Summary
More older Americans, aged 55 and above, are now choosing to rent instead of own homes. This trend is making older renters the fastest-growing group in the U.S. rental market. Factors include rising living costs and the need for more manageable living arrangements.
Key Facts
- Older renters, aged 55 and above, are the fastest-growing group in the U.S. rental market.
- The number of renters aged 65 and over increased by 2.4 million between 2013 and 2023.
- Older renters now account for about 17% of all U.S. renters, up from 13% 15 years ago.
- Economic pressures and life changes are driving many older adults to rent shared apartments or take in roommates.
- Homeownership rates for those aged 65 and over have remained mostly stable, but more are opting to rent now.
- Older Americans are sometimes renting due to high homeownership costs and lack of homes designed for aging.
- Some homeowners are renting out parts of their homes due to rising living costs.
