Renting vs Buying in Retirement… What Actually Makes Sense?

Retirement used to come with a simple plan: work hard, pay off the house, and enjoy the good life. But today? Housing costs, rising rent, HOA fees, maintenance, and fixed incomes have completely changed the conversation.

In this episode of Sherapy with Sheri & Randy, we’re talking honestly about renting vs. buying in retirement — the pros, the cons, the emotional side of letting go, and why more retirees are rethinking what “home” really means.

Whether you already own a home, are thinking about downsizing, or are wondering if renting might actually bring more freedom, this episode is packed with relatable conversation, real-life perspective, humor, and practical insight for life after 50.

Because retirement isn’t about impressing people anymore… it’s about finding peace.

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Transcript

SPEAKER_02 0:00

Are you in retirement thinking of buying a new home or selling your home and renting? Is there the pros and cons that you think about all the time? Well, we're gonna answer all that questions for you because we have my sister here.

SPEAKER_00 0:15

And our niece.

SPEAKER_02 0:16

And our niece in the background. Um Tammy is a realtor and she can like tell us by her hi Lexi. Tell us by her different experiences and stuff that she has with reality realtors and talking with people who have been in a uh situation themselves. And um and I'm just here. And Randy's just here. So anyway, we're here to do all of that. It's gonna be a crazy episode because we don't have any f clue what's gonna happen. Renting versus buying. Um The pros and cons of that, especially when you and it's especially when you first you know retire. The dream is not how it used to be. Pensions are less, how are higher housing costs, um, inflation, fixed income concerns, all of that changes retirement planning. And believe it or not, statistics have it that one in three retirees are still still carrying mortgage debt when they go into retirement. And renting among 65 plus is continues to rise. So people aren't really failing at retirement, it's just retirement has changed. Do you agree with that, Tammy?

SPEAKER_01 1:49

Very much so. I agree with that.

SPEAKER_02 1:52

So when you've been in a r tell me like the advantages of owning a home when you go into retirement.

SPEAKER_01 2:00

When you go when you go into retirement?

SPEAKER_02 2:04

Yes. If you're already into retirement, okay, and the advantages obviously disability, familiar surroundings, um, lower monthly costs, if the mortgage is paid off, equity, emotional attachment, stay in your family, doctors, friends, community, right?

SPEAKER_01 2:20

Yeah, but y everybody's situation is different. Um like when I would talk to clients and and they were of that age and they wanted to sell their home or they wanted to buy a home. There was always a reason behind it. It was either they wanted to downsize and or maybe they wanted to leave a home to their kids or buy a home out of state. But typically it's downsizing, but with the cost today, um jumping into a home is just an independent thing, depending on how much that you saved, what your plans are, what your health is. Your health makes a big difference.

SPEAKER_02 3:00

Yeah, like if you're in a two-story house that you've been there, obviously you're not gonna be able to do everybody's gone. Yeah, you're going up and down those stairs is a pain in the ass.

SPEAKER_01 3:08

Well, and not only that is, you know, sorry to say it, but how long are you gonna live?

SPEAKER_00 3:13

It always comes back to that. You know the thing.

SPEAKER_01 3:16

Don't get Randy started on that. No, because it, you know, if you're gonna invest a whole lot, or do you want to travel? You know, do you want to invest or do you want to travel? Do you want to do the upkeep on the home, which you know is stuff what I'm dealing with right now. And it's a lot to be a homeowner. Um insurance is through the roof, um, taxes depending on where you are. So it's not just the price of the home. Um interest rates are up a little bit, they're down a little bit. It just depends. There's a lot of programs out there, um, depending on what your lender, what your situation is. But for me personally, can I go to my personal?

SPEAKER_02 3:52

Yes, you can. Okay, thank you.

SPEAKER_01 3:55

Yeah, for me, it's your house.

SPEAKER_02 3:56

You can't do it. For me, we're at we're in Tammy's house. We can do whatever she wants. Well, well, what's the advantages of buying a home in retirement? Is there anything? Any advantages at all?

SPEAKER_01 4:05

I guess if you pay cash for it, um and you don't have a mortgage, then I guess it could be security. Um, you won't necessarily have to go into a home if you have people to take care of you. Um a lot of times it's just security. You know, and some a lot of people move into 55 communities, and a lot of times there's doctors there, there's hospitals there, there's community, there's you know, people who can take care of you, make your meals, you know. So everything is just expensive. But that's expensive. It's a well to buy a home in there, yeah. Sometimes it is. I've seen them lower. Um, there was a time Barry and I were gonna buy um and the prices were really low. Barry's her husband. Barry's my husband. Um, and but we never did. But the HOA sometimes can be Yeah, it could be a lot.

SPEAKER_00 4:55

A lot.

SPEAKER_01 4:55

So you just have to look at all aspects.

SPEAKER_00 4:58

I think I mean even going to a motorhome, mobile home now, it's expensive for space rent.

SPEAKER_02 5:03

Yeah, because you gotta pay space rent.

SPEAKER_00 5:04

Yeah, it's just ridiculous.

SPEAKER_02 5:05

Well, I don't think so, because here in Yukaipa, I've noticed that there's this is Yukaipa, which is capital. Yeah.

SPEAKER_00 5:12

Yeah, but you're farther out too, so this is maybe a little different out here.

SPEAKER_02 5:15

But no, my point being is that for the space rent in the in the uh 55 and older communities is a lot cheaper than a regular mobile. Oh, yeah, yeah.

SPEAKER_01 5:24

Yeah, if you go to Orange County, Riverside County, it's just crazy.

SPEAKER_00 5:27

No, it's I've seen it as much as fifteen hundred to two thousand dollars for space rent. Yeah. On top of the on top of your mortgage on your trailer. But you'd be you gotta be an idiot to buy a trailer and put and pay a mortgage on your trailer and then play space rent. That's you're up in the four thousands.

SPEAKER_01 5:44

Especially when you're talking, you know, retirement age. Yeah. You don't want to be doing that.

SPEAKER_00 5:48

You see a lot of people now not even going to, they're just buying a motorhome and traveling.

SPEAKER_01 5:52

Yeah, a lot of people do that. But that's expensive too. Look at us. Get down the block and be done.

SPEAKER_02 5:59

Yeah, part of people that have actually moved into motels. Yeah, they're cheaper.

SPEAKER_01 6:05

Yeah. Yeah. Yeah, they have like those extended stays, stuff like that. But you know, Barry and I are at a rockin' a heart place right now because we could never go anywhere and pay monthly what we pay here. But our house is a little older and the upkeep is a lot.

SPEAKER_00 6:22

Yeah. So that's what gets us right there.

SPEAKER_01 6:25

It's the upkeep.

SPEAKER_00 6:26

It's the upkeep.

SPEAKER_01 6:26

You know, and we're not getting younger, but you know, we're we still get around pretty good. But it's it's the cost of the upkeep, you know.

SPEAKER_00 6:34

So that's why I think me and Kanye are thinking about just staying written.

SPEAKER_02 6:38

I you know what?

SPEAKER_00 6:39

I would tell your story, Randy, about you used to own the owner two homes and um keep up with a lot of it, and a lot of the things changed with insurance on the fire. Um, certain taxes weren't put on my home that were supposed to be. And it, you know, all these things just come up and it's just hard, especially when you're only making a certain amount of money to live, you know, your budget.

SPEAKER_02 7:01

So I think it would be even hard if you've had like a savings or or whatever, and then you had to dip into all that to to do all these repairs.

SPEAKER_00 7:10

Well, it's like we just sold our house, we're renting now, and I want to buy another home. But now the more and more I think about it and talk to people, I don't know if I want to get another home. We're never gonna own it. Right. You know, we're gonna have upkeep on it. You know, before you know it you're through your savings doing that. Absolutely. You know, so why not just rent and labor those problems to somebody else? Yep. You know, and keep my money in the bank.

SPEAKER_01 7:31

I you know, um Barry doesn't want to do that. I would not have a problem.

SPEAKER_00 7:35

But he's looking for you at the end when something happens to him. But you know, I understand that.

SPEAKER_01 7:39

But the thing is, is like I would rent in a heartbeat.

unknown 7:42

Yeah.

SPEAKER_02 7:43

So let's talk about that. Let's talk about the pros of renting instead of owning or buying.

SPEAKER_01 7:50

There's no upkeep. Your utilities are way less. If something breaks, there's maintenance to fix it. Um a lot of them communities are you can have a garage attached to it, you know, most of them townhomes, but you know, they have community things and they're nice and they have parks and they have all the things, but more than anything else, the expense. Yeah, I could probably pay a little bit more in rent, but I know my monthly expenses would be way lower.

SPEAKER_02 8:18

Yeah, the repairs, you you know, if your air conditioning is not working or your dishwasher's not working, you don't have to worry about it.

SPEAKER_01 8:24

I just replaced my air conditioner less than two years ago and it was a lot of money. Yeah, it was a lot of money. So, and then my water heater went out. Of course, you gotta replace that. My washing machine's getting ready to go. I mean, it's all the things, you know, it just it happens. And you gotta be prepared for that kind of stuff. And if you don't keep up on it, if you choose to sell your house, you'll probably get less for your house if you don't upkeep those things and or um give a credit or um turn around and buy it, but then you're moving. Um puts you in a little bit of a position.

SPEAKER_02 8:58

And there's also the freedom though, that you can just if something happens, an emergency and you gotta move to be near family or whatever, you can just up and do it. You don't have to worry about selling.

SPEAKER_01 9:07

Exactly. Exactly. It's I think it's much more convenient. Yeah, it's smaller. Yeah, you don't own it and have a huge backyard, but I don't use my backyard as much as I used to, and we used to use it all the time. Now it's few and far between some holidays. You know, everybody comes over because I have a big patio, but you know, I don't know. I'm I'm fine with not having to clean the patio.

unknown 9:33

Yeah.

SPEAKER_01 9:34

Really? So but I love my home. I wouldn't want to live anywhere else. I love my neighbors. I mean, my kids grew up here, which is a big thing for me, you know, because we drove we moved all over the place. Yeah. My kids, this is their home.

SPEAKER_00 9:49

How old were the kids when they moved here?

SPEAKER_01 9:51

Um four and five.

SPEAKER_00 9:54

Four and five.

unknown 9:55

Yeah.

SPEAKER_01 9:56

You had to They're in their 30s now.

SPEAKER_02 9:59

They're a year apart, and Tammy had to think four and five.

SPEAKER_00 10:04

I'm like, uh which one is four?

SPEAKER_02 10:06

I know right. But one of the cons I would think, or one of the pros I think, for owning a home is also pets. If you have pets, yeah.

SPEAKER_00 10:15

That's a big one. Animals, you can't. Yeah, that's a big one.

SPEAKER_02 10:18

That would be a con in most rent.

SPEAKER_00 10:20

So in my sense, I'd have to rent a house. Yeah. I couldn't live in an apartment.

SPEAKER_01 10:23

I mean, some apartments are. I could get an apartment and and have a cat.

unknown 10:26

Yeah. Yeah.

SPEAKER_01 10:27

You know, because I wouldn't want another dog. But like Simon, who you guys have all seen recently, he lives in an apartment.

unknown 10:34

Yeah.

SPEAKER_02 10:35

So but his owner takes him out constantly. He's probably out of the apartment more than he is in it.

SPEAKER_00 10:42

Yeah.

SPEAKER_01 10:43

Yeah, she has a few of them. But if you're going to have animals, you put yourself in a scenario where that's conducive if you want animals. So, um, but of course, with a house, you can have do whatever you want pretty much. And like we don't have HOAs here, so I can do I can paint my house pink and not a big deal.

SPEAKER_02 11:00

But would you move to a 55 and older community?

SPEAKER_01 11:04

I we thought about it at one time. Now I'm thinking no. Because I don't want to pay the extra fees.

unknown 11:11

Okay. Oh. See, that doesn't bother me.

SPEAKER_01 11:24

That bothers you? Well, I mean, seriously, 55 is not old.

SPEAKER_00 11:28

No, I I just see a lot of people my age walking and and some really bad, and some, you know, and I just I don't know, it makes me feel old. I don't want to feel old. I'd rather be around people who are younger and that doesn't make you feel old? No.

SPEAKER_01 11:42

Really?

SPEAKER_00 11:42

No.

SPEAKER_01 11:43

When I'm around older people I feel old when I'm around my young kids and my grandkids, I feel old. No, when I go to the store and I see. Talk about Phil Collins and they're like, who? Exactly.

SPEAKER_00 11:53

Yeah, yeah. I mean, but still, yeah, I think that's kind of what it I don't know. It's kind of weird. I just don't feel surprised.

SPEAKER_01 12:00

But see, when you're around the older people, you're the young person.

SPEAKER_00 12:03

Not really. You'd be surprised.

SPEAKER_01 12:05

I understand that, but it'd be like, oh, you got a lot of time left.

SPEAKER_00 12:08

You know, when you're 80. When younger people open the door for you and you drop something right there to pick it up for you. Uh-huh. Yeah, it's just, you know, it's like, I'm that old? You know, it's like, fuck. Sucks.

SPEAKER_02 12:21

Okay, so let's talk about the cons of renting.

SPEAKER_00 12:26

There's a lot of great reasons to rent 255.

SPEAKER_02 12:29

What would you think would be the cons of renting?

SPEAKER_01 12:32

Well, if you didn't have um, if you didn't have what's it called, where the rent doesn't go up all the time. A lease. Yeah. Well, a lease, yeah. Um, if you go month to month, you could possibly get your rent raised. But you never know, and you never know who's gonna move in next door to you. You know, and if you're on a two-story, then you know, you somebody's up there and stomping feet. I'd find out that most. So the noise probably would be for me because it's quiet here. Um, so the noise would be different. The parking, um, I would have to have my own parking space or I couldn't do it.

SPEAKER_02 13:09

I think most apartments designated.

SPEAKER_01 13:12

But not a lot of them, mostly just townhomes, but um, well, there's a lot, but to have a garage that's attached, I would like, but you can't have everything.

SPEAKER_02 13:23

And hopefully you get an apartment that has a washer and dryer hookup.

SPEAKER_01 13:26

Oh, that was a definite. Yeah. Oh, and a lot of them do. Oh, most of them. A lot of them do now.

SPEAKER_00 13:30

The only downthing to the to living in 55 and older for me is everything's electric. Your stoves are electric. Is it? Oh, yeah. There's no gas stoves in electric in 55 and older. I think there's some that do have unless they put in them themselves.

SPEAKER_02 13:48

Oh, I don't know.

SPEAKER_00 13:49

Yeah, everyone we looked at was all electric.

SPEAKER_02 13:51

You live in Sun City, which was built in the 60s, so yeah. I can see them putting it.

SPEAKER_00 13:57

When we looked at that place up in Riverside, that nice place up there that had the the restaurant and everything in there. Everything was electric in there.

SPEAKER_02 14:05

But I can see why, because older people tend to leave things on. Oh my god.

SPEAKER_00 14:10

Well, yeah, I know that, but still it's a it sucks to cook with that.

SPEAKER_01 14:14

It's a learning curve.

SPEAKER_00 14:15

Yeah.

SPEAKER_01 14:15

Learning curve. And I guess it depends on where you live because Giselle's in an apartment. It's not a 55, but she's in a really nice apartment and she has gas.

SPEAKER_00 14:23

Yeah, but that's like I said, it's not 55 and older. Now, if you live in a place like where I lived, I have to go buy one of my landlord once. And they probably wouldn't let me put one in. Unless I put it in and take it out and put the old one in.

SPEAKER_02 14:37

No, you could probably put it in, but you can take it out. Yeah. They'd let you keep it there.

SPEAKER_00 14:42

I don't think so. They have an HOA there, so I don't know.

SPEAKER_02 14:46

Well, maybe it's not allowed with the HOA.

SPEAKER_00 14:48

I don't know.

SPEAKER_01 14:48

But anyway, I think for me, um the quiet.

SPEAKER_00 14:53

Quiet.

SPEAKER_01 14:54

The noise would be different for me. I you know, that's it.

SPEAKER_00 14:57

The only thing you hear around my way is dogs and an ambulance.

SPEAKER_01 15:02

What?

SPEAKER_00 15:02

A lot of ambulances. At your house? Around my house, I see you hear a lot of that.

SPEAKER_01 15:06

We hear a lot around here.

SPEAKER_00 15:07

Yeah. Well, it's 55 and older.

SPEAKER_02 15:10

So do you have any tips on how to avoid big rent hikes?

SPEAKER_01 15:14

Leases? Get a lease. Yep. Senior housing places. Read the leases. Read them. Just because they're written one way, that doesn't mean there's certain things that can't be negotiated, depending on the the company or if it's an independent. But always read the lease because I know a lot of people don't read the back, don't read the bottom. And then something happens, and the owner will go, read your lease, and you're stuck. So I would just say read your lease.

SPEAKER_02 15:44

Maybe budget for future rent increases.

SPEAKER_01 15:47

Yeah, you should. I mean, before you move, it's always good to have at least six months, you know, worth of um monthly in the bank. You know, and then go it just in case there's a problem. Uh renter's insurance. Definitely big, definitely big on renter's insurance.

SPEAKER_02 16:02

Well, what what really matters in the long run it's retirement you should focus on your on peace, affordability, emotional well-being, health, community, and reduce stress. I mean that I mean, I think that's everything that when you're thinking of renting or buying, that should be the major considerations, financial stability, everything.

SPEAKER_01 16:25

Well, I would have to say over the years, Barry and I have had this conversation many times, because he wants to move out of California, it'll be cheaper, all the things. And at our age, he's still thinking about it, but I for me, um, I'm not gonna leave my grandkids. I'm not gonna leave, I'm not gonna leave my family because moving to another state, what does that look like? There's nobody there I know. There's no family there. And God forbid if something happened to my husband or if something happened to me, I'd come right back here anyway.

SPEAKER_00 16:58

It's hard to come back to California, it's not easy.

SPEAKER_01 17:00

Yeah, and you can talk to a lot of women. They if they have kids and grandkids, they will want to stay near. So to move away, I've seen people that move away and they come right back.

SPEAKER_02 17:10

Well, I think that that's part of it. It's like uh peace and comfort right there. You're gonna feel a little isolated because you're not gonna know anybody. Exactly. That can add to stress and you're not gonna be very happy with with all.

SPEAKER_01 17:21

If you're those people that just talks to everybody, like Randy and Barry, um, then you can meet people pretty quickly. Um, but I want to be around people that I know. I wanna I know that my neighbor across the street, if I needed her, she'd be across the street in a heartbeat, you know.

SPEAKER_00 17:38

Um I think it's a lot of it's just you know I think I always want to be around family.

SPEAKER_01 17:44

Yeah, as we get older.

SPEAKER_00 17:45

You know, it's we're lucky.

SPEAKER_01 17:47

Yeah, we're all pretty close.

SPEAKER_00 17:50

You know, and it's uh support. Yeah. A lot of people don't have that.

SPEAKER_01 17:53

Yeah, exactly. Yeah, I think sometimes once our kids move away, they they don't want to go back. Everybody talks about how expensive it is in California. I guess I'm really blessed that right now I'm semi-retired. Um but our expenses we don't drive that far. We have one car, you know. Um so there's just a lot of things, but and somebody coming into California now trying to buy a home with taxes and trying to get it. It's not gonna be in an area like Orange County or LA. Not no, not at all. No. But it's pretty tough everywhere in California.

SPEAKER_02 18:36

Well, it's basically there's no perfect formula. Some feel safe owning, some feel safer ranting, some downsize, find find freedom. The goal is peace, peace, peace, and manageability.

SPEAKER_00 18:53

I guess the bottom line is what makes you peace.

SPEAKER_02 18:55

Manageability.

SPEAKER_00 18:56

Bottom line is what's rich. And to me, rich is having just enough to just live and have family. No, I mean that's what it is, though. Seriously.

SPEAKER_02 19:05

If you enjoy this conversation and the and subscribe, please. Subscribe, please. Right now we're gonna do something. We haven't we haven't done a lot of it. We're gonna do um one word. Lexi!

SPEAKER_01 19:20

She's right behind you.

SPEAKER_02 19:21

Oh Lexi is going to pick the one word for us. Where is she?

SPEAKER_00 19:25

Come here, Lex.

SPEAKER_02 19:26

Oh, come on, Lexi.

SPEAKER_01 19:27

Oh, okay. So are you gonna pick the word for us? My beautiful granddaughter. This is Lexi.

unknown 19:33

Hey!

SPEAKER_01 19:36

This is you are gonna pick the word?

SPEAKER_00 19:38

Just one, honey. There you go. Read it.

SPEAKER_02 19:46

That is the word. So what comes to mind when you think of the truth?

SPEAKER_01 19:55

God. That's the only person you can trust in the truth.

SPEAKER_00 19:59

And to be honest with you, that's the first thing I thought it was the truth because that's what my son is always saying the truth is in the truth. He's in the truth. That's how their church looks at it. They're in the truth.

SPEAKER_02 20:10

Well, being the only heathen here. The first word when it came to truth was truth, honesty. Yeah, trust. You can't get from humans. That's it. Thank you, Tammy, for being here. We appreciate your point of view. Well, thanks for coming to my home.

SPEAKER_00 20:30

Oh, we love it here.

SPEAKER_02 20:32

Let's do another one.

SPEAKER_00 20:33

Okay, I'd love to.

SPEAKER_02 20:34

Subscribe and let us know if you're renting or buying in retirement. And join the Sherpee community. We'd love to have you here. Thank you. And always remember, no matter what journey you're on, to always embrace your voice.

SPEAKER_00 20:49

Bye, everybody.

SPEAKER_02 20:50

Bye, everybody.

SPEAKER_03 20:53

Subscribe, Sheropee, and always don't throw a foot. Thanks for listening to Sheropee with Sherry and Randy. Be sure to subscribe on YouTube and follow us wherever you get your podcasts. Have a great week.