There has been a fundamental shift over the past decade, which the Associated Press says “reflects the lasting damage of the housing crash and an aging population.”
Though there are widespread assumptions that the rental boom has been fueled by twenty-somethings flocking to hip urban centers, a report released Wednesday by Harvard University’s Joint Center for Housing Studies found that more than half of U.S. renters are actually older than 40. That amounts to 22.4 million households.
“A decade ago when the housing bubble peaked in 2005, 47 percent of renters - or 16.4 million households - were older than 40. Their share was 43 percent in 1995,” The Associated Press reports.