New U.S. Census information has revealed a startling pattern concerning Houston’s renter inhabitants: The variety of renters aged 65 and older has surged over 60 p.c during the last decade. There are practically 64,000 seniors presently renting their properties within the Houston metro.
A brand new renter inhabitants research by Point2Homes analyzed the newest Census information for renters throughout all ages demographic within the 75 largest U.S. metros. Nationally, the variety of senior renters has elevated by 2.4 million folks during the last decade.
Houston-The Woodlands-Sugar Land had the eighth highest progress charge in senior renters nationwide from 2013 to 2023, the report discovered. Numerically, it was the fourth highest improve within the U.S.
The variety of seniors renting single-family properties in Houston additionally jumped 19.1 p.c since 2013, that means over 7,800 senior Houstonians are renting their properties.
Austin-Spherical Rock claimed the No. 1 spot with an 81.1 p.c improve in senior renters statewide from 2013-2023, although the Texas Capital added solely 23,446 senior renters throughout that point.
For comparability, Baton Rouge, Louisiana had the most important surge of senior renters within the U.S. during the last decade with an 88.7 p.c progress charge. Nevertheless, New York-Newark-Jersey Metropolis in New York-New Jersey-Pennsylvania had the best numerical progress in senior renters throughout that point, totaling 275,905 folks.
The report provides that these seniors are shifting their priorities and “stepping away from the burdens of homeownership” as a way to reside nearer to household, downsize, or lower prices to simplify their lifestyle.
“A Harris Ballot survey confirmed that the older crowd now has a decrease threshold for rates of interest when shopping for, that means they’re extra delicate to the monetary burden of a mortgage,” the report’s creator wrote. “Downsizing from bigger household properties, avoiding prices and maintenance tied to possession, and prioritizing proximity to household or medical companies are additionally amongst potential motivators for renting.”
Point2Homes additionally factors out that this “senior renter growth” will be linked to the (oddly named) pattern of aged “child chasers,” that means grandparents who select to relocate to be nearer to their grandchildren.
Senior renter demographics in Houston
The report additionally analyzed Houston’s share of renters primarily based on age group. Predictably, the best share (29.3 p.c) of Houston’s renter inhabitants is between the ages of 25-34, with the second highest share (21.2 p.c) falling to residents aged between 35-44.
Solely 9.7 p.c of Houston’s whole renter inhabitants is between the ages of 55-64, whereas 9.4 p.c are seniors aged 65 and up. The metro’s youngest demographic of renters, aged 18-24, solely make up 16.5 p.c of all Houston-area renters. That leaves the remaining 13.9 p.c of Houston renters falling into the 45-54 age bracket.
Senior renters in different Texas metros
Austin-Spherical Rock had the third-highest progress charge in senior renters from 2013-2023 nationwide, whereas the expansion charge in Dallas-Fort Value-Arlington got here out to 66.5 p.c because the fifth-highest improve.
DFW additionally ranked because the metro with the second-highest progress charge in senior renters in Texas. The Metroplex gained 78,218 senior renters, making it the metro with the No. 1 highest numerical change in renters aged 65-plus in Texas.
San Antonio-New Braunfels ranked No. 62 out of all 75 U.S. metros with solely a 24 p.c improve in senior renters from 2013-2023, and the metro gained 11,257 senior renters.
The highest 10 U.S. metros that had the best will increase in senior renters during the last decade are:
- No. 1 – Baton Rouge, Louisiana (88.7 p.c)
- No. 2 – Jacksonville, Florida (83.7 p.c)
- No. 3 – Austin-Spherical Rock, Texas (81.1 p.c)
- No. 4 – New Orleans-Metairie, Louisiana (69.7 p.c)
- No. 5 – Dallas-Fort Value-Arlington, Texas (66.5 p.c)
- No. 6 – Raleigh, North Carolina (63.5 p.c)
- No. 7 – Bridgeport-Stamford-Norwalk, Connecticut (60.4 p.c)
- No. 8 – Houston-The Woodlands-Sugar Land, Texas (60.3 p.c)
- No. 9 – Lakeland-Winter Haven, Florida (54.1 p.c)
- No. 10 – Charlotte-Harmony-Gastonia, North Carolina-South Carolina (53.5 p.c)
