Summary
Many baby boomers are now renting homes due to high housing costs and expensive mortgages, shifting from the traditional push for homeownership. The trend is particularly evident in expensive U.S. cities like New York and Los Angeles. Despite this, boomers still have the largest share of homeowners among the generations.
Key Facts
- The U.S. renter population reached 46 million, a record high.
- Sky-high home prices and high borrowing costs have increased home rental rates.
- In September, the median U.S. home sale price was $435,331, nearly $200,000 more than in 2019.
- The average 30-year fixed mortgage rate is about 6.3%.
- Around 12 million baby boomers are currently renting.
- In New York City and Los Angeles, about 32.2% of boomers are renters.
- California has 10 of the top 23 metros where boomers are increasingly renting.
- Boomers still have the largest share of homeowners, with only 18.6% renting compared to younger generations.
