Symptomatic of changing attitudes surrounding homeownership and demographic trends, a recent study finds that senior renter households grew 43 percent over the past 10 years, topping all other age groups.
The data come from apartment hunting site RentCafé, finding also that renter households under age 35 grew 7 percent over the period studied, from 2007 to 2017. Renter households aged 35 to 59 years grew 17 percent in that time. Currently, senior renter households are fewer than the number of renter households in younger age cohorts, but RentCafé predicts that by 2035, seniors will account for the second-biggest renter household group in the nation, Realtor.com reports.
The primary reason: the overall aging of the nation's population, as the massive baby-boomer generation moves closer to retirement. But that demographic shift doesn't fully explain the trend. The need for affordability and changing attitudes about the benefits of homeownership also factor into the rise in renters ... Aging Americans are increasingly looking for more flexibility and less maintenance than homeownership allows, says report author Florentina Sarac. Retiree renters have a greater ability to pack up and move when they want to be closer to family or simply need a change of scenery, she says.
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