More older folks in Portland are opting for rentals
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More than 12% of Portland-area renters were 65 or older in 2023, up from 9.6% a decade earlier, according to a report by rental listing site Point2Homes.
Why it matters: More older Americans are renting, trading ownership for flexibility.
By the numbers: Portland saw the share of renters over 65 increase by 2.89%, just under the national average of 3.01%, per the report.
- The biggest jumps were both in Louisiana — New Orleans and Baton Rouge — which saw increases of 8.2% and 5.81%, respectively.
The big picture: Many older adults are on fixed incomes and 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.
- Some are also delaying retirement and want the flexibility to move for a job.
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.
- 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.