Retirees find that by renting, they can more easily focus their time and financial resources on travel, family and pursuing passion projects. Renting also offers greater flexibility if health needs change. Renters are at risk to landlords sharply raising rents. Still, when near-retirees are exploring where to live in their later years, running the math on renting vs. owning is a prudent exercise.

Renting is less about choice and more about necessity for many retirees, however. Decades of living on unstable incomes means many retirees couldn't afford homeownership during their careers or lost their home in tough times. These renters face an uncertain future in retirement. Rent hikes for retirees living on fixed incomes can force difficult budget trade-offs or even relocation. Among the vulnerable are the more than half of older adult renters in Minnesota who are cost burdened, meaning they spend more than 30% of their income on housing.