More Baby Boomers Make the Switch to Renting

Baby Boomers may make up the largest share of homeowners in the U.S., but recent data show that a growing share of this generation are now becoming renters. According to a study from online lending platform LendingTree, 12 million Baby Boomers, or about 18.6% of the generation, are renters.

This share is still far below other age groups. For instance, 48.6% of Generation Z and 41.1% of Millennials are also renters. However, the share of Baby Boomers who rent increases depending on the region. New York and Los Angeles are home to the highest share of Baby Boomers who rent. In both cities, nearly one in three, or 32.23% of Baby Boomers, rent their homes. These two cities are followed by Las Vegas, where 26.5% of Baby Boomers rent.

“I think a lot of boomers rent simply because of the convenience,” says Matt Schulz, LendingTree chief consumer finance analyst and author of “Ask Questions, Save Money, Make More: How to Take Control of Your Financial Life.” “They want to be able to call someone if the pipes burst or if the air conditioning goes out. They don’t want to mess with mowing the lawn and pulling weeds. Renting makes a lot of things in life easier.”

Another possible reason boomers are renting is that they don’t need the amount of space they used to have. In fact, the LendingTree research revealed that 56.4% of boomers who rent live alone. Meanwhile, 14.4% live with a spouse and 9.6% live with relatives. Boomer women also outnumber men when it comes to renting (55.2% versus 44.8%).