More older adults in Pittsburgh are choosing to rent
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Roughly 18% of Pittsburgh-area renters were 65 or older in 2023, up from about 16% a decade earlier, per a new report by rental listing site Point2Homes.
Why it matters: More older Americans are renting, trading ownership for flexibility.
- Renting can cut costs and reduce maintenance responsibilities for seniors on fixed incomes.
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 — 2.4 million more renters over the decade, with many landing in popular Sun Belt metros, researchers found.
The big picture: Many older adults stay in their homes because they're mortgage-free or have a low interest rate.
- But others are renting for less upkeep, to be closer to family, or for walkable neighborhoods.
- More are also putting off retirement and want the flexibility to move for a job.
Between the lines: In Pittsburgh, home to some of the nation's oldest housing stock, renting — especially in senior-focused buildings — offers a practical way to stay local without the burden of repairs or accessibility upgrades.
- Nearly 21% of Allegheny County residents were 65 or older in 2023, according to Census data. The county has one of the largest populations of older adults in the country.
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 data.
- High homeownership costs have made it harder for renters to buy.
What we're watching: "With record numbers turning 65, the shift not only echoes the broader aging of the nation, but also may signal a new approach to housing," Point2Homes researchers wrote.