flexiblefullpage - default
Currently Reading

Rising Rents Are Pricing Out Older Americans

Advertisement
billboard - default
Affordability

Rising Rents Are Pricing Out Older Americans

Double-digit rent hikes are hurting older Americans, who are being forced to pay significantly more money for much smaller apartments in the nation's most popular metros


September 12, 2022
Elderly woman opening window in home and looking outside
Image: Stock.adobe.com

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."

Read more

Related Stories

Demographics

Millennials Took a Slower Approach to Home Purchases in 2022

After speeding into home purchases from 2019 to 2021, first-time buyers were slowed down by historically high home prices and skyrocketing mortgage rates in 2022

Demographics

Possible Effects of Household Formation Shifts on Rent and Price Growth in 2023

Data show household growth doesn’t seem to be getting the boost from behavioral changes it was a year ago, which has significant implications for future housing price and rent projections 

Labor + Trade Relations

In a Rebounding Labor Market, Older Gen Z Workers Are Notably Absent

Fewer people aged 20 to 24 are working or seeking a job, and the possible reasons why have economists dumbfounded

Advertisement
boombox1 -
Advertisement
native1 - default
halfpage2 -

More in Category




Advertisement
native2 - default
Advertisement
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.