Baby Boomers Enjoy Convenience of Renting

“Over the decade from 2009 to 2019, the total number of renter households was up 14%, but the number headed by a person age 65 and over jumped by 43%,” according to Harvard University’s Joint Center for Housing Studies.

There are several reasons why this generation is making the shift from buying to renting.

As retirement nears for boomers, many have decided to downsize to benefit financially. Selling their homes at top dollar in the competitive housing market has helped them gain financial security in their retirement, allowing them more freedom and flexibility in the coming years.

However, because of low inventory, many boomers who have sold their houses have found themselves renting longer than expected while experiencing a lengthy new home search (that is, if they decide to buy again).

As they get older, boomers are also enjoying the convenience of renting. Owning a home requires time, energy, and money to maintain it. Instead, renting and having maintenance completed by someone else is easier and more convenient. Renting can also come with enticing amenities that wouldn’t be options otherwise.

Additionally, more and more baby boomers are living alone.

“The number of older Americans living alone is on the rise. Nearly 16 million people aged 65 and older in the U.S. lived solo in 2022, three times as many who lived alone in that age group in the 1960s,” according to CNN Health and Census data.

Solo living among boomers is fairly attributed to the rising divorce rate for people over 50. The National Center for Family & Marriage Research cites that people over 50 count for more than one-third of all divorces now.

Boomers who divorce often become more financially restricted. They also require less living space. This makes renting a more accessible option.