Recent data shows that half of the 10,000 Baby Boomers retiring each day plan to downsize, the Washington Post reports.
“Many are seeking the type of urban living that typically has been associated with young college graduates — so much so that boomers are renting apartments and buying condos at more than twice the rate of their millennial children,” the article says.
Harvard University’s Joint Center for Housing Studies found that 42 percent of the growth in renters over the past decade came from the 55 and older demographic. One-third of new renters between 2011 and 2014 were the wealthiest tier of American households.
According to the Washington Post, this trend is making it hard for young Americans to compete for housing, as many entered the job market in the middle of the recession.
“Analysts worry that the trend is making affordable housing more scarce at all ages — including for some boomers,” the article says. “Nationally, the cost of rent has made a double-digit jump since the recession and hit a record $803 a month, according to government data.”