The article discusses the shifting dynamics in the rental market, highlighting how younger generations, specifically Gen Z and millennials, are delaying homebuying while older adults increasingly opt to rent. Factors such as high home prices and maintenance costs are driving these trends. Data shows a significant rise in the overall number of renters, with older populations, particularly those 65 and older, projected to increase substantially by 2040. This suggests a more diverse demographic of renters, challenging traditional notions about age and rental occupancy.
"Renting today isn't just for young adults starting out," said Nadia Evangelou, a senior economist for the National Association of Realtors.
The overall number of renters has grown over the last several years. There were 45.6 million renter-occupied housing units in the US in 2023, up from 39.7 million in 2010.
An Urban Institute projection found that the share of people 65 and older who rent their homes will grow from 22% in 2020 to 27% in 2040.
Older Black renters will see the biggest jump, doubling in number between 2020 and 2040.
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