Nationwide, it usually makes more financial sense to buy a home than rent. But it's a little more complicated for those in their golden years.
Retirees also need to decide whether they want to leave an inheritance behind -- a key factor in the rent vs. buy decision.
If a retiree does not plan to pass the home on to heirs, it's nearly always cheaper to rent than to buy, according to a report from Trulia.
That's because building equity is one of the biggest factors that favors purchasing a home. But if there are no plans to leave the home behind, or buy another home, it usually makes more financial sense to rent.
The value of that equity matters a lot when making the decision. If you don't care whether that value will be around when the house is sold, it might be a better deal to rent.
Out of the 100 cities with the highest population of people 65 and older, renting made more financial sense in 98 of the cities, for those not considering leaving the home equity as inheritance.
To calculate the savings of buying versus renting in retirement, Trulia assumed buyers were in a 15% tax bracket and would stay in the home for 15 years.
For more information on renting an apartment in Charleston, SC contact Abberly at West Ashley.