Are you a baby boomer who's been living in your current house for a while and looking for a change? If you're thinking about selling, there's a lot on your plate. Are you planning to move to another state or stick around? Are you thinking of downsizing or getting a bigger place for family gatherings? But perhaps the most important decision is whether you'll be buying your next home or opting for a rental instead.

Well, it really comes down to your current situation and what you're planning for the future. Let me break it down for you by highlighting two key factors that can help you figure out what's best for you.

Expect Rents to Keep Going Up

Hey there! Take a look at this graph. It's been put together using data from the Census, and it's showing us how rents have been going up steadily since way back in 1988.

Over time, rents have been consistently on the rise. Now, if you decide to rent, there's this little snag you should know about. Each time you renew your lease, there's a risk that your rental payment might go up. And let's be real, dealing with a higher rent bill every year might not be your cup of tea. Just something to consider, you know?

When you buy a home with a fixed-rate mortgage, it basically means that your monthly housing payment will stay the same for the entire duration of your home loan. This is great because it gives you the peace of mind of knowing exactly what you'll be paying each month, without any surprises. Freddie Mac puts it simply: a fixed-rate mortgage keeps your payments consistent and predictable for the long term.

““. . . homeowners with fixed-rate loans will see little to no change to their monthly housing cost over the life of their loan. You can be confident in knowing that your mortgage payments won’t change much in the long term, even when life’s other costs do.””

— Freddie Mac

Owning Your Home Comes with Unique Benefits

““Though each option has pros and cons, buying provides more pros, with a broader range of benefits.””

— AARP

To help you choose what you’ll do after you sell, here are just a few of the benefits of homeownership that article covers:

• Owning your own home is a great way to save money for the future. When you own a home, you're not just paying rent to someone else - you're actually building equity. This equity can be passed on to your loved ones, creating generational wealth that can give them a better life. So, instead of just throwing away your hard-earned money on rent, why not invest in a home and start building a better future for yourself and your family?

• Did you know that you could potentially skip paying a monthly mortgage payment? It's true! If you've built up enough equity, you can actually buy your next home outright and avoid that monthly burden altogether. Of course, you might still have to handle property taxes or maintenance fees, but getting rid of that monthly mortgage payment can really take a load off your shoulders.

• Aging in place doesn't have to be complicated. When you own your home, you have the freedom to make renovations and updates that can make your everyday life easier if your needs change. So, you can stay in the place you love without any hassle.

Bottom Line

If you're pondering whether you should take the plunge and buy your next home or stick with renting, I'm here to help. Given that rents are on the rise and homeownership offers a bunch of perks, it might be worth considering the idea of buying your next abode. Let's chat and explore your options together.