By 2035, economists predict seniors will represent the second largest group of renters in the country.
High home prices aren’t stopping more Americans from becoming homeowners. But seniors are bucking that trend.
A recent analysis from real-estate website RentCafe found that the number of renters over 60 has grown by 43% over the past decade, faster than any other age group. For comparison, the renter population under age 35 only increased 7% over the last decade, from roughly 14 million to nearly 15 million people.
This trend of seniors turning to renting has been especially pronounced in Sun Belt cities. In Austin, Texas, the number of renters over 60 has increased 113% over the last 10 years to nearly 25,000, or 12% of the city’s renter population. A recent study from Freddie Mac FMCC, +0.00% argued that senior citizens are largely to blame for the country’s current housing shortage. Some 1.4 million homes are being “held off the market” by owners born between 1931 and 1947, many of whom are choosing to go the age-in-place route rather than downsize. And seniors still represent the demographic that is most likely to be a homeowner, according to the Census’ recent data.
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