Housing costs represent the greatest expense for Americans 55 and older, and as rental demand surges and landlords send rents soaring, older tenants are scrambling to find affordable units. After 15 consecutive months of increases, the median monthly rent in America's 50 largest metro areas hit $1,876 in June, and in popular markets like New York City and San Francisco, renters are dishing out over $3,000 dollars per month, Forbes reports.
Rents have risen 14% overall since June 2021 and are steadily outpacing income growth, an especially costly predicament as record inflation sends the costs of everyday goods like gas and groceries to new highs as well.
In many popular Sun Belt retirement spots, rents have soared even more: by more than 30% over the past year in Sarasota/Bradenton, Miami, Fort Lauderdale and West Palm Beach in Florida and in Tempe, Arizona.
"There's a lot of people who are moving into cities that seem to be cheaper to live, but the more people that move there, the more the prices go up," says Terhune. "We're seeing it all over the place."