ATLANTA — In a “senior twist,” a new study by Point2Homes on rentals in the 75 largest metro areas of the United States shows more seniors are renting now than they have in the past 10 years.
"With record numbers turning 65, the shift not only echoes the broader aging of the nation, but also may signal a new approach to housing as more seniors enter the next chapter of their lives," Point2Homes said.
Across the U.S., renters over the age of 65 went up almost 30%, but in Atlanta, it was up even higher at 46.6% generally and more than 41% for single-family homes.
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The study said this was likely due to several factors, not just age, such as downsizing, higher mortgage costs and moving closer to family members in other areas.
As far as where seniors are renting more than owning their homes, Point2Homes said the Sunbelt had seen a surge of renters, “reflected in the more than 80% growth of renters aged 65+ in sunny markets,” like Baton Rouge or Jacksonville.
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For the Atlanta market, Point2Homes’ data showed younger renters’ age groups were all down, but renters 55 and older saw increases.
However, residents over the age of 65 were renting at a nearly four times higher increase compared to their slightly younger peers.
Renters living in single-family homes, and aged 55 to 64, were renting 9.5% more than they had over the past decade in Atlanta,.
But renters 65 and older were renting single-family homes 41.4% more often in the same time frame.
More broadly, residents 55 to 64 were renting 13.5% more than in the past, while those 65 and older were renting 46.6% more, across all types of rentals in the metro Atlanta area.
“Compared to 10 years ago, more seniors are stepping away from the burdens of homeownership (such as property taxes, repairs, and the complexities of downsizing) and, instead, using home equity or retirement savings to support alternative living arrangements,” the study said.
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