High home prices aren’t stopping more Americans from becoming homeowners. However, seniors are bucking that trend.
The homeownership rate for those 65 years and over actually dropped to 78.8% from 79.2% a year earlier, echoing other recent research that has pointed toward the trend of seniors shifting from owning to renting their abodes.
Seniors turning to rent would be good news for younger Americans looking to buy. They are the ones taking on that homeownership since their parents may no longer be able to keep up with a large house.
The homeownership rate nationwide was 64.8% in the fourth quarter of 2018, according to data released by the U.S. Census Bureau.
A recent analysis from real-estate website RentCafe found that the number of renters over 60 has grown by 43% over the past decade, faster than any other age group.
By 2035, RentCafe economists predict that seniors will represent the second largest group of renters in the country, representing some 18.6 million people.