America's Fastest-Growing Group of Renters: Older Adults

An analysis of U.S. Census data by national apartment-search website RentCafe found renters over 60 who live in cities of at least 100,000 increased 43 percent during the 10 years ending in 2017, reports CBS News . Meanwhile, renters among people between 35 and 59 climbed 17 percent, while renters younger than 34 rose only 7 percent. As more baby boomers reach retirement, it is likely the older renter population will continue to grow. RentCafe predicts renters older than 60 will comprise 31 percent of the rental market by 2035 versus 18 percent in 2007. Renters 35 to 59 are likely to remain stable through 2035, at about 43 percent of the rental market. Five of the 10 U.S. cities with the largest growth in rental demand from seniors are in Texas, led by Austin at 113 percent. The trend is rooted in empty-nesters suddenly finding themselves in big homes they no longer need or are able to keep up and are drawn to renting because of its flexibility and affordability. ATTOM Solutions found it is currently more affordable to rent than buy in nine of 10 U.S. counties with more than 1 million residents.