In the past decade, the number of people aged 50 and older who rent has increased significantly. There are nearly 5 million more renter households now, totaling 15 million, than there were in 2005.
Many people view renting as more of a young person’s game. While trying to save for a down payment on a house or just starting out with a new career after college, it makes sense to rent. But what many people might not realize is over a third of the renter population is composed of people at least 50-years-old.
This is an issue because as people get older, their median income decreases and their disability rates increase and many rental units are not designed to be accessible or affordable enough for these people. By the time someone reaches 75-years old, the median income dips below $20,000 and the disability rates for these renters begin to approach 50 percent. The reason this is becoming a problem is apparent, especially when factoring in the positive growth expected for renters in this age group between 2015 and 2025.