heavily on one's current situation and future plans. In this blog, we delve into two critical factors that might guide you in making an informed decision.

1. The Rising Trend of Rents

First and foremost, it's essential to be aware of the rising trend in rents, a phenomenon that has been consistent since 1988. As depicted in numerous studies and census data, rents have been climbing steadily, posing a significant consideration for those thinking about renting their next home.

In Baltimore, a city known for its vibrant neighborhoods and rich history, the rental market is no exception to this trend. If you choose to rent, you might find yourself grappling with a higher rental expense each year, a financial strain that could potentially escalate with each lease renewal. This is a critical aspect to consider, especially if you are looking to maintain a certain lifestyle in your retirement years.

The Stability Offered by Homeownership

On the flip side, buying a home, particularly with a fixed-rate mortgage, offers a semblance of stability that is hard to find in the rental market. This type of mortgage allows you to lock in your monthly payment for the duration of your loan, offering a predictable and steady financial outlook. As a Realtor with years of experience in Baltimore, I often emphasize to my clients the peace of mind that comes with knowing that your mortgage payments will remain constant, even when other life expenses may fluctuate.

Benefits of Homeownership: A Realtor's Perspective

According to a recent report by AARP, buying your next home could potentially be a more beneficial long-term strategy compared to renting. Here, we outline some of the unique benefits that homeownership can offer:

1. Building Generational Wealth: As a homeowner in Baltimore, you have the opportunity to build generational wealth. Your home, and the equity you accumulate over the years, can serve as a financial cushion, potentially providing a better life for your loved ones in the future.

2. No Monthly Mortgage Payment: If you are in a position to buy your next home outright, you might be able to forego monthly mortgage payments entirely. This could be a significant relief, allowing you to allocate funds to other aspects of your life, such as travel or hobbies.

3. Aging in Place with Ease: Owning your home gives you the freedom to adapt your living space to suit your changing needs. As a Realtor, I often witness the joy and comfort that homeowners experience when they can renovate and update their homes to make everyday life easier and more enjoyable.

Bottom Line: A Realtor's Advice

If you find yourself at this crossroads, contemplating whether to buy or rent your next home in Baltimore, it's worth connecting with a knowledgeable Realtor to explore your options further. With rents on the rise and the myriad benefits that homeownership can provide, it might make sense to consider buying your next home.

Feel free to reach out to discuss your options and embark on a journey to secure a comfortable and prosperous future in the heart of Baltimore. Let's connect and find the best path for you, tailored to your individual needs and aspirations.