‘It’s Too Big For Me’: Why Millions of Seniors Are Ditching Homeownership for Renting

TAYLORSVILLE, Utah – At 82, Ingrid Penn lives alone in the Taylorsville house she has known for decades. But as she walks through its familiar rooms, she points out the challenges that have become impossible to ignore: the skylights in the high ceilings she can no longer clean, the smoke detector she could never reach to replace, and the constant, costly upkeep.

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

Faced with these realities, Penn is looking to sell her home. Her dilemma is a familiar one for many older Americans: buy a smaller condo or join the growing ranks of senior renters. For Penn, the choice is becoming clear.

“If she buys a condo, ‘it’s my responsibility to fix things,’” she explained, noting that downsizing ownership simply brings the same problems on a smaller scale. Renting, on the other hand, offers a life free from the burdens of maintenance.

Penn’s story is not an isolated one. It is the personal, lived experience behind a powerful demographic shift identified in a recent report from the real estate analytics firm Point2Homes. The findings suggest that the traditional vision of retiring in a paid-off family home is being fundamentally reshaped.

A Decade of Change: The Numbers Behind the Trend

The report, titled “U.S. Seniors Rent Like Never Before: 65+ Age Group Up 2.4 Million Renters in a Decade,” analyzed census data from 2013 to 2023 and uncovered a dramatic trend:

• A 30% Surge: The number of senior renters aged 65 and older has increased by approximately 30% over the last ten years.

• Highest Net Growth: This age group saw the largest net increase in renters of any demographic, with 2.4 million more seniors choosing to rent in 2023 than in 2013.

This data paints a clear picture of a significant lifestyle and economic pivot among America’s seniors, driven by a combination of practical, financial, and personal factors.

Why Are More Seniors Choosing to Rent?

While the Point2Homes report focuses on the numbers, the “why” can be found in the stories of individuals like Ingrid Penn. The primary drivers behind this trend include:

1. The Burden of Maintenance: As homeowners age, the physical and financial toll of maintaining a property—from mowing the lawn and shoveling snow to repairing appliances and fixing leaky roofs—can become overwhelming. Renting outsources these responsibilities to a landlord or property management company, offering peace of mind and predictable monthly costs.

2. The Desire for Financial Flexibility: Selling a long-term home can unlock decades of equity, providing seniors with a significant cash infusion. Instead of tying that capital up in another property, renting allows them to use the funds for healthcare, travel, investments, or simply to supplement their retirement income without being “house rich and cash poor.”

3. The Appeal of a Simplified Lifestyle: Downsizing from a large family home to a smaller rental apartment or community offers more than just reduced maintenance. It often means access to amenities like fitness centers, social events, and on-site support, fostering a greater sense of community and reducing the isolation that can come with living alone in a large house.

4. Avoiding the Responsibilities of Ownership: As Ingrid Penn pointed out, even buying a condo comes with responsibilities like property taxes, homeowner association (HOA) fees, and special assessments for building repairs. Renting provides a more straightforward financial arrangement, with one monthly payment covering the bulk of housing expenses.

A New Chapter in Retirement Living

Ingrid Penn first moved into her Utah home in 1987. After a period in California, she returned in 2022, but the home she once knew now feels different. Her desire to find the right rental situation reflects a pragmatic approach to aging—one that prioritizes freedom, financial stability, and quality of life over the traditional ideal of homeownership.

As millions of Baby Boomers continue to enter their retirement years, this trend is likely to accelerate, reshaping the housing market and highlighting a growing demand for accessible, maintenance-free rental options tailored to the needs of an older population. The decision facing Ingrid Penn is a snapshot of a larger, national conversation about what it truly means to live well in one’s senior years.