More Older Home Owners Choose to Rent
January 12, 2016
According to the US Census and the American Community Survey, home owners ages 55-to-64 are slowing in their home buying, with more than half choosing not to purchase new properties. While some are simply staying put in the homes they already own, more in this age cohort are selling and moving to rental properties.
Read more: Downsizing Boomers to Fuel Apartment Market
“We have found a sharp swing toward moving to rental units compared to homeownership in the 55-plus population,” Paul Harrington, labor economist and director of the Center for Labor Markets and Policy at Drexel University, said. “During 2000, just over half (52.5 percent) of older recent movers moved to a rental unit. This proportion rose to 63 percent by 2013-14.”
Some of the demand for rental properties is starting to be outpaced for this age group, especially in luxury units.
Source: “Downsizing: Knowing when it’s time to move on,” The Boston Globe, (Jan. 8, 2016)
Updated: October 11, 2019