The Next Gen of Renters: Mom and Dad – Renters over 60 Grew by 43% in a Decade
by Florentina Sarac Today’s demographics look substantially different than they did only a decade ago due to America’s older population growing significantly and at a very fast pace. According to Census data, the U.S. is a rapidly aging country, with more than 22% of the current population being aged 60 & over. The overall aging of the population is not just the result of the economic hardship following the 2007 Great Recession, reflected in declining birth rates, but also the result of the Baby Boom cohort, America’s largest living adult generation, passing age 53 in 2017. Our research shows that as the 60+ cohort grew bigger and faster, it also helped push the national median age from 36.7 in 2007 to 38.1 in 2017, the highest it’s ever been.Taking into consideration the decline in births, as well as the higher life expectancy, this trend will likely continue uninterrupted. But which parts of the country have contributed more to this rapid graying of America?Stemming from a decline in homeownership, older renter households increased faster than older owner households – 43% versus 31%. The rapid growth of the 60+ population is also visible across owner households as the only increase in the 10-year period between 2007 and 2017 was witnessed by seniors over 60. Those aged 34 and under saw a 19% decrease and owner households between 35 and 59 decreased by 12%. Past studies we conducted show that the older population is no longer enthusiastic about homeownership, with many seniors starting to downsize and move into rentals. As their children move out, they find themselves alone, in a big house that costs a lot to maintain, causing them to rethink their housing choices.