Senior Citizens Are Choosing to Rent Over Buying Homes
FILE – A “for rent” sign in the front yard of a home in Ohio. (Ty Wright/Bloomberg via Getty Images)
More adults that are 65 and older are renting, according to a recent analysis shared by Point2Homes, a real estate listing portal for rental homes in the United States.
Compared to over 10 years ago, more seniors are opting out of home ownership and using their home equity or retirement savings to support a different lifestyle.
The Rise of Senior Renters
The number of senior renters has increased significantly over the past decade. According to Point2Homes, there are 30% more renters among adults aged 65 and older compared to 10 years ago.
By the numbers:
More seniors in the U.S. are choosing to avoid the cost of upkeep when it comes to owning a home, according to Point2Homes.
Why Are Seniors Choosing to Rent?
What they’re saying:
As birth rates decline and the country ages, older people are staying in the workforce longer. Today, about 19% of people 65 and older in the U.S. are still working, up from 10% four decades ago,” the real estate agency said.
This trend is driven by the desire for flexibility and freedom. Many seniors are choosing to rent over buying homes because it allows them to use their home equity or retirement savings to support a different lifestyle.
Senior Renters in Florida
More Americans who land in the 65 and older age range are choosing to rent single-family homes, which is typically the home option popular among renters aged 25-24, Point2Home said.
But today, it’s not just starter-home-seekers and first-time parents driving the single-family-rental (SFR) trend. Renters aged 65 and older are fueling much of the growth as seniors are renting houses at higher rates than people in the same age bracket years ago,” the agency added.
Single-Family Rentals
The trend of senior renters is also driven by the popularity of single-family rentals. Many seniors are choosing to rent single-family homes because it provides them with more space and flexibility compared to apartments or condominiums.
According to Point2Homes, the number of senior renters in single-family homes has increased significantly over the past decade. This trend is expected to continue as more seniors choose to rent over buying homes.
The Source of the Data
The Source: Information for this article was taken from a Point2Home analysis that used data from IPUMS (Integrated Public Use Microdata Series). IPUMS provides census and survey data from around the world and is part of the Institute for Social Research and Data Innovation at the University of Minnesota. For this study, Point2Home used data on renters and single-family renters in 2013 and 2023. This story was reported from Los Angeles.
Conclusion
In conclusion, the trend of senior renters is on the rise. More seniors are choosing to rent over buying homes because it provides them with flexibility and freedom. The popularity of single-family rentals is also driving this trend. As the population ages, it is expected that more seniors will choose to rent over buying homes.
Frequently Asked Questions (FAQs)
Here are some frequently asked questions about senior renters:
Q: Why are seniors choosing to rent over buying homes?
A: Seniors are choosing to rent over buying homes because it provides them with flexibility and freedom. Renting allows them to use their home equity or retirement savings to support a different lifestyle.
Q: What is driving the trend of senior renters?
A: The trend of senior renters is driven by the desire for flexibility and freedom. Many seniors are choosing to rent over buying homes because it allows them to use their home equity or retirement savings to support a different lifestyle.
Q: Where are most senior renters located?
A: According to Point2Homes, most senior renters are located in Florida.
Q: What type of housing are senior renters choosing?
A: Many senior renters are choosing to rent single-family homes because it provides them with more space and flexibility compared to apartments or condominiums.
