Renting Is Surging Amongst the Older Generation
According to a study by Point2Homes, it’s not just the younger generations who are choosing to rent. Older generations, too—particularly those aged 65+—are renting more than they did a decade ago.
Around 30% more seniors, or approximately 2.4 million, are opting to rent rather than buy over the last 10 years. Contributing factors include downsizing, higher mortgage costs, and a preference for living closer to family members. The 55-64-year-old age group has also increased in renters compared to a decade ago, by half a million, often due to divorce or in search of career flexibility.
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