Report: Over Five Million Baby Boomers Expect to Rent Next Home by 2020

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Over Five Million Baby Boomers Expect to Rent Next Home by 2020

Baby Boomers and others aged 55 or older, including several million current homeowners, expect to move to rental units according to the first Freddie Mac 55+ Survey of housing plans and perceptions of people born before 1961.

Specifically, the survey shows an estimated 6 million homeowners and nearly as many renters prefer to move again and rent at some point. Of those homeowners and renters that expect to move again, over 5 million indicate they are likely to rent by 2020.

Further, majorities of 55+ renters (79 percent) and homeowners (83 percent) who expect to rent their next home also predict it will cost the same or less than their current one.

A population this large that expects to move into equally or less expensive rental housing is another indication of the pressure that will be put on already tight rental inventories and affordability in the coming years.

Some of the key findings when 55+ renters were asked about their housing preferences and predictions for the future include the following.

They plan to rent versus buying their next home

Among those 55+ renters who plan to move again, 71 percent of respondents plan to rent their next home. For many this may be a renter-by-choice decision as 38 percent say they have enough extra money to go beyond each payday including for savings. Further, more than half (59 percent) think it makes financial sense for people their age to be renters. This view is held by 67 percent of multifamily renters.

Their top attractions are affordability, amenities

Among the top “very important” factors influencing their next move, respondents picked affordability (60 percent), amenities needed for retirement (47 percent), living in a community where they are no longer responsible for caring for the property (44 percent) and being in a walkable community (43 percent).

They don’t want to move far

Among those who plan to move again, 55+ renters would like to relocate to a different neighborhood in the same city (31 percent) or a different property in the same neighborhood (23 percent) compared to those who would like to move to a different city in the same state (18 percent) or move to a different state (24 percent).

They want family near (or in) their next home

When asked to predict their retirement housing situation nearly six out of ten 55+ renters prefer to either move closer to their families or in with them. Hispanic single-family renters (44 percent) were most likely to predict they will move closer to family, while multifamily Asian-American renters (40 percent) were most likely to predict they will move in with their children.

Methodology

GfK conducted an online survey on behalf of Freddie Mac using the GfK KnowledgePanel® from February 10-23, 2016. A total of 5,914 interviews were completed online, including oversamples of African-Americans, Hispanics and Asians, obtained through additional opt-in sample. Interviews were conducted in both English and Spanish. GfK’s KnowledgePanel® is the only large-scale online panel based on a representative random sample of the U.S. population. The margin of sampling error was +/- 1.27 percentage points for the full sample. Sampling error is higher for subgroups.

See the report [pdf] for the full methodology here…

SOURCE: FreddieMac.com

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4closureFraud.org

 

Comments
4 Responses to “Report: Over Five Million Baby Boomers Expect to Rent Next Home by 2020”
  1. BlessTheUSA says:

    Another reason for Boomers moving and renting is that the property values on Boomer’s homes dropped drastically due to the foreclosure crisis .. now those Boomers can’t get reverse mortgages because the equity has been stripped out of their homes by the criminals that perpetrated the foreclosure crisis .. equity gone = disqualification for reverse mortgage that they planned to get in retirement so they could stay in their homes. What a shame ..

  2. BlessTheUSA says:

    Thank you, Mr. Bruce Nelson, for your comment telling the truth .. we appreciate your effort .. please continue to be a witness .. it may not help some, but in the future it may help our country to avoid such another fiasco .. Again, Thank You, Mr. Nelson .. May peace be with you !!

  3. Bruce R Nelson says:

    sorry, blind in left so is make typoe. Instead of % at begining I meant “5” million

  4. Bruce R Nelson says:

    % Million Boomer now, 100 million later. The blood suck greedy asholes of today, (Trump, Bill Ross AHMSI, Bill Embrey Ocwen, Countrywide all o them) have figured out how to turn us into a fiefdom by hijacking those of us who once had a home now, but as Poes Crow chatters, “nevermore, nevermore” THEY HAVE STOLEN THE AMERICAN DREAMs of our forefathers. We now captives and our own US Government turned their backs on ud and watched us die in the gutters of the profane who got away with destroying the weak, the poor and disabled. Sure, NOE the eyes of CFPB, the SEC, etc are opening from their sealed eyes of the greatest open robbery on millions of us. Agencies who where charged with punishing the wicked, like, for example CFPB which “decided” , why not throw the injured, the poor, the weak directly into the mouth of the wolves who ate us up in 06, 07, 08, 09,10,11,12,1e3, 14, 15 and now. CFPB merely handed our sorry asses over to OCWEN OMBUDSMAN and what do you REALLY believe ever happened to the 2 Billion “penalty left to the thieves who already raped, pillaged and destroyed OUR AMERICAM DREAM. Now, years too late the 27 year ceo of the largest “non bank” servicers is trying to run from the law, hide in Malta leaving the rot called OCWEN and Embreys employees who unwittingly (or nor) aided and abetted their overstuffed fat assed pig (Embrey ) to live like he was the Prince of Persia, or the mongol Kubela Kahn. I would bet every day of whats left of my life (I am 77) that by and large all of fatasses piglet employees (cll them “Ombudsman”) knew exactly the manadte of their leader was to eat us up, suffer the lamest excuses that Britton, Esquival and the whole other lot was to claim “we lost your file (2 years after we Fedexed docs in hopes that CFPB would police the thieves), just like these liars claim “lost NOTES and “lost” MORTGAGES” for which stood the absolute proof that OCWEN and other criminals had NO STANDING, NO INTEREST and we stood by as Federal Court JUDGES handed our homes, our equities, or old ag retirements resulting in whay I allege ic a clear and present CO-CONSPIRACY and wittingly or not our courts aided and abetted the most giant ripoffs in modern history. Where do we go, what do we do? IU will tell you if you are old, disabled poor you can do ABSOLUTELY NOTHING. Read Chain of Title by Daten and you will have a glimpse of the treachery. II can’t wait fot the movie on this. I won’t be able to view it in a theartre as at present I can;t see $15 ticket price so I pray it wil be on NETFLIX or AMAZOM. That way we can all see the “truth” of our destruction.

    Those who had patience to rrad my diatribe, thank you. It won’t help much but at least we have a forum to vent (which I doubt Federal Judges, say in Oregon don’t ever read. They will dismiss this “with prejudice”.

    Happy Fourth and may GOD LESS AMERICA

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