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Over 65? 9 Reasons You Shouldn’t Buy a House

Homeownership can build wealth and equity, but it's not one-size-fits-all for older adults.

By Cat Lafuente

Edited by Lauren Wellbank

Updated March 13, 2025

Buying a home is a surefire way to make the right moves for your fiscal health when you're just starting out. It allows you to build equity, establish your credit, and own a piece of the American dream. But if you're 65 years or older, it may not be the right move for you.

In many cases, renting or finding an alternative arrangement to homeownership can be a better fit for your lifestyle in retirement. Take a look at what we mean below, and consider whether or not buying a new home is going to be a good fit in your golden years.

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Mortgage payments aren't cheap

Unless you're able to buy a home in cash — and if so, congratulations! — taking on a mortgage at age 65 can be a risky proposition. Rates have been historically high in recent years. That means you may struggle to keep up with a monthly payment, especially if you're retired.

Many older adults are already struggling with mortgage payments in today's economy due to increased and unanticipated expenses, adding the cost of a new mortgage into the mix may just be too much for some.

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Homeowners insurance may increase

Yet another expense that comes with homeownership is homeowner's insurance, which you must have if you're taking out a mortgage.

While policies are reasonable in many areas, in others they're becoming extremely expensive due to natural disasters and other circumstances. This includes some major retirement hotspots like Florida, where hurricanes and flooding have driven up costs.

You can travel more freely

For many older adults, retirement is when you can finally travel regularly. That means you may want to spend your days going on long cruises to exotic destinations, or enjoy exploring fun locales in short-term rentals.

If you are looking to buy a new house, you may want to consider whether you'll actually be there often enough to enjoy it, and whether it's worth the cost of having to hire someone to maintain it while you're away.

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Upkeep can be expensive

Speaking of maintaining a home, the cost of paying for repairs and routine maintenance can really add up.

When you don't own the property, you're not responsible for that busted pipe, worn out HVAC system, or broken water heater. You also can avoid having to foot the bill for routine maintenance like new paint or carpet replacement.

You may need to hire help for maintenance

For many of us as we get older, tasks that used to be manageable can become quite difficult, like painting a house, landscaping, resealing the driveway, cleaning the gutters, and more.

Since these chores can be physically taxing, you may have to hire professionals to take care of them lest your home fall into disrepair, as it too often does for many older adults.

You may prefer to live with your kids

While the nuclear family model prevailed in the U.S. for decades, intergenerational living has become more common. It can save the family money and make caregiving obligations — for both the young and the old — more manageable.

It also gives you the freedom to travel or make prolonged visits to other family members. So if you have children, this is a viable option worth considering.

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You can follow your kids more easily if they move

If you prefer to live separately from your children but they have to relocate, it's much easier to pick up and go if you're not tied down to a property you have to sell.

In this case, it makes more sense to rent, as you can simply vacate your home when your lease is up.

Your home may not appreciate in value

Every homebuyer hopes that when they purchase their property, it will appreciate in value. Given that most mortgages are stretched over 15 or 30-year repayment terms, it makes sense that you'll have plenty of time for that to happen.

That strategy is less likely to apply if you're age 65 or older based on the data, so appreciation isn't guaranteed.

You may develop special care needs

Seven out of 10 people will require assisted living in their lifetime, and most of them are over the age of 65. This means that you one day may need to move into a facility that can better meet your care needs.

At that point, living in a private home you own may prove to be difficult, so buying one after 65 can be a gamble.

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Bottom line

Whether you have physical or financial limitations, sometimes not buying a home when you're 65 or older might actually be the smart homeowner move for you. In fact, there are a variety of alternatives that may suit your needs more appropriately.

Of course, if you're living in a home you purchased years ago and perhaps have paid off, that's a different story. Many older Americans happily age in place in their residences, so your mileage may vary.

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