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6 Cities Where It’s Better for Retirees To Rent Instead of Buy Their Home

September 9, 2025

3 min Read

Written by Stacy Sare Cohen

Edited by Zuri Anderson

A new upscale neighborhood of single family homes on quiet tree lined streets near Raleigh, North Carolina feature an updated version of the classic Bungalow style home with wide front porches.

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As a retiree, your kids have moved out and started families of their own, perhaps leaving you with a five-bedroom house and a large yard that may feel bigger than you can handle. If you’re 65 or older, you may be ready to downsize and let go of the upkeep that comes with homeownership and embrace the leisurely lifestyle and flexibility of retirement.

But when factoring in the steep homeowners’ association (HOA) fees of condos and townhouses and high mortgage rates hovering around 6.56%, per Freddie Mac, with no sign of easing, you may question whether buying in today’s real estate market makes sense.

If you’re a senior who has built up substantial equity, renting can allow you to hold onto more of your home sale profits while avoiding the costs of a new mortgage. Plus, renting removes financial burdens such as property taxes, high home insurance premiums and maintenance, allowing you to keep more of your retirement dollars in your wallet.

According to Realtor.com, the cost of renting is significantly cheaper than buying in 50 U.S. metropolitan areas. Here are six cities where it’s better for retirees to rent instead of buy.

Raleigh, North Carolina

Median home sale price: $443,820
Average rent: $1,391
Average monthly mortgage: $2,880
Difference in monthly savings: $1,489
What retirees love: Open green spaces and arts and culture.

Tallahassee, Florida

Median home sale price: $292,963
Average rent: $1,500
Average monthly mortgage: $2,856
Difference in monthly savings: $1,356
What retirees love: miles of pristine beaches and year-round warm weather.

Athens, Georgia

Median home sale price: $344,000
Average rent: $1,585
Average monthly mortgage: $2,066
Difference in monthly savings: $481
What retirees love: A botanical garden, art museum, quality healthcare and lifelong opportunities at the University of Georgia.