Older Americans abandon property for the life of apartments in the middle of the cost increase
The 60 -year -old company residents at Atlanta Philippa ‘Pippa’ White and Property Markets Group, Senior Director of Business Development, Brian Koles, talks to Fox News Digital of a growing 55 -year -old trend and apartments.
Having and maintaining a house may no longer define the American dream for many older Americans.
“I definitely save money. I do not have the same expenses as before, by carrying a house and a mortgage. So, I am definitively freer than me, and lighter,” Fox News Digital, creative director of 60 years, “pippa” White “told Fox News.
“I am in my rebirth, in fact.”
White is one of the many tenants who join an increasing trend, as the increase in land taxes, insurance and repair costs push people 55 and over to sell their homes and consider renting.
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Between 2021 and 2024, real estate insurance premiums increased on an average of $ 648 per year, according to the Consumer Federation of America. Data from the National Association of Real Estate Agents show that land taxes on average approximately 4% of household median income – and increase as the value of the properties increases.
Many Americans 55 and over plan to rent properties for a drop in insurance, insurance and repair costs. (Getty Images)
A recent Harvard Joint Center for Housing Studies report revealed that people 55 and over represent half of all home improvement expenses – a share that should reach more than 56% until 2025.
Born in Toronto, White spent her young years in New York before buying a single -family house in Chicago, where she lived for about two decades. Later, she took a new job, moved and started renting an apartment at the new Atlanta company.
“It was like the right perfect storm,” she said. “I like[d] My house, my children grew up in the house. But the houses are a lot of maintenance. And for me right now, at this stage of my life, I really wanted to live lighter … I know a lot of my friends, our children are launched or [are] launch. We are always vital and young and we have the impression that we have a lot of life. And so it’s a kind of good time to have an adventure. “”
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“In terms of American dreams, I think that people who found families in the twenties, the 1930s, 40s, they still want this traditional dream to have a house, raising their families, being near good schools and the community,” the main director of business development Brian Koles told Fox News, which supervises Atlanta society. “I think the big change is that there is this new second chapter.”
Koles said the PMG rental portfolio has seen an increase of approximately 70% of requests for 55 and over in 2020 compared to 2020. It expects this group to represent 20% of Atlanta residents over the next five to 10 years.
“I think people 55 and over now assess a much more active lifestyle,” Koles said. “We also see that they appreciate financial flexibility, so they prefer to pay rent to have the money locked in a house that can be difficult to sell. It is not the most liquid asset.”
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“For them, stability is not really the desirable result when everything they know is that there are upcoming changes. So it is less to know that they will be in the same place and more knowing that they have the capacity to modify their life situation as life changes,” he continued.
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White confirmed that going from the owner to the tenant had saved him money so far and has allowed him to invest in more of his passions, such as travel, pottery and jewelry manufacturing.
“It’s cheaper in fact, as if I was in an apartment in a room … simplifying my life, it’s really cheaper. I don’t need it,” she said.
“I think there is nothing worse than kicking in a giant house that you only have to clean and heat up,” added White. “This is what I felt at the end.”
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“The prices are high, the mortgages are expensive, the markets are very unpredictable. At this stage of their lives, they prefer that the money invested safely rather than taking this damage and this burden”, “Koles has struck.” I also think that I just want to live psychologically, older tenants now want to live the same thing as younger tenants … They just want to live in a pleasant house and manageable in an excellent location. “”
White said that his new apartment had allowed him to take advantage of the present, describing him as “a bit like a retirement community for young people”. Koles said that it represents stigma stigmatization around rental compared to the possession of a house.
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Gerri Willis of Fox Business reports from New Rochelle, New York, with the Rudolph Southwell broker detailing the impact of the local drop in the first rate of the Fed in four years.
“People over 55 can be much more concerned with maximizing their well-being and making the most of life when they are in good health, rather than maintaining a large house in their neighborhood just like a symbol of status. Feeling well will be more precious than anything else,” said Koles.
“The big advice I would say is, if not now, when? Don’t wait, do it now,” White has encouraged his cohorts. “Life is an adventure and, as I said, these years are somehow your rebirth … I have not been alone. People are looking forward to coming to visit … I am from a cold place, so everyone is very excited to come here and be hot this winter. So I think my advice would be: do it.
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