Wealthier Baby Boomers Prefer to Rent

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June 29, 2015

Data from the Joint Center for Housing Studies found that middle-aged, higher income Americans are shunning homeownership, CNBC reports.

Families and married couples of ages between 45 and 64 accounted for about twice the share of renter growth as households under the age 35, and households in the top half of the income distribution contributed 43 percent of the growth in renters.

According to Fannie Mae chief economist Doug Duncan, Baby Boomers are now moving out of their homeownership years, while a smaller group of Generation Xers also have a growing preference for renting after being hit hard during the recession.

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