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More 55-plus homeowners choose to rent

 

BOSTON – Jan. 19, 2016 – According to the U.S. Census and the American Community Survey, homeowners ages 55-to-64 are slowing in their home buying, with more than half choosing not to purchase new properties. While some simply stay put in homes they already own, more in this age cohort are selling and moving to rental properties.

"We have found a sharp swing toward moving to rental units compared to homeownership in the 55-plus population," says Paul Harrington, labor economist and director of the Center for Labor Markets and Policy at Drexel University.

"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," Harrington says.

As a result, 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)

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Related Topics: Trends