Baby Boomer Couple Embraces Renting to Travel and Enjoy Life
Tom and Jeanne Skellan, a semi-retired couple, made a significant lifestyle change by selling their home in St. George, Utah, to rent in Mesa, Arizona. With a combined income of over $3,300 per month from Social Security, the couple opted for a rental that allows them greater flexibility and the freedom to travel.
After more than 40 years of homeownership, the Skellans decided to embrace renting as they approached their 70s. Their children encouraged them to move closer to family, prompting the couple to sell their home of 15 years in Utah. In 2021, they relocated to Mesa, where they now live just minutes from one of their three sons and his family.
The couple’s choice to rent rather than purchase another home is increasingly common among older Americans. The number of renters aged 65 and older surged by nearly 30% from 2013 to 2023, reaching approximately 10.4 million, according to a recent study by Point2Homes analyzing US Census data.
Despite having sufficient funds for a down payment, the Skellans preferred to avoid the responsibilities associated with homeownership. They moved into a three-bedroom rental home in Mesa for $2,100 per month, which is slightly higher than their previous mortgage but offers them peace of mind.
Tom Skellan, who will turn 75 in September, noted, “If we bought a house, we couldn’t afford a new one, so we’d end up getting an older one, and there might be a decent amount of expenses.” He expressed relief at not having to manage home maintenance tasks such as yard work or air conditioning repairs.
With current elevated mortgage rates and rising home prices, many older adults find renting to be a more economically viable option. The Skellans, like many others, are considering their longevity and potential home value appreciation. “I’m not going to last 30 years, so I’m just thinking 12 to 15 years,” Tom explained.
Instead of investing in property, the couple is using some of their savings to travel. This summer, they spent three weeks exploring Ireland, Saratoga Springs, and the Ozarks. They are also planning a trip to Italy for their 50th anniversary next year.
The trend toward renting among older adults highlights the challenges of downsizing in a market characterized by high mortgage rates and limited inventory. Many older homeowners struggle to find affordable and accessible housing options. A 2024 survey by Bank of America revealed that 80% of baby boomer renters believe renting is a better deal than buying.
The shift to renting is particularly pronounced in regions like the Sunbelt, where communities tailored for older renters are becoming increasingly popular. According to Tim Mullaney, editorial director of Senior Housing News, these rental communities have seen substantial growth in recent years.
While many older renters face financial challenges, the Skellans feel fortunate. Jeanne has fully retired, and Tom runs a small business while receiving a pension of approximately $2,200 per month from his previous career in accounting and IT. Despite their comfortable financial situation, they remain aware of the broader issues affecting older renters.
In 2023, a report from Harvard’s Joint Center for Housing Studies found that about 33% of households aged 65 and older were cost-burdened, spending more than 30% of their income on housing. Among older renters, the situation is even more dire, with 58% experiencing severe cost burdens.
As they settle into their rental home in Mesa, the Skellans hope to remain there for the foreseeable future. Tom concluded, “The only concern you have when you rent is, hopefully, that you’re going to be there for a while and you’re not going to have to pick up and move again.” Their journey illustrates the evolving landscape of housing for older Americans, as many choose to rent for the sake of flexibility and lifestyle enhancement.
