Why Philadelphia-Area Seniors are Turning to Renting

A pattern has emerged among seniors in the Philadelphia area — more and more of them are deciding to rent their homes instead of own, writes Michaelle Bond for The Philadelphia Inquirer. But what is motivating this shift?

Ken Mann, 73, said his decision to rent was driven by a desire to be closer to his granddaughters. A few weeks after his granddaughter’s graduation, the retired mortgage banker and longtime homeowner moved from his home on Long Island into a Harrison Richards apartment in Bala Cynwyd.

“My grandchildren can literally walk here,” said Mann.

Josie Burri, 48, moved with her husband, Michael, to their Bala Cynwyd apartment in 2006, when they returned to the Philadelphia region from Oregon. The Harrison Richards property was affordable, close to public transportation, in a walkable area, and in a good school district.

“It was the best of everything we were looking for,” Burri said. “And we didn’t have jobs yet where we thought we could afford a house.”

Nineteen years later, the Burris, who both work in higher education, still can’t afford to buy a home in the neighborhood. So they keep renting.

“For now,” Burri said, “we’re just enjoying living where we are and in the community where we are.”

Michaelle Bond goes into more detail in this article from the Philadelphia Inquirer.