The age-old question of whether to rent or buy is prominent on the minds of baby boomers who are contemplating downsizing. Laly Kassa, Managing Director at Chevy Chase Trust, points out that many people assume buying is the better financial choice, but after she works through all the considerations with her clients, they often opt to rent—at least initially. “I do encourage people to take their time with this decision and to rent temporarily if they are uncertain about their choice of where to live,” says Kassa.
While many baby boomers envision downsizing to walkable neighborhoods in or near the city, they are surprised to find the costs are not always less than those of the suburban home they want to leave behind. “There’s no right or wrong answer — you just need to line up the choices and decide what works for you psychologically and financially,” says Kassa.
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