Aug 20, 2025
More people these days are renting in retirement.
Between 2013 and 2023, the number of renters in the U.S. aged 65-plus went up 2.4 million, a nearly 30% increase and the largest growth of any age group.
Advertisement
The figures come from an analysis of U.S. Census data by Point2Homes, an online real estate marketplace, of the country’s 75 largest metro areas.
It paints a picture of shifts in the real estate landscape. America is aging as a nation, and the way people view housing may be changing, too.
What's behind the renting surge?
According to the analysis, a big part of the renting surge among those 65-plus may be due to financial considerations. High mortgage rates, downsizing, upkeep costs and wanting to be closer to family or medical services could be motivating factors.
Mortgage rates have been hovering between 6% and 7% all year, and health care costs continue to rise for retirees, according to Fidelity’s latest health care cost estimate.
Flexibility may be another key motivator. Those who are still working into their 60s may want the ability to make job-related moves or live seasonally in different locations. The share of older Americans in the workforce is growing rapidly.
The only other cohort to experience a rise in renters was the 55 to 64 age group, with nearly a half-million renters. The analysis suggests this group may be choosing to rent because of life changes such as becoming empty nesters, career shifts or divorce.
As for younger adults, they’ve fallen on the list. Those under 24 saw a nearly 9% drop in renters over the decade. They may simply be delaying independence by continuing to live with family or staying in student housing.
Must Read
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and the simple steps to fix it ASAP
- Robert Kiyosaki begs investors not to miss this ‘explosion’ — says this 1 asset will surge 400% in a year
- Vanguard reveals what could be coming for U.S. stocks, and it’s raising alarm bells for retirees. Here’s why and how to protect yourself
Join 250,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
Where are seniors renting?
Perhaps unsurprisingly, the number of senior renters in the Sunbelt skyrocketed. Places like Baton Rouge, Jacksonville and Austin-Round Rock saw the number of senior renters jump by more than 80%, according to the analysis. And urban centres like New York saw 275,905 (32.6% increase) more seniors renting versus what they had a decade prior, while the Los Angeles area had an increase of more than 141,078 (30.5% increase).
The trend of seniors renting appears to reflect broader economic and lifestyle factors that may be here to stay: aging demographics, longer careers and the rising costs of homeownership.
More people 65-plus are experiencing the lifestyle that renting can afford them. The surge in older folks renting also shows how America’s housing market has changed, and that renting isn’t just a starter step for young adults. It could be a new reality for retirees.
You May Also Like
- Turning 50 with $0 saved for retirement? Most people don’t realize they’re actually just entering their prime earning decade. Here are 6 ways to catch up fast
- This 20-year-old lotto winner refused $1M in cash and chose $1,000/week for life. Now she’s getting slammed for it. Which option would you pick?
- Warren Buffett used these 8 repeatable money rules to turn $9,800 into a $150B fortune. Start using them today to get rich (and stay rich)
- Here are 5 easy ways to own multiple properties like Bezos and Beyoncé. You can start with $10 (and no, you don’t have to manage a single thing)
Jessica is a freelance writer with a professional background in economic development and small business consulting. She has a Bachelor of Arts in Communications and Sociology and is completing her Publishing Certificate.
