by Mike Colpitts 
Stung by the financial crisis more than a decade ago coupled with higher mortgage rates, seniors are renting more than buying homes, especially in South Florida, where retirement has become a way of life in many areas, a new study has found.
More seniors are stepping away from the burdens of owning a home and are using home equity or retirement savings to support their rental homes.
Researchers at Point2Homes, an online real estate marketplace, analyzed the 75 most populous U.S. metro areas and found that renting has become more common among older adults today than it was a decade ago. In fact, all 75 metros showed increases in renters in the 65+ age category, according to the report.
Harris Poll Shows Seniors Renting Revolt
A Harris poll showed that senior citizens have a lower threshold for interest rates buying real estate, but with recent declines in home loan rates the picture is beginning to shift. Downsizing from larger homes, avoiding additional expenses to maintain property and prioritizing other expenses, including medical services are also among motivators for renting.
As life expectancy rises, more Americans are settling into non-homeowner lifestyles in their later years, with many redefining their priorities and even renting longer. A growing number are staying in the workforce longer and renting for its ease and mobility, moving away from the traditional image of retirement.
The U.S. Census reveals that 19% of the senior population older than 67 are still in the workforce.
Miami Leads Seniors Renting
In the Miami-Fort Lauderdale-West Palm Beach metro, the study revealed a staggering 22% increase in renters ages 55-64 and a 22.4% increase for those 65 and older in the decade between 2013-2023.
Jacksonville recorded the second-highest increase (behind Baton Rouge, La.) in senior renters among the 75 largest U.S. metros — up over 80% in 2023 compared to seniors in 2013.
In addition to Jacksonville, Lakeland and In the Cape Coral–Fort Myers area, 18.5% are seniors renting, which solidifies the region’s status as a destination for senior living.
However, more seniors are expected to buy homes in the next five years after home prices in the area have declined and mortgage rates begin to ease. Nationwide, the number of renters older than 65 grew by 2.4 million in the past decade, more than any other age group. Florida is at the heart of that shift.
Seniors Renting More Than Buying
In Lakeland and Orlando, renters in the 65+ age group grew by around 50%.
Among the reasons, the study found, were getting away from property taxes; repairs; the complexities of downsizing; flexibility for job-related moves or part-time relocation; and moving closer to family.
All together, an estimated 2.4 million seniors 65+ are renters, which reflects the largest percentage jump of any age group (just shy of 30%).
Renting single family homes over condos and co-ops among those 65+ grew in six major Florida metros. In Jacksonville, the number of house renters in the 65+ age group jumped by nearly 70%, with Orlando and Tampa seeing increases of over 20% compared to senior house renters 10 years ago.
As life expectancy rises, more Americans are settling into non-homeowner lifestyles in their later years, with many redefining their priorities and renting for longer. A growing number are staying in the workforce longer and renting for its ease and mobility, moving away from the traditional image of retirement.