More Americans are renting homes in retirement for flexibility - Business Insider

"We owned homes all through our careers, and they turned out to be good investments," Joe tells Business Insider. They lived all over the US in 16 different homes, both owned and rented. Before Joe retired in 2016, they lived in aoverlanding vehicle

they use to travel the world, and they plan to rent something more permanent when their adventure is over. The couple wanted to start living their retirement dreams sooner rather than later, and found that selling their home was the best way to do that. "Selling the house wasn't so much a strategy as it was a necessity. It was the only way we could retire early," Joe says.

For this couple and a growing number of retirees, a combination of lower expenses, freedom, and flexibility are making renting more alluring than owning. "I think that renting is a tool that's overlooked by many retirees," says Greg DuPont, a financial planner in Columbus, Ohio. He's seen retirees going against the traditional advice of having a paid-off mortgage in favor of renting, and considers it to be a smart financial move in some cases. "The whole notion of homeownership and building equity and transferring that equity down to the kids has been kind of a flipped on its ear by what happened in 2008," DuPont says.

Your not suppose to have a mortgage when you retire.

Smart

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