Charlotte renters are getting older

Roughly 11% of Charlotte-area renters were 65 or older in 2023, up from 8.3% a decade earlier, according to a report by rental listing site Point2Homes.

Why it matters: More older Americans are renting, trading ownership for flexibility.

• Though many older adults are on fixed incomes and stay in their homes because they're mortgage-free or have a low interest rate, others prefer renting because there's less upkeep, or they want walkable neighborhoods.

By the numbers: Nationwide, the share of renters 65 or older rose to 13.4% in 2023 from 10.4% in 2013.

• That age group saw the biggest jump of any, with 2.4 million more renters over the decade, and many landed in popular Sun Belt metros, researchers found.

Zoom in: Older adults move to North Carolina for a host of reasons, from access to quality health care to proximity to grandkids.

• The state's 65+ population grew by 15.1% between 2020 and 2024, while the number of those under 18 grew by 1.7%.
• The state's budget office projects North Carolina's older adult population will double by 2040.

Reality check: People ages 25-34 are still the most likely to lease, representing around 27% of U.S. renters, per the report, which looked at Census Bureau data.