Seniors renters are outpacing their younger counterparts, according to data from Rent Cafe.
The number of renters over 60 years old has increased across the United States by 43-percent in the last decade — rising from 6.55 million people in 2007 to 9.37 million in 2017.
In Nashville, there are almost 17,000 renters over the age of 60. That number rose 32-percent in the same period, which is a significantly lower rate than the national average.
Rent Cafe researchers say this is because the older population is no longer enthusiastic about homeownership, and many of them want to downsize. Plus, as their children leave the nest, senior homeowners find themselves alone in big homes that cost a lot to maintain, causing them to re-evaluate their housing choice.
According to experts, this trend will likely continue, considering the declines in birthrates across the U.S. along with the rise in life expectancy.
As you would probably imagine, New York has the largest share of renters over 60. To read Rent Cafe’s full report, click here.
News 2 is reporting on Nashville’s historic growth and the growing pains that come with it. Click here for more Nashville 2019 reports.