To rent or to buy? A study from AARP and the Joint Center for Housing Studies at Harvard University weights the cost and benefits of each scenario for Americans 65 and older.
A new study recently delivered new insight into the most desirable living configurations for older Americans, comparing the costs and benefits of homeownership and living in rental properties.
"For Americans over age 65, rentals are usually the most safe, secure, affordable housing option that enhances independence and community engagement, according to a measure of neighborhood livability by AARP and the Joint Center for Housing Studies at Harvard University," reports Sarah Paynter.
According to the study, Americans older than 65 aren't likely to own homes in neighborhoods in close proximity to goods, services, and social stimulation. Given the population's tendency to have mobility-related difficulties, living far away from shopping, recreation, and other necessities can be difficult. Living in that house on the hill can come at a cost for seniors in the U.S.
"Homeowners over the age of 65, tended to live in less livable locations, but they did tend to have better air and water quality, health care, internet access, social engagement opportunities and job opportunities than renters," notes Paynter.
FULL STORY: Renting may be the best option for seniors, study finds
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