While Millennials and Gen Z continue to drive household formation, an increasingly important and often overlooked trend is the growing number of older Americans choosing to rent.
Homeownership has long been a hallmark of the American Dream – especially for many Baby Boomers, who have spent decades in the same home. But shifting priorities, lifestyle needs, and the realities of aging are driving a growing number of Boomers to trade their mortgages for the flexibility and modern amenities of rental communities.
Today, about one in five Baby Boomer households rent their homes, and the number of renters age 65 and older has increased significantly over the past decade. This shift is not being driven solely by affordability challenges – it is increasingly a lifestyle choice.