Boomers Are Choosing To Rent At Twice the Rate of Millennials

Well, here’s an interesting statistic:  The number of people between the ages of 45 and 64 who are choosing to rent is growing at twice the rate of those under the age of 35. The Joint Center for Housing Studies at Harvard University released that finding in 2015. Here’s my take on that trend: Boomers are beginning to shed their big houses, their “stuff,” and their yard upkeep in favor of living more simplified lives with less responsibility and more fun. Many too are cashing out their homes to free up funds to enjoy more discretionary spending such as dinners out, entertainment, and travel.

They also seem to be making changes toward a more social lifestyle.  CNBC reported recently that many Boomers are choosing to live with roommates, not only to help with high rents in cities such as Los Angeles, San Francisco, and Seattle, but simply to have a more social home and perhaps expand their social circles in general.

In short, renting and living with friends is a rising trend for the older generations – as is the desire to be active and see the world.

Says Mark Potts, head of insights at Mindshare North America. “Like millennials, boomers show a desire for experiences, especially in the travel category. Both boomers and millennials are reactive in terms of wanting to go out and do something and get off the beaten path.”

Sound familiar? We’re still doing it our way, aren’t we?

 

 

 

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