More seniors are choosing to rent over buying, new study shows
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.
30% more renters among ages 65+
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.
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.
Most 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.
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.