As baby boomers age, more and more of them are choosing to rent instead of own their homes, Governing reports. Not only has this trend led to a rise in the average age of renters but also in the number of overall renters.
Over a 10-year period from 2007 to 2017, there was a 43% increase in renters over the age of 60, according to a new report from Rent Cafe, a nationwide apartment listing service. As a result, the median age of renters ticked up from 36.7 years to 38.1. Meanwhile, renting is near a 50-year high, with 36.6% of Americans doing it, according to the Pew Research Center.
The causes behind the rise in older renters are both demographic and economic, says Mark Trekson, research associate for the Metropolitan Housing and Communities Policy Center at the Urban Institute.
Some are boomers who never purchased a home. Others are people who lost their homes in the Great Recession and have not bought again. For those who can afford to move, larger cities are proving to be attractive.
“As people get older, their needs change,” Trekson says. “If you are in a split-level home or a multi-level house, you might want to move to a place with an elevator and amenities in walking distance.”
Like many national trends, older renters hasn’t yet become a thing here in Baton Rouge, where just 17.2% of renters are over the age of 60, according to Rent Cafe, with 44.4% of local renters under the age of 34. By contrast, Glendale, California, has the highest percentage of 60-plus renters at 34.6%.
The share of older renters grew the most in Austin, where it more than doubled. Read the full story.