Why some seniors choose to sell their houses and follow the rental track

Ingrid Penn is 82 years old, living alone in her house in Taylorsville, but she is now looking to sell her house.

One recent morning, the woman walked around her home, explaining the difficulties for an elderly person to take care of herself. She highlighted the lights of light in the high ceilings that she is unable to maintain, as well as a smoke detector that she would not be able to reach if she were to be replaced.

“It’s too expensive to live here by myself. There is so much work, I always have to hire someone,” said Penn. “And it’s too big for me.”

She shared that if she sells her house Salt Lake Valley, she faces two options: renting a place or buying a condo. Penn leans towards the rental because if she buys a condo “it is my responsibility to repair things”.

Penn added that the purchase of a condo brings the same problems as possession of a house, just in a reduced form.

She first moved to the house in 1987, but then moved to California and rented her. She returned to Utah in 2022 and started to live in the house after sold her condo in California.

Penn’s desire to leave his home and rent a new place aligns with the conclusions of a recent report of point2homes which has revealed that in the last 10 years, more elderly people have been rented than in the past.

Study: More elderly people recently rented across the country

The report, entitled “US Seniors returned as never before: 65+ age groups up 2.4 million tenants in a decade,” examined data between 2013 and 2023, comparing the change in many tenants between these 10 years.

• The point2homes report revealed that between 2013 and 2023, the number of American elderly people aged 65 and over has rented about 30%.

The report revealed that between 2013 and 2023, the number of elderly people aged 65 and over has rented about 30%. The senior tenants have not only increased a large percentage, but they also experienced the highest rental of the rental, 2.4 million people more by renting during this period.

Only two age groups, 55 to 64 and 65 years old and over increased during the 10 -year period. The growth of tenants aged 55 to 64 was five times lower than those aged 65 and over.

“They choose to rent for flexibility, the reduction in staff, the release of a house which has already been reimbursed and the search for a smaller type of rental, reasons for lifestyle,” said Doug Ressler with Yardi-Matrix, a sister company of Point2homes.

He added that certain rents for lifestyle reasons such as the desire to move into a community of people with similar interests in the same age group.

Ressling has shared that many seniors wanted to move into life facilities and senior communities and it is something Penn is looking for when she gets out of her house.

He also mentioned that when people generally think of tenants, they think of younger age groups, but that is constantly changing.

“I think that different levels or demographic age levels adapt to economic winds and the changes that are advanced in terms of inflation,” said Remember. “The new conditions today, as they change permanently and will continue to change, will present different opportunities for people in terms of accommodation to which they will choose to adapt.”

What the study on Utah says

The report of Point2homes examined the 75 metropolitan areas most populated across the country, including Salt Lake City.

According to the report, Salt Lake City experienced a significant increase in elderly tenants, with a growth rate of 51.4% over the 10 -year period when the data was collected.

Ressler said that this is due to the region which notes a “enormous growth” of small houses which are “built for rental”.

Speaking of this, Ressler stressed that the elderly did not want the maintenance of a large house, they want to rent something smaller that can be managed.

In what regions across the country see an influx among elderly tenants?

Florida metros lead the country to the amount of senior tenants. In the northern port – Sarasota – Bradenton, the elders represent 21.3% of the tenants and in Myers de Cap Coral -Fort, they represent 18.5% of the tenants.

This solidifies the status of the state “as a destination for life later”, according to the report of point2homes.

Florida also has the fastest growth in the number of senior tenants, in the tenants of Jacksonville aged 65 and over, increased by 80%.

Strong growth of senior tenants has also been observed in the solar belt region. In Baton Rouge, senior tenants in Louisiana also increased by 80%.

Ressler said that there were areas that had not experienced a sharp increase in higher tenants such as Montana and Idaho. He added that some northeast states have lost a population of senior tenants moving in the solar belt area.

According to Point2homes, none of the 75 largest metropolitan areas in the United States saw a drop in elderly tenants during the 10-year period.

The elderly try to understand what to do then and where to go

Penn shared that she knows that other people from her age group find it difficult to determine if they should sell their homes and where they should move.

“Many people in my position, yes, I don’t know how to move forward. They are just stuck, and they are a bit anxious,” she said.

The retired nurse added that her family wanted her to keep the house, but also they do not live in town, so she is left to take care of everything. Her children want her to rent the house, but she told them that if she did, they should be responsible because she no longer wants the responsibility of the house.

Penn shared that she had a lot of options where she can go and what she can do with her money after sold her house, but she just tries to understand what is the best option for her. She confirms that her age plays an important factor in this decision.

She said that a thing she has been looking for is to get closer to the Murray Senior Recreation Center since she has been there at least three times a week.

This report does not reflect the needs and desires of all the elders

Rosie Bayne is a real estate agent working along the Wasatch front. She has not seen a sharp increase in the number of elderly people who recently rent. She believes that most people want to keep their house they own.

“I do not see the elderly selling their house, because, you know, the majority of these elderly people are baby boomers. They have their house for a very long time, so everything they pay is insurance and taxes,” said Bayne.

She said that she could see some people wanting to sell their main residence to move into a community of superior life, but not often. As a rule, said Bayne, they do it when they are no longer able to make stairs and they have other problems in their house.

Bayne added that she did not often see the elderly choosing to leave a house they own and move into a rental, but do it mainly because it is their only option.

Another factor that can play in housing for the elderly, said Bayne, is whether their children are involved or not and help them.