Seniors are becoming more likely to rent homes

SALT LAKE CITY — The number of seniors renting homes has grown by 2.4 million in the past decade, an increase of 30%. In Salt Lake City, it’s even greater, at 51%.

Census data, gathered and compiled by Point2Homes, shows this is the largest jump by any age group in years. 

The only other age bracket to see a jump in the U.S. is those aged 55 to 64, and it’s five times smaller than their older counterpart. 

We’re actually seeing a downward trend of 55 to 64-year-old renters in Utah, with a 4.9% decrease in the last 10 years. That means as the population ages, they’re looking at other housing options.

The research says it could be due to a number of reasons, anything from property taxes and high mortgage rates to downsizing and moving closer to family members. 

Overall, those aged 65 and up make up about eight% of renters in Utah. That’s more than the previous age bracket, from 55 to 64 years old, who make up 6.4% of renters.

Older generations are still favoring the South.

The metros with the largest increase in senior renters were Baton Rouge, Louisiana and Jacksonville, Florida. The region entices older generations with its sunny weather and relaxed pace of life. Baton Rouge saw an 88% increase, while Jacksonville saw an 83.7% increase. 

Related: 

• New online tool helps people find affordable housing
• Here’s what Utah’s housing market looks like right now