The usual idea is that when you retire, it’s either time to go to retirement housing or a seniors’ retirement home, or buy the dream house and settle down and let your children and grandchildren visit you. However, given the reality that the economic meltdown has brought to our doorsteps, it may be wiser to rent a house or apartment when you do decide to enjoy your golden years.
Compare the prices
One sure way to figure out if renting is the better option is to find two houses that are about equal in size and quality but with one being for sale and the other for rent, and then compare the prices. Divide the price of the home for sale by the total cost of rent and utilities expenses for the other one. If the number is 20 or higher, then it’s better to rent. If the number is close to 15, then the cost of renting and the yearly cost for the mortgage of the house for sale are practically the same. In such a case, you should consider buying instead.
The argument for renting
However, renting does have distinct advantages. For one, your landlord is the one who will take care of maintenance. In the golden years, maintaining your own house may be a physical challenge, and should be avoided. Another truth is that unless you have plans of leaving your home to one of your children, the savings you get just by renting can go to your health concerns. You may be able to use more of your financial reserves to keep an active and healthy lifestyle, rather than if you were worrying about a house. And an apartment is still much better than going into retirement housing or a seniors’ retirement home if you are still reasonably mobile and healthy.
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6 Responses
We are going to be staying at our sons home. My husband is on SSI Disability. We need to see if we can get any help. Thank you for any imformation on housing and section 8 applicants.
Posted on July 12th, 2010 at 2:17 am
Section 8 and housing choice voucher qualifications depend on local guidelines. The local HUD or HUD-affiliated office is your best bet to see if you do qualify.
Posted on July 14th, 2010 at 10:31 am
apply for section 8 i have no income comming in were can i go to get help to pay my rent work for housing authority for 18 years and pending for ssi
Posted on July 20th, 2010 at 12:40 pm
Some section 8 housing and Housing Choice Voucher programs are handled by government-affiliated or non-profit organizations. Do check with local organizations if they have funding options that do not rely on Section 8 or HCV government funding. Otherwise, another option would be to check with nearby areas to see which one has the shortest waiting list – it may be a good idea to move there.
Posted on July 21st, 2010 at 7:48 am
I have a section 8 Housing voucher. I’d like to move to a different area, north of here, closer to my siblings. Is there a way for me to transfer my voucher to that area, without too much trouble, in finding a new apartment, or help with paying for a home?
Posted on August 7th, 2010 at 9:57 pm
Hello, Walter!
Yes, you can transfer it if the local Housing organization in the area you are moving to will allow it. You may have to do some advance work to see to it that your Section 8 voucher will be transferred to your new area. Your best bet now is to inform the local housing organizations/programs immediately, so they can coordinate if the transfer is allowed.
Posted on August 13th, 2010 at 6:38 am
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